Article: Is Elon Musk’s Toxic Reign Coming to an End?

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Is Elon Musk’s Toxic Reign Coming to an End?

Tim Fries, 10 July 2021

Afew years ago, no one would have expected for one man to introduce so much volatility into the crypto space. Elon Musk filled that ignoble role, but everything has its expiry date.

What Did Elon Musk Do to Deserve 58 Million Followers?
Elon Musk got his first major financial breakthrough when he sold his Zip2 company to Compaq in 1999 for $307 million. Three years later, as a co-founder of PayPal, he sold it to eBay for $1.5 billion. Established business pedigree and these two financial injections were sufficient for him to focus on more concrete projects: Continue reading “Article: Is Elon Musk’s Toxic Reign Coming to an End?”

Article: How to conquer synthetic identity fraud

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How to conquer synthetic identity fraud

Carey O’Connor Kolaja, 29 June 2021

“No single organization can stop synthetic identity fraud on its own,” reports The Federal Reserve. “Fraudster tactics continually evolve to stay a step ahead of detection—and the most sophisticated fraudsters can operate at scale in organized crime rings, generating significant losses for the payments industry. It is imperative that payments industry stakeholders work together, share information and keep up with the threat.”

Synthetic fraud is today’s fastest-growing type of financial crime. To make matters worse, up to 95% goes undetected by regular fraud models, as these actors behave, act and look like regular customers that neither the human eye nor highly complex computer vision methods would have detected. Continue reading “Article: How to conquer synthetic identity fraud”

Article: Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age

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Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age

Bloomberg, 14 April 2021

(Bloomberg) — The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.

The country’s government imprinted its authority indelibly on the country’s technology industry in the span of a few days. In landmark announcements, it slapped a record $2.8 billion fine on Alibaba Group Holding Ltd. for abusing its market dominance, then ordered an overhaul of Ant Group Co. On Tuesday, regulators summoned 34 of the country’s largest companies from Tencent Holdings Ltd. to TikTok owner ByteDance Ltd., warning them “the red line of laws cannot be touched.” Continue reading “Article: Jack Ma’s Double-Whammy Marks End of China Tech’s Golden Age”

Article: Hedge Fund CIO: “At Some Point, Through Inflation, War Or Confiscation, The System Will Restart”

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Hedge Fund CIO: “At Some Point, Through Inflation, War Or Confiscation, The System Will Restart”

TYLER DURDEN, 04 April 2021

Dusted off an anecdote from 2016 that explores the meaning of money. It is worth considering after a quarter in which the US dollar declined by more than 50% versus the dominant digital assets and the S&P 500 closed at an all-time high.

“People work in order to convert their time into a unit of account,” he said.

“We call that money, and it’s an invention that allows us to store time.” Continue reading “Article: Hedge Fund CIO: “At Some Point, Through Inflation, War Or Confiscation, The System Will Restart””

Article: China tells Alibaba to sell off media assets in tech crackdown

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China tells Alibaba to sell off media assets in tech crackdown

Mark Sweney and Helen Davidson, 16 March 2021

Beijing has ordered e-commerce company Alibaba to sell off media assets including Hong Kong’s South China Morning Post (SCMP) as the Chinese government looks to crack down on the growing public influence held by the country’s sprawling tech conglomerates.

Alibaba has become the lightning rod in the crackdown on big tech after founder Jack Ma, one of China’s most popular, outspoken and wealthiest entrepreneurs, delivered a blunt speech last year criticising national regulators that reportedly infuriated the president, Xi Jinping.

Following the comments, Chinese regulators blocked the $34bn stock market flotation of Alibaba online payments subsidiary Ant Group, which would have been the biggest share offering in history, and Ma disappeared from the public eye for three months. Last week, it emerged that regulators are reportedly preparing to hit Alibaba with a record fine in excess of $975m over anti-competitive practices.

China’s protectionist business regime, which shuts out foreign companies including Google and Netflix, has enabled a group of homegrown conglomerates to flourish as the country looks to build the next wave of global tech champions to challenge Silicon Valley.

Beijing has struggled to maintain control over their activities and wider influence with Alibaba’s media empire expanding to buy SCMP, Hong Kong’s premier English-language newspaper, in 2016 and holding stakes in social network Weibo, video streaming service Youku and Yicai Media Group, one of the country’s most influential news outlets.

“What is interesting here is that the Chinese Communist party has done a good job of cultivating huge tech giants, national champions,” said Jamie MacEwan, a senior media analyst at Enders Analysis. “But there has always been a split under the surface between those who want to encourage the great tech leap forward and a growing unease among those worried about these huge companies and the big public figures at the head of them, like Ma, outgrowing the patronage of the [Chinese communist] party.”

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Article: Millions vanish into crypto world in high-yield bond scam

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Millions vanish into crypto world in high-yield bond scam

Michael Roddan and Jonathan Shapiro, 08 March 2021

Sophisticated British criminals exploited vulnerabilities in Australia’s search engine and cryptocurrency infrastructure to dupe small investors, lured by the promise of high-yield funds badged by some of the finance world’s most trusted brands.

The complex scheme involved stolen identities and fraudulent prospectuses that claimed to represent high-yield investment funds run by global managers Citibank, Nomura, and IFM Investors. It has ensnared millions from unsuspecting victims who sought better returns as interest rates collapsed during the COVID-19 crisis. Continue reading “Article: Millions vanish into crypto world in high-yield bond scam”

Article: Google Hit With $2B Antitrust Suit Over ‘Rigging’ Its Algorithm

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Google Hit With $2B Antitrust Suit Over ‘Rigging’ Its Algorithm

Melissa Angell, 11 January 2021

Video-sharing site Rumble, which reportedly has a large base of politically conservative users, hit Google with a $2 billion antitrust suit Monday in California federal court, accusing the tech giant of unlawfully “rigging” its search algorithm to elevate Google’s own YouTube platform over competitors.

Toronto-based Rumble alleges that the tech behemoth diverted massive web traffic by manipulating its search algorithm to preferentially display YouTube links in the search results over those of Rumble and other video rivals. Continue reading “Article: Google Hit With $2B Antitrust Suit Over ‘Rigging’ Its Algorithm”