First Bitcoin ETF Loses Record Amount In Its Initial Year

One year after its record-breaking launch, the world’s first exchange traded fund tracking the price of bitcoin has lost more of investors’ dollars than any other ETF debut. The Financial Times reports: Asset manager ProShares launched its Bitcoin Strategy fund in October 2021, and it immediately became the most successful new ETF in history, amassing more than $1bn in its first week of trading on the New York Stock Exchange. Bitcoin enthusiasts proclaimed the launch as the moment when crypto joined the world’s biggest equities market and became enmeshed in mainstream investment strategies for retail and institutional buyers alike. But one year into its existence, the fund has lost money on an unprecedented scale, according to data from Morningstar Direct for the Financial Times.

Its 70 percent share price drop also makes this the sixth-worst performing debut ETF of its kind of all time, in a test for investors during what has become known as the “crypto winter.” The ETF, known as BITO, has attracted inflows consistently through its life, with only light withdrawals. But even with net inflows of $1.8 billion in its debut year, its assets now stand at $624 million. Taking together the timing of inflows and the 70 per cent drop in the fund’s equity price, Morningstar calculates that BITO has lost $1.2 billion of investors’ money, making this by far the biggest debut loser. Buyers “remained extremely loyal to the long-term thesis for bitcoin,” said Todd Rosenbluth, head of research at consultancy VettaFi.

“The fund has not seen the outflows one would expect given its performance. The pendulum has swung away from certain investment theses this year. Historically it can swing back in favor, but the challenge is whether the asset manager has the confidence to keep the product afloat.”

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Meta’s Profit Slides by More Than 50 Percent as Challenges Mount

The social networking company, which is trying to shift into the so-called metaverse, posted falling sales and said it was “making significant changes” to operate more efficiently. The New York Times reports: This year, Meta’s earnings have been hit hard by its spending on the metaverse and its slowing growth in social networking and digital advertising. In July, the Silicon Valley company posted its first sales decline as a public company. Its stock has plunged more than 60 percent this year. On Wednesday, Meta continued that trajectory and indicated that the decline would not end anytime soon. It said it would be “making significant changes across the board to operate more efficiently,” including by shrinking some teams and by hiring only in its areas of highest priority.

The company reported a 4 percent drop in revenue for its third quarter — to $27.7 billion, down from $29 billion a year earlier. Net income was $4.4 billion, down 52 percent from a year earlier. Spending soared by 19 percent from a year earlier. The company’s metaverse investments remained troubled. Meta said its Reality Labs division, which is responsible for the virtual reality and augmented reality efforts that are central to the metaverse, had lost $3.7 billion compared with $2.6 billion a year earlier. It said operating losses for the division would grow “significantly” next year. For the current quarter, Meta forecast revenue of between $30 billion and $32.5 billion, which would be down from a year ago. The company’s shares fell more than 11 percent in after-hours trading. In a statement, Mr. Zuckerberg, Meta’s founder and chief executive, acknowledged “near-term challenges on revenue.” But he added that “the fundamentals are there for a return to stronger revenue growth” and that he was “approaching 2023 with a focus on prioritization and efficiency.”

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Swarming Bees May Potentially Change the Weather

fahrbot-bot shares a report from Live Science: Swarming bees produce so much electricity that they may affect local weather, new research suggests. The finding, which researchers made by measuring the electrical fields around honeybee (apis mellifera) hives, reveals that bees can produce as much atmospheric electricity as a thunderstorm. This can play an important role in steering dust to shape unpredictable weather patterns; and their impact may even need to be included in future climate models.

Insects’ tiny bodies can pick up positive charge while they forage — either from the friction of air molecules against their rapidly beating wings (honeybees can flap their wings more than 230 times a second) or from landing onto electrically charged surfaces. But the effects of these tiny charges were previously assumed to be on a small scale. Now, a new study, published Oct. 24 in the journal iScience, shows that insects can generate a shocking amount of electricity.

