Crypto Use Is More Prevalent in Corrupt Countries, IMF Study Finds

“According to a new International Money Fund (IMF) report, cryptocurrency is much more popular in countries with insecure currencies and corrupt governments…” reports The Street, adding that the report concludes “the best way forward is not fight, but to learn how to better regulate cryptocurrency.”

The IMF surveyed more than 110,000 respondents in over 55 countries, polling between 2,000 and 12,000 people in each country, about their cryptocurrency use….
“Crypto usage is empirically associated with higher perceived corruption and more intensive capital controls,” the study’s authors write. “[…] This evidence adds to the case for regulating crypto usage — for example, by requiring intermediaries to implement know-your-customer procedures.”

Bloomberg adds:
The report shows why countries might want to require intermediaries, such as digital currency exchanges, to implement know-your-customer procedures — ID verification standards that are designed to prevent fraud, money laundering and terrorism financing, the organization said. Some countries, like the U.S., have already instituted those kinds of controls.

Nations around the world are struggling over the best way to regulate the $2 trillion crypto market, with the level of oversight varying greatly from one country to another. The findings suggest that crypto assets “may be used to transfer corruption proceeds or circumvent capital controls,” the organization said, without singling out individual countries.

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US President Invokes Emergency Authority Prioritizing Pursuit of EV Battery Minerals

U.S. president Joe Biden “will invoke the Defense Production Act to encourage domestic production of minerals required to make batteries for electric vehicles and long-term energy storage,” reports CNBC.

“It will also help the U.S. minimize dependence on foreign supply chains.”
The president’s order could help companies receive government funding for feasibility studies on projects that extract materials, including lithium, nickel, cobalt, graphite and manganese, for EV production.

The Defense Production Act, established by President Harry Truman during the Cold War, allows the president to use emergency authority to prioritize the development of specific materials for national production…. The administration also said it’s reviewing further uses of the law to “secure safer, cleaner, and more resilient energy for America.”

The transportation sector is one of the largest contributors to U.S. greenhouse gas emissions, representing about one-third of emissions every year. The transition away from gas vehicles to EVs is considered critical to combating human-caused climate change….

The administration in February unveiled a plan to allocate $5 billion to states to fund EV chargers over five years as part of the bipartisan infrastructure package.

The White House said in a statement the move would reduce America’s reliance on China and other countries “for the minerals and materials that will power our clean energy future.”

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Elizabeth Warren’s Anti-crypto Crusade Splits the Left

Democratic lawmakers are entering a crypto collision course. Politico reports: Questions around how to police digital currency and whether to support its adoption are driving a rift not just between the party’s liberal and centrist wings but also among progressives who often see eye-to-eye on financial regulation. Sen. Elizabeth Warren of Massachusetts — who has long led the left’s charge to crack down on banks and Wall Street — has emerged as one of the party’s most vocal cryptocurrency critics, warning that it exposes consumers to danger, is ripe for financial crimes and is an environmental threat because of its electricity usage. But a new generation of progressives — and a number of other senior Democrats — are embracing the startup industry. They’re arguing against regulations that could stifle what proponents say is a new avenue for financial inclusion and a breakthrough alternative to traditional banks. “The project of radically decentralizing the internet and finance strikes me as a profoundly progressive cause,” Rep. Ritchie Torres (D-N.Y.) said in an interview. “You should never define any technology by its worst uses. … There’s more to crypto than ransomware, just like there’s more to money than money laundering.”

The simmering conflict is set to intensify in the coming months. President Joe Biden last week asked federal agencies to start solidifying the federal government’s approach to crypto, framing the step as supportive of innovation rather than an industry crackdown. The price of Bitcoin surged on the news. Separately, Democratic lawmakers have started to draft a host of crypto regulation bills that are also exposing a wide range of views on the government’s role in the $1.7 trillion market for digital assets. The lack of consensus among Democrats means it’s unlikely Congress will act anytime soon to pass major legislation laying out the direction of regulation of the new market. Some Democrats and lobbyists had expected initial votes early this year, but that timeline has slipped.

