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Blockchain

AirBit Club Ponzi Operators Charged With Fraud and Money Laundering

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The operators of a global cryptocurrency-based Ponzi scheme have been charged with fraud and money laundering following a United States Homeland Security Investigations probe.

According to an announcement from the U.S. Department of Justice, four of the five alleged operators of AirBit Club, which allegedly netted tens of millions of dollars from victims, were arrested and due to appear in court on Aug. 18, while the fifth was arrested in Panama and is awaiting extradition to the U.S.

The scheme was launched in late 2015 and sold as a multi-level marketing club in the cryptocurrency industry. The defendants purportedly hosted lavish presentations to encourage investors to part with cash, promising guaranteed daily returns from cryptocurrency mining and trading.

While an online portal for investors did indeed show these “profits” building up, there was in fact no cryptocurrency mining or trading taking place. Instead, the monies deposited were spent on luxury goods and real estate, and were allegedly used to finance even more extravagant presentations to lure in more victims.

As early as 2016, club members wishing to withdraw proceeds were met with excuses, delays and hidden fees, and reportedly told that they must recruit new members if they wanted to receive the returns.

The defendants also tried to conceal the scheme and their involvement by requesting membership payments in cash, allegedly laundering at least $20 million of proceeds through various trusts and bank accounts, and removing negative information about the scheme from the internet.

As Cointelegraph reported last month, one member of another early crypto-based Ponzi scheme that netted $722 million pled guilty to counts of wire fraud and selling unregistered securities.

Source: https://cointelegraph.com/news/airbit-club-ponzi-operators-charged-with-fraud-and-money-laundering

Blockchain

People’s payment attitude: Why cash Remains the most Common Means of Payment & How Technology and Crypto have more Advantages as a Means of payment

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Consumer payment attitudes examine how they utilize cash and non-cash payment methods across the world. Payments made in cash are still the most frequent however people have started exchanging Bitcoin for cash in transactions. While individuals tend to adjust to their present circumstances. During the pandemic, for example, customers had to change their behaviors. Consumers have grown to be much more digitally savvy and environmentally conscious than they were before.

Is cash, however, really obsolete? Is the public ready to accept digital payments as the norm, or will paper money and coins continue to play a significant role in our daily lives? Cash payments, in our opinion, will always be king. Having cash will not make you run around for instance if you have to exchange bitcoin for cash if you must perform that transaction in cash.

Continue reading to learn about the benefits of cryptocurrency and why it’s inferior to cryptocurrencies.

Advantages of Cash Payments

  1. Generally accepted

When making minor transactions, businesses in nations like the United States would gladly accept cash instead of other means of payment.

  1. It comes in handy in moments of emergency

In cases of emergencies, cash will come in very handy. For example, if you’re traveling, you’ll need money, particularly if you’re going overseas. Apart from the fact that cards aren’t accepted everywhere, you run the risk of being mugged, having your debit card eaten by an ATM, and having other mishaps happen to you. A little bit of cold, hard cash will get you out of virtually any trouble. At that point looking for where to exchange bitcoin for cash will be extremely difficult.

  1. Your transactions are kept confidential

Cash is preferred by thieves because it is difficult to track. However, some law-abiding individuals who cherish their privacy prefer cash payments because of the anonymity they provide. As an added security measure, credit card issuers and retailers are required by law to share customer purchase data with other parties, including marketers.

Benefits of Cryptocurrency

1.      Transactions

Using cryptocurrencies as a medium of exchange has the benefit of eliminating the need for a middleman, for example, if you want to exchange bitcoin for cash take place on a peer-to-peer networking framework. As a result, audit trails are easier to create, people are less confused about who should pay what to whom, and transactions are more transparent since both parties know who they are.

2.      Asset Transfers

The crypto-blockchain ecosystem may be used to make specialized forms of transmission more accessible.

3.      Easier International Trade

A country’s exchange rates, interest rates, transaction fees, or other taxes do not apply to cryptocurrency transactions, even if it is widely acknowledged as legal money at this time.

International transfers and transactions may be carried out without problems due to currency exchange rate volatility and the like thanks to the peer-to-peer mechanism of blockchain technology. You can choose to exchange bitcoin for cash with someone in another country or continent.

4.      Individual Ownership

Even if you have outsourced administration of your cryptocurrency wallet to a third-party provider, you remain the only owner of your private and public encryption keys, which make up your crypto network address. Whenever you wish to exchange bitcoin for cashor any other crypto, you will be solely in charge.

5.      Strong Security

As with “charge-back” transactions permitted by credit card issuers, once a crypto transfer has been approved, it cannot be revoked. To protect against fraud, buyers and sellers must agree in advance on refund policies in the case of a mistake or return policy.

The last defense against fraud and account manipulation is the use of strong encryption methods across the blockchain and cryptocurrency transaction processes. These techniques also guarantee customer privacy.