To test whether honeybees produce sizable changes in the electric field of our atmosphere, the researchers placed an electric field monitor and a camera near the site of several honeybee colonies. In the 3 minutes that the insects flooded into the air, the researchers found that the potential gradient above the hives increased to 100 volts per meter. In other swarming events, the scientists measured the effect as high as 1,000 volts per meter, making the charge density of a large honeybee swarm roughly six times greater than electrified dust storms and eight times greater than a stormcloud. The scientists also found that denser insect clouds meant bigger electrical fields — an observation that enabled them to model other swarming insects such as locusts and butterflies.

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Nvidia RTX 4090’s Power Draw May Be Too Much For Its Power Connector To Handle

An anonymous reader shares a report: Nvidia’s $1,599 GeForce RTX 4090 is an incredibly powerful graphics card, but its performance comes at the cost of high power draw. Like a few of the RTX 3000-series cards, Nvidia uses a new kind of 16-pin 12VHPWR power connector to supply all that power to the card — you can plug up to four 8-pin GPU power cables into the 12VHPWR adapter, which then plugs into the connector on the GPU, saving some board space.

But at least two RT 4090 users are now reporting that their 12VHPWR connectors have overheated and melted during use. These complaints are sourced from Reddit (via Tom’s Hardware), so take them with a grain of salt — we don’t know the exact configuration of either user’s PC setup. The specific model of graphics card (a Gigabyte RTX 4090 Gaming OC for one user, an Asus RTX 4090 TUF Gaming OC Edition for the other), the power supply, and any number of other factors could have contributed to the connectors overheating.

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FAA Warns of Aviation Safety Risks Without US Mandate On 5G Limits

The Federal Aviation Administration (FAA) wants the U.S. telecommunications regulatory agency to ensure a delay in some 5G C-Band transmissions from smaller operators. Reuters reports: Acting FAA Administrator Billy Nolen said the agency wants the Federal Communications Commission (FCC) to mandate voluntary mitigations that AT&T and Verizon agreed to earlier this year mandated for 19 smaller telecoms and other spectrum holders. In a previously unreported letter dated Friday, Nolen cited industry data established “aviation safety would be compromised if the U.S. government does not codify certain additional operating limits in the 5G C-Band environment.”

Concerns that the 5G service could interfere with airplane altimeters, which give data on a plane’s height above the ground and are crucial for bad-weather landing, led to disruptions at some U.S. airports earlier this year. Nolen’s letter warns that without the FCC mandating the mitigations “the FAA would be forced to take immediate steps to ensure the safety of the traveling public, raising the likelihood of flight disruptions across the United States.”

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Rishi Sunak Is the First Crypto Enthusiast To Serve In UK’s Top Office

Gizmodo points out that the United Kingdom’s next prime minister, Rishi Sunak, “is a certified Crypto Bro who once requested that the Royal Mint issue an NFT.” From the report: During his tenure as finance minister under former PM Boris Johnson, Sunak was in charge of advancing a number of crypto-related initiatives that sought to normalize digital currencies and integrate them into the British economy. By all accounts, he is the first crypto enthusiast to serve in the UK’s top office. He’s also the first person of color and the youngest PM — 42 years old — that Britain’s had in 200 years. To be fair, Sunak’s efforts at crypto promotion have at least trended towards regulation and taxation as opposed to total laissez faire deregulated madness — though those efforts could, ultimately, simply normalize a phenomenon that critics say is redundant at best and a privacy hazard at worst. In April, Sunak announced a series of programs to turn the UK into what he called a “global cryptoasset technology hub.” Among the initiatives announced at the time was a plan to integrate stablecoins into the national payment system, thus “paving their way for use in the UK as a recognized form of payment.” Considered to be the least volatile form of cryptocurrency, stablecoins have seen more interest by governments than other forms of crypto — though projects like Terra and Tether have shown the potential danger in putting too much faith in the assets’ stability.