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The New Silent Majority: People Who Don’t Tweet

An anonymous reader quotes a report from Axios, written by Erica Pandey and Mike Allen: The rising power and prominence of the nation’s loudest, meanest voices obscures what most of us personally experience: Most people are sane and generous — and too busy to tweet. It turns out, you’re right. We dug into the data and found that, in fact, most Americans are friendly, donate time or money, and would help you shovel your snow. They are busy, normal and mostly silent. These aren’t the people with big Twitter followings or cable-news contracts — and they don’t try to pick fights at school board meetings. So the people who get the clicks and the coverage distort our true reality.

Three stats we find reassuring:

1. 75% of people in the U.S. never tweet.
2. On an average weeknight in January, just 1% of U.S. adults watched primetime Fox News (2.2 million). 0.5% tuned into MSNBC (1.15 million).
3. Nearly three times more Americans (56%) donated to charities during the pandemic than typically give money to politicians and parties (21%). The report also highlights a Gallup 2021 poll, showing that 42% of Americans identified as independents.

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US Life Expectancy Falls For 2nd Year In a Row

Despite the availability of life-saving COVID-19 vaccines, so many people died in the second year of the pandemic in the U.S. that the nation’s life expectancy dropped for a second year in a row last year, according to a new analysis. NPR reports: The analysis of provisional government statistics found U.S. life expectancy fell by just under a half a year in 2021, adding to a dramatic plummet in life expectancy that occurred in 2020. Public health experts had hoped the vaccines would prevent another drop the following year. “The finding that instead we had a horrible loss of life in 2021 that actually drove the life expectancy even lower than it was in 2020 is very disturbing,” says Dr. Steven Woolf, a professor of population health and health equity at Virginia Commonwealth University, who help conduct the analysis. “It speaks to an extensive loss of life during 2021.”

Many of the deaths occurred in people in the prime of their lives, Woolf says, and drove the overall U.S. life expectancy to fall to 76.6 years — the lowest in at least 25 years. “The motivation for this study was to determine whether the horrible drop in life expectancy that we documented in 2020 resolved or rebounded in 2021 or whether there was a continued decline. Unfortunately, we did not find good news,” Woolf told NPR in an interview.

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The Most Precise-Ever Measurement of W Boson Mass Suggests the Standard Model Needs Improvement

After 10 years of careful analysis and scrutiny, scientists of the CDF collaboration at the U.S. Department of Energy’s Fermi National Accelerator Laboratory announced today that they have achieved the most precise measurement to date of the mass of the W boson, one of nature’s force-carrying particles. Phys.Org reports: Using data collected by the Collider Detector at Fermilab, or CDF, scientists have now determined the particle’s mass with a precision of 0.01% — twice as precise as the previous best measurement. It corresponds to measuring the weight of an 800-pound gorilla to 1.5 ounces. The new precision measurement, published in the journal Science, allows scientists to test the standard model of particle physics, the theoretical framework that describes nature at its most fundamental level. The result: The new mass value shows tension with the value scientists obtain using experimental and theoretical inputs in the context of the standard model. If confirmed, this measurement suggests the potential need for improvements to the standard model calculation or extensions to the model.

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‘We Probably Pissed Away $200 Million,’ Better.com CEO Told Employees In Layoffs Meeting

When Better.com CEO Vishal Garg laid off 900 employees, or about 9% of the company’s staff, in early December, the startup world was shocked with his callous delivery. Now a video of Garg and CFO Kevin Ryan addressing the remaining employees right after the chief executive performed those layoffs has emerged, confirming many reports of his brash style and harsh words about those affected. TechCrunch reports: In a video obtained by TechCrunch, Garg is seen addressing the layoffs and in the process, admitting to making a number of mistakes. We chose not to publish the video in an effort to protect the identity of the source, but we’ve picked out the most relevant bits based on a transcription of the 12-minute meeting. About two minutes into the meeting, Garg says: “Make no mistake we did also eliminate redundant roles — who might be strong performers but were in the wrong place at the wrong time, with the wrong task, and weren’t mission critical.”