  1. Payments made using Bitcoin may be made on the go.

Using crypto as a payment method requires just anybody with an Internet connection. In other words, customers may buy products without going to a bank or a shop by simply exchanging their Bitcoin for cash if the seller allows cryptocurrency transactions. Personal information is not required to complete any purchase, in contrast to online payments made using a U.S. bank account or credit card.

Conclusion

There are still obstacles in the way of a cashless society. Take the fact that millions of people still depend significantly on cash. Eliminating it may cause difficulties. Underprivileged, handicapped, and elderly individuals are particularly at risk. These people may be more vulnerable to financial exploitation, social isolation, and debt if their nation makes the switch to a cashless society too fast. It will be very hard for these sets of people to exchange bitcoin for cash because of different barriers.

People who are most at risk of being left behind by technological advancements must be included in attempts to make society genuinely cashless. How will you expect them to exchange bitcoin for cash? They will be completely left out.

Source: Plato Data Intelligence

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Artificial Intelligence

Industries such as the Healthcare, Education and Automotive sectors show AI is in its Golden Age

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There is no doubt that we are currently experiencing the golden age of artificial intelligence, although that should not mean that this is as good as it gets for the technology. In fact, it should only be the start before another golden age is produced in the future.

According to recent surveys that have been released by RELX of more than 1,000 executives, it is extremely hard to argue against the fact that AI has become as important and as effective as it has currently.

Adoption rates for AI have continued to jump year-on-year, with it having risen to a whopping 72% in 2019 from lower than 50% (48%) in the year prior. Indeed, 93% of the executives that were interviewed as part of the survey certainly appear to suggest that the technology has had the power to improve their businesses, as well.

Emerging technologies such as AI and the others that involve the deep learning and machine learning processes involved have helped organisations to improve, as 57% of the respondents from the survey stated that the tech has allowed them to find new ways to be innovative and develop better products whilst a further 54% had reported that they were helping them to optimise control and collaboration.

Unsurprisingly, there are a host of other encouraging statistics that can be revealed to highlight how we are currently in the golden age of AI, although some of the best ways to truly understand how much of an impact the technology has had is to look at some of the industries that it has greatly affected.

Online Casinos

Arguably, one of the industry sectors to have been able to benefit dramatically because of the improvement of AI is the online casino scene. Indeed, there are various benefits to the market, as both gamblers and online casino operators have been able to experience positive changes via its introduction.

For instance, one of the biggest changes that AI has successfully helped to provide is the levels of security available. Operators are able to use the tech to be in a better position to identify any potential threats to their games, whilst also spotting trends early that could suggest that someone is cheating at the game being played, whilst users are able to ensure all of their private and personal data is kept secure.

Games are also improved, whilst marketing strategies are improved as they can be influenced by what has been learnt from the AI being used.

Healthcare

Industries as important as healthcare have benefited immensely from the introduction of AI, which is why the technology has to be considered to be in its ‘Golden Age’.

There have been a number of technological innovations to have been created recently because of the availability of AI services, such as providing doctors and other healthcare professionals the opportunity to provide the best possible care they can at a quicker rate and to a wider audience than ever before.

Education

Education can be one of the single most important things in the world for any individual around the world, as can be highlighted by the continued push by various organizations around the world that want to try and eliminate the poverty that is currently being experienced.

AI is being used to try and help make education more accessible to people around the world, though, as it provides and develops new tactics that can be used in order to reach those that may have been previously unreachable.

Financial sector

We all want our money to be as safe and as secure as possible when being put into an account of some sort at a financial institution such as a bank, which is why these organisations have also decided to embrace the technology provided by AI.

Banks are able to use AI to help recommend their customers better options that will suit them and their monetary needs, such as certain loans, interest rates and other various products that they offer, whilst also ensuring that they continue to meet the regular demands that their customers may have when using their service.

Vehicles

Self-driving cars used to be something that was just an imagination, however AI has enabled this to become a reality. Although we might not be completely there at the moment, there are certainly a number of encouraging developments and innovative ideas to have entered the space already.

AI will be able to help these autonomous vehicles to understand and learn about the environments in which they are being driven in, thus helping them to learn about what to do effectively in any given situation or scenario, thus trying to help increase the levels of safety that can be experienced.

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Source: https://1reddrop.com/2021/10/01/industries-such-as-the-healthcare-education-and-automotive-sectors-show-ai-is-in-its-golden-age/?utm_source=rss&utm_medium=rss&utm_campaign=industries-such-as-the-healthcare-education-and-automotive-sectors-show-ai-is-in-its-golden-age

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Artificial Intelligence

How to Use a Digital Twin Software

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Asset performance is key when designing machines that are interconnected. The more complex assets and systems become, the greater the need to evolve how they are managed and maintained. Using the right digital tools is key to undergoing a successful digital transformation. Digital twin technology is the heart of the digital world and approaching physical assets. Digital twins provide insights into what is happening, or what can happen, with physical assets.