Sunak’s plans also suggested creating additional regulations that would’ve helped further incorporate crypto into the UK’s economic and legal framework, thus spurring greater investment in the space. “The measures we’ve outlined today will help to ensure firms can invest, innovate and scale up in this country,” Sunak wrote in a press release published at the time. Another ambitious initiative pushed by Sunak was the Financial Services and Markets Bill, a piece of legislation that would give local governments in Britain broad discretion to regulate cryptocurrencies, thus further assimilating them into the nation’s economy. The bill, which has not yet passed, is currently being looked at by Parliament.

At the same time, Sunak also recently backed a study to look at the potential benefits of creating a central bank digital currency (CBDC), or “Britcoin” as he dubbed it. Proponents of CBDCs argue that they could have benefits for spenders, making payments “faster, cheaper, and more secure,” as one op-ed puts it. However, critics argue that they are unnecessary and could ultimately spell huge privacy troubles, given the trackable nature of crypto and digital currencies. Despite his crypto track record, analysts have suggested that is is unlikely Sunak will have time to focus much on any web3-related initiatives in the near term. Given Britain’s current economic dumpster fire, any work on “Britcoin” might have to take a backseat.

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Comcast’s New Higher Upload Speeds Require $25-Per-Month xFi Complete Add-On

The availability of Comcast’s promised internet speed boosts has a catch: users need to purchase a $25-per-month xFi Complete add-on. Ars Technica reports: “As markets launch, Xfinity Internet customers who subscribe to xFi Complete will have their upload speeds increased between 5 and 10 times faster,” an announcement last week said. “xFi Complete includes an xFi gateway, advanced cybersecurity protection at home and on the go, tech auto-upgrades for a new gateway after three years, and wall-to-wall Wi-Fi coverage with an xFi Pod [Wi-Fi extender] included if recommended. Now, another benefit of xFi Complete is faster upload speeds.”

Comcast is deploying the speed upgrade in the Northeast US over the next couple of months. Plans with 10Mbps upload speeds will get up to 100Mbps upload speeds once the new tiers roll out in your region — if you pay for xFi Complete. Comcast told Ars that faster upload speeds will come to customer-owned modems “later next year” but did not provide a more specific timeline. There is a cheaper way to get the same xFi Gateway with Wi-Fi 6E, as Comcast offers the option to rent that piece of hardware for $14 a month. But Comcast is only making the upload boost available to those who subscribe to the pricier xFi Complete service. While the standard monthly rate for xFi Complete is $25, new customers who sign up by December 31 can get it for $20 monthly during the first year of service.

We asked Comcast today if there’s any technical reason it can’t deliver the higher upload speeds on customer-owned equipment. A company spokesperson responded that Comcast is working on bringing faster uploads to non-Comcast modems. “We intend to extend the experience to customer-owned modems later next year and are working through the technical requirements as we learn,” Comcast said. “We started offering it with our own equipment first and now are working through how to extend to customer-owned equipment.” Comcast also said that giving the upload boost to xFi Complete customers first follows its “typical validate, test, and certification process for a new network innovation.” But if the reasons for limiting the upload boost to Comcast hardware initially are purely technical instead of revenue-based, it’s not clear why people who rent the gateway for $14 a month shouldn’t get the same benefit.

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Math Scores Fell In Nearly Every State, Reading Dipped On National Exam

U.S. students in most states and across almost all demographic groups have experienced troubling setbacks in both math and reading, according to an authoritative national exam released on Monday, offering the most definitive indictment yet of the pandemic’s impact on millions of schoolchildren. The New York Times reports: In math, the results were especially devastating, representing the steepest declines ever recorded on the National Assessment of Educational Progress, known as the nation’s report card, which tests a broad sampling of fourth and eighth graders and dates to the early 1990s. In the test’s first results since the pandemic began, math scores for eighth graders fell in nearly every state. A meager 26 percent of eighth graders were proficient, down from 34 percent in 2019. Fourth graders fared only slightly better, with declines in 41 states. Just 36 percent of fourth graders were proficient in math, down from 41 percent.