After about four minutes, Garg also acknowledged that the company was continuing to hire, including some interns, in the midst of the layoffs, while at the time making a thinly veiled threat: “…It’s because we expect those people to be super productive and add value, and if they don’t we will exit them too.” He added: “We are going to be leaner, meaner and hungrier going forward. We will not be spending time trying to raise capital. We will not be spending time focused on what investors think. We will be spending time grinding this business forward in what will likely be a bloodbath in the mortgage industry in the next year or two.”

In the video at around the 8-minute mark, Garg admits to not being disciplined in managing the company’s cash and in its hiring strategy, which helps explain the company’s second mass layoff of over 3,000 people just three months later. It also helps support multiple sources’ claims that the company is currently “losing $50 million per month.” “Today we acknowledge that we overhired, and hired the wrong people. And in doing that we failed. I failed. I was not disciplined over the past 18 months. We made $250 million last year, and you know what, we probably pissed away $200 million. We probably could have made more money last year and been leaner, meaner and hungrier.” He also explicitly says that the company lost $100 million in the previous quarter, saying it was his “mistake” for not laying off staff earlier.

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Police Records Show Women Are Stalked With Apple AirTags Across the Country

samleecole shares a report from Motherboard: Police records reviewed by Motherboard show that, as security experts immediately predicted when the product launched, this technology has been used as a tool to stalk and harass women. Motherboard requested records mentioning AirTags in a recent eight month period from dozens of the country’s largest police departments. We obtained records from eight police departments. Of the 150 total police reports mentioning AirTags, in 50 cases women called the police because they started getting notifications that their whereabouts were being tracked by an AirTag they didn’t own. Of those, 25 could identify a man in their lives — ex-partners, husbands, bosses — who they strongly suspected planted the AirTags on their cars in order to follow and harass them. Those women reported that current and former intimate partners — the most likely people to harm women overall — are using AirTags to stalk and harass them.

Multiple women who filed these reports said they feared physical violence. One woman called the police because a man she had a protective order against was harassing her with phone calls. She’d gotten notifications that an AirTag was tracking her, and could hear it chiming in her car, but couldn’t find it. When the cops arrived, she answered one of his calls in front of the officer, and the man described how he would physically harm her. Another who found an AirTag in her car had been wondering how a man she had an order of protection against seemed to always know where she was. The report said she was afraid he would assault or kill her. […] The overwhelming number of reports came from women. Only one case out of the 150 we reviewed involved a man who suspected an ex-girlfriend of tracking him with an AirTag.

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MIT Grad Students Vote To Form Labor Union

Graduate students at the Massachusetts Institute of Technology overwhelmingly approved forming a union in a two-day vote this week by a nearly 2-to-1 margin. From a report: MIT is the latest Boston-area school where grad students have voted to join a union following pivotal federal ruling in 2016 recognizing grad students as employees with the ability to unionize. In all, 1,785 MIT graduate students voted in favor of unionization and 912 against, a figure confirmed by Jonathan Zong, a grad student organizer, and MIT. Three-fourths of graduate students voted, according to MIT. The vote seeks to join United Electrical, Radio & Machine Workers of America, or UE. MIT grad students were pushing for help with affordable housing, support for international students, dental insurance coverage, and a better emphasis on diversity, equity and inclusion.

“We are grateful to the many members of our community, on all sides of the debate, who have engaged constructively and respectfully in this conversation,” Melissa Nobles, the chancellor, and Ian A. Waitz, the vice chancellor, said in the message to grad students. The memo continued: “Indeed, as we wrote to you during this campaign: We agree that there are areas where MIT can improve, and we share many of the same goals as the MIT Graduate Student Union. … With the election outcome now clear, we will continue to work alongside you to improve MIT for all of our students.” MIT’s Zong said being unionized will be a more democratic and formalized way of making grad students’ concerns heard compared to MIT’s Graduate Student Council. He described the council as more advisory to the school’s administration.

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