What’s a Digital Twin?

digital twin results when every process, service, or physical product is given a digital form or representation. A physical product can be evaluated and updated based on the analytics gleaned from the digital twin in working environments. The digital twin concept best exemplifies how the physical and virtual worlds meet. A digital twin uses real-world data to create a simulation using a computer program to predict how a product or process will perform. These programs easily integrate with the Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML), and software analytics to enhance output.

Types of Digital Twins

There are several types of digital twin models that organizations can use. Product twins are digital models of separate physical products. Virtual models are created to examine the product under different conditions so the necessary changes can be made on a single product before being deployed to the production line. The more efficient the design, the lower the manufacturing costs and time to market for a new physical product.

Process twins are digital models for manufacturing processes. Organizations can use a virtual model of how a production process will work in different scenarios to evaluate functionality. This makes streamlines the process of creating an efficient production methodology. All aspects of the manufacturing process can be fine-tuned, including the ability to put preventative maintenance systems in place. This results in less downtime and safely and efficiently speeds up the manufacturing process.

Systems twins are digital models made of manufacturing plants or factory systems. This makes it easier to gain valuable insights from the vast amounts of operational data collected from a range of connected devices and products within an existing system. Virtual models are more effective at diagnosing malfunctioning equipment because of their ability to gather information.

Benefits of Digital Twins

Digital twin software is a key piece of the digital transformation puzzle for a range of industries, especially those that implement IoT into operational processes. Digital twin technology aids the cost-friendly production of a fault-free product. Digital twins allow organizations to reduce existing or possible defects during the production stage through product testing and simulation. Correcting errors in a virtual environment is more cost-effective than correcting a physical product. All possible risks in the output can be eliminated before the manufacturing process to ensure the product functions as intended when launched.

Digital twins reduce the amount of time to market for new products. The ability to simulate the lifecycle of the product in a digital environment reduces an organization’s risk and adds a competitive advantage. A validated virtual copy of a product results in quicker development. Digital copies constantly monitor their physical counterparts and collect real-time information via sensors. Real-time analysis helps predict and resolve downtime or breakdowns so that issues can be addressed immediately. Predictive maintenance helps streamline operations and eliminate unplanned downtime.

Automation and data exchange is what fuels Industry 4.0. The concept of digital twins opens the door to endless possibilities when it comes to designing a product, process, or system with the best possible efficiency. Digital twins make complex manufacturing processes simpler by creating a digital footprint of physical objects. These digital creations are interconnected and able to generate real-time insights that help organizations better analyze and predict potential challenges in implementation.

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Source: https://1reddrop.com/2021/09/27/how-to-use-a-digital-twin-software/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-use-a-digital-twin-software

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AI

Canadian Securities Regulators Target Misleading Advertising From Crypto Exchanges

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During a period of major corporate and institutional interest in the crypto industry, nearly 5,000 new tokens have emerged in the last 12 months, averaging over 10 new coins per day, new data shows.

Cryptocurrency Boom of 2021

As can be observed on CoinMarketCap’s homepage, the number of existing cryptocurrencies has recently surpassed 12,000. This is well over the approximately 7,100 coins recorded by the site in September of last year, meaning that at least 4,900 new digital assets have been created in the last 12 months alone.

This represents the largest YoY surge in the absolute number of cryptocurrencies since Bitcoin’s inception. During this time, the digital asset industry achieved a total market cap of over $2 trillion.

Interest in crypto creation is largely driven by Bitcoin’s price gains in the past year, as well as increasing institutional involvement in the space.

As household names like Elon Musk and Jack Dorsey show support for the industry and its possibilities, both creative and financial interest continues to be drawn into the space. This further bolsters the markets, inspiring developers to work on their own cryptocurrencies to avoid missing out on potential gains and demand.


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Furthermore, digital assets have garnered high interest as an asset class for hedging against inflation – especially during the economic crisis created by the coronavirus pandemic. While September of 2020 saw stock markets plunge, cryptocurrencies mostly held their value. This may have inspired even more creators to start investing and developing in the emerging asset class.

Is This a Good Thing for Crypto?

Through increased interest and technological development is crucial to the crypto industry’s growth, an ever-growing number of coins may be counterproductive or even dangerous.

For example, SEC chair Gary Gensler is only more skeptical of the space due to the vast number of tokens in existence. Recognizing that there is no room for thousands of different currencies, he plans to further regulate the industry to protect investors before some of them inevitably collapse.

Indeed, many of these tokens seem like dangerous investments – if not outright scams. Over $25 million were lost to crypto scams among Australians only in the first half of 2021

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Source: https://coingenius.news/canadian-securities-regulators-target-misleading-advertising-from-crypto-exchanges-8/?utm_source=rss&utm_medium=rss&utm_campaign=canadian-securities-regulators-target-misleading-advertising-from-crypto-exchanges-8

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