Reading scores also declined in more than half the states, continuing a downward trend that had begun even before the pandemic. No state showed sizable improvement in reading. And only about one in three students met proficiency standards, a designation that means students have demonstrated competency and are on track for future success. And for the country’s most vulnerable students, the pandemic has left them even further behind. The drops in their test scores were often more pronounced, and their climbs to proficiency are now that much more daunting.

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Stockholm Thinks It Can Have an Electric Bikeshare Program So Cheap It’s Practically Free

Aaron Gordon writes via Motherboard: This past June, Stockholm introduced a new shared bicycle service to replace Stockholm City Bikes, which operated from 2006 until 2018. Since that service shut down, the city was one of many around the world swamped by shared e-scooters that littered sidewalks and streets. As a result, the city wanted to reboot a bikeshare program with a more modern approach without succumbing to the trappings of the dockless scooter and bike craze. The new service, Stockholm eBikes, started relatively small, with just over a thousand bikes this past summer, but will grow to more than 5,000 for this coming summer. However, this is not just another bikeshare program. First, all of the bikes are electric. And second, it is ridiculously, ludicrously, almost impossibly cheap to use.

The first time I stumbled on the Stockholm eBikes website and did a currency conversion, I figured there must be some mistake. The website says a 24-hour plan “just to unlock a bike and enjoy Stockholm eBikes for 24 hours” costs 11 Krona, or 98 cents at current conversion rates. A 7-day plan is 26 Krona ($2.32). A 30-day plan is 35 Krona ($3.12). And a whole year of unlimited 90-minute e-bike rides costs a measly 157 Krona, or just about $14. If you want to ride more than 90 minutes in one trip, you will be charged an extra 11 Krona (about $1) per extra hour. This is not simply cheap by e-bike rental standards. It is several orders of magnitude cheaper. And it is a story with global implications for the bikeshare industry and urban transportation in general. Because bikeshare systems have entered a paradox. The invention and proliferation of e-bikes have the potential to make bikeshare systems even more useful thanks to the effortless pedaling including on hills and higher speeds. But virtually every system has surcharges to ride an e-bike, making it expensive to use over time. “It’s a truly unique system,” [said Daniel Mohlin, Nordics Regional Manager for Inurba Mobility, the company that won the seven-year contract for the new bikeshare program]. “Both in terms of the technology and the setup and the pricing in combination with it.” So I asked Mohlin the obvious question: How can Stockholm offer essentially the same product and service for so much less than basically every other city? The obvious assumption would be that, unlike most every bikeshare system in the world which is expected to break even without public subsidies in contrast to traditional public transportation like buses and subways, the government is helping to foot the bill of Stockholm eBikes. […] But Mohlin said that isn’t the case in Stockholm. The city isn’t giving Inurba any money.

Mohlin says they plan to run a profitable bikeshare system by doing one thing most other systems do and another thing he says is too often missing. The first thing, the one that everyone does, is advertising. Inurba will be selling advertisements on the bikes and on 350 advertising locations near where the bikes are parked. But the brand will remain Stockholm eBikes. […] Advertising will only get them so far. The entire bikeshare system, Mohlin said, has been designed to be as efficient and cost-effective as possible. And this, he says, is the biggest difference between Stockholm’s system and the ones other cities offer. […] Inurba adopted a hybrid solution that some e-scooter companies have piloted in a few cities. Instead of traditional docks, there are virtual stations, painted lines on the ground with a sign post. Users lock and unlock the bikes via an app. Locking the bikes requires being within one of the station’s geofenced zones. These virtual stations not only save Inurba lots of money not having to outfit and maintain physical docks, but it also provides operational flexibility. Because there is some wiggle room in the geofence by nature of GPS’s imprecision, the stations can “swallow a lot more bikes” than traditional docks, as Mohlin put it. This helps avoid the always-empty-or-always-full phenomenon many docked bikeshare systems struggle with.

Mohlin also talked up Inurba’s IT infrastructure that helps them learn which stations tend to get full at what time of day and which tend to get empty. He says this enables them to be more efficient with bike-balancing efforts, that it’s “basically, do the right task in the right order at the right time.” Another smaller money-saver is the company uses cargo e-bikes to go around swapping out batteries, which has to happen about once every three days per bike on average. This means battery swappers aren’t stuck in traffic driving a van and can swap out more batteries per worker. So far, the model appears to be working. “55,000 active users took almost 450,000 trips, averaging six per day per bike, which is generally considered high for a bikeshare system,” writes Gordon. “Plus, the average trip was almost 40 minutes, much higher than most bikeshare schemes with mechanical bikes, including Helsinki where Inurba also operates the bikeshare system where the average trip is between 12 and 16 minutes.”

“We’re really looking forward for next year when we can get the full system in operation,” Mohlin said. “But I’m confident this is a really unique system that is going to have an impact.”

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Gartner Predicts ‘Digital Immune Systems’ and Virtual Metaverse Workspaces

Gartner, the prestigious tech research and consulting firm, has released its annual predictions for “strategic tech trends” in the coming year.

Forbes offers a summary. Some highlights:

Digital Immune Systems. [A]ntiquated development and testing approaches are no longer sufficient for delivering robust and resilient business-critical solutions that also provide a superior user experience. A Digital Immune System combines several software engineering strategies such as observability, automation, and extreme testing to enhance the customer experience by protecting against operational and security risks. By 2025, Gartner predicts that organizations that invest in building digital immunity will increase end-user satisfaction through applications that achieve greater uptime and deliver a stronger user experience.

Applied Observability. The path to data-driven decision making includes a shift from monitoring and reacting to data to proactively applying that data in an orchestrated and integrated way across the enterprise. Doing so can shorten the time it takes to reach critical decisions while also facilitating faster, more accurate planning. Gartner notes observable data as an organization’s “most precious monetizable asset” and encourages leaders to seek use cases and business capabilities in which this data can deliver competitive advantage.

“By 2025, Gartner predicts that 50% of CIOs will have performance metrics tied to the sustainability of the IT organization,” Forbes writes. But they also note that Gartner is predicting platform engineering — “a curated set of reusable self-service tools, capabilities, and processes” to speed up and optimize development. “Gartner predicts that by 2026, 80% of software engineering organizations will establish platform teams.”

They’re also predicting “adaptive” AI that can change after being deployed. But Forbes summarizes Gartner’s related prediction, that AI leaders “increasingly must bake governance, trustworthiness, fairness, reliability, efficacy and privacy into AI operations” to improve adoption and user acceptance. This will include tools that “make AI models easier to interpret and explain while improving overall privacy and security.”

PC Magazine offers this summary of a related prediction from Gartner: “By 2025, without sustainable AI practices, AI will consume more energy than the average European country, offsetting any environmental gains that AI creates by 25%.”

Gartner also predicts a phasing out of marketing that uses social media sites’ data about individuals — and that fully virtual workspaces “will account for 30% of the investment growth in metaverse technologies and will ‘reimagine’ the office experience through 2027,” writes PC Magazine:

[Gartner Fellow Daryl Plummer] said people need to reimagine how work will be done. He said that few people want to go back to the office full-time, but that virtual participants in calls often feel like second-class citizens. A fully immersive world is an answer to this, he said, with the interactive experience more important than information exchange. He believes metaverse experiences will be where people collaborate in ways they couldn’t do in the office, blurring the line between home and work.

By 2025, “labor volatility” will cause 40% of organizations to report a material business loss, forcing a shift in talent strategy from acquisition to resilience. Plummer talked about revamping the way talent is valued. He said people don’t want to do just one thing, but want to be “versatilists,” which makes them more valuable to the company and less likely to leave.

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