For Apple, Amazon, Facebook, and Alphabet, covid-19 was an economic blessing. Even as the pandemic sent the global economy into a deep recession and cratered most companies’ profits, these companies—often referred to as the “Big Four” of technology—not only survived but thrived. Collectively, they now have annual revenue of well over a trillion dollars, and the value of their stocks has soared: together they’re worth $2.5 trillion more than they were 15 months ago.
Yet at the same time, they have come under unprecedented attack from politicians and government regulators in the US and Europe. While congressional hearings on charges that Facebook has been censoring conservatives or not doing enough to restrain disinformation and hate speech may have gotten most of the headlines and public attention, the companies are facing far more substantive threats, in the form of new lawsuits, proposed bills, and regulations.
This past fall, the Federal Trade Commission and 48 state attorneys general filed suit against Facebook, charging it with illegally maintaining a monopoly over the social-networking space “through a years-long course of anticompetitive conduct.” Soon after, the US Department of Justice and 11 state attorneys general filed suit against Google, charging it with illegally maintaining a monopoly over the search and search advertising markets. Apple is currently locked in a civil trial with game developer Epic Games, which is challenging Apple’s control of its App Store on antitrust grounds.
Last summer, the US House Judiciary Committee concluded a 19-month investigation into alleged anticompetitive activity by the tech titans. The resulting 450-page report described the companies as “the kinds of monopolies we last saw in the era of oil barons and railroad tycoons” and recommended that the government take action against them.
It’s easy, of course, to dismiss anything that comes out of Washington or Brussels as political posturing, but in this case that would be a mistake. President Joe Biden has named some of Big Tech’s sharpest and most vocal critics—including Columbia University professor Tim Wu, author of the book The Curse of Bigness, and Lina Khan, who served as special counsel to the Judiciary Committee during its investigation—to important roles in his administration. Europe is putting in place tougher regulations to try to limit Big Tech’s power. And antitrust action, at least with regard to the tech industry, has become that rarest of things: a bipartisan issue in Congress.
What’s arguably more important is that we’re in the middle of a radical shift in the intellectual discussion—one that has made it much easier to go after Big Tech. In many ways, we seem to be going back to the antitrust vision that determined US policy toward big companies for much of the 20th century, a vision that’s much more skeptical of the virtues of size and much more willing to be aggressive in keeping companies from exercising monopoly power.
America’s key antitrust laws were written around the turn of the 20th century. The Sherman Antitrust Act of 1890 and the Clayton Act of 1914 remain on the books today. They were written in broad, far-reaching (and ill-defined) language, targeting monopolists who engaged in what they called “restraint of trade.” And they were driven in large part by the desire to curb the giant trusts that had, via a series of mergers and acquisitions, come to dominate America’s industrial economy.
The quintessential example was Standard Oil, which had built an empire that gave it essentially complete control over the oil business in the US. But antitrust law wasn’t just used to block mergers. It was also used to stop a host of practices that were deemed anticompetitive, including some that nowadays seem routine, like aggressive discounting or tying the purchase of one good to the purchase of another.
In reality, the four companies have very different businesses that raise very different antitrust questions and will lend themselves to very different antitrust solutions.
This all changed with the Reagan
By: James Surowiecki
Title: What does breaking up Big Tech really mean?
Sourced From: www.technologyreview.com/2021/06/30/1026502/big-tech-breakup-monopoly-antitrust/
Published Date: Wed, 30 Jun 2021 11:00:00 +0000
LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Bitso, a leading cryptocurrency platform operating in Latin America, and the Mexican Football Federation (FMF), today announced the joint launch of the first collectible NFT of the Mexico National Team’s jerseys that was acquired in cryptocurrencies.
This morning through their social media platforms, the FMF and Bitso announced the opportunity to acquire the new official National Team fan jerseys ahead of the team’s participation in the 2022 World Cup. In just 20 minutes, the entire collection sold out.
The NFTs of the jerseys have an exclusive design for the metaverse – each is unique on the blockchain and can be resold by its owner in subsequent transactions.
The collection consisted of 100 official physical jerseys, each with a corresponding NFT version of the jersey that fans’ avatars can wear within the Decentraland metaverse. Each physical and NFT jersey set sold for the equivalent of $1,800 MXN in ethers.
“Our mission is to make cryptocurrency useful in the everyday life of Mexicans; we are committed to spreading the technology through innovative opportunities that help people throughout the country familiarize themselves with this new world. We are very excited to offer the incredible, historic opportunity for the fans of our National Team so that through their Bitso account, they can wear the colors of the National Team on and ‘off’ the field in the metaverse.”
– Bárbara González Briseño, General Director of Bitso México
Created by Bitso, the virtual jersey sports the official colors of Mexico and the new National Team shield, characteristics that will make it stand out when users wear it in the virtual world of Decentraland.
The post LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys appeared first on CryptoNinjas.
Title: LATAM crypto exchange Bitso and FMF launch NFT of Mexico’s National Team jerseys
Sourced From: www.cryptoninjas.net/2022/07/29/latam-crypto-exchange-bitso-and-fmf-launch-nft-of-mexicos-national-team-jerseys/
Published Date: Fri, 29 Jul 2022 15:19:02 +0000
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Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
EXMO, a crypto exchange platform operating since 2014, announced this week a rebranded visual identity with includes a new logo, brand colors, and design features. This new branding comes as EXMO continues to grow its crypto platform while also seeking to expand its presence in other jurisdictions.
Some new developments underway at EXMO:
Soon, users will be able to earn passive income from EXMO’s new staking platform.Plans to launch an EXMO crypto debit card.Expansion of its services in international markets with the opening of offices in Poland and Lithuania.
EXMO’s new logo
The rationale for the re-brand:
“At EXMO, we have a vision of a world where crypto is in every wallet. Hassle-free. We want to achieve this by making crypto as simple and accessible to everyone as possible. And we know that you already appreciate EXMO for offering user-friendly services and helpful support. Also for the opportunity to trade anywhere and anytime, closing deals in just a few taps. Such important changes required a rethinking of our corporate style, which has long needed a massive upgrade. So today we are introducing a new brand identity for EXMO with a completely new visual concept. We are launching a new logo, brand colors, and design elements. Our key design principles are simplicity, boldness, and a pinch of fun. But most importantly, we have changed our logo. Simple and easily recognizable, it represents the humanity of our brand. The logo stands out due to the wavy letter ‘m’ which symbolizes exchange rate charts and also resembles a spring that will launch you into the crypto world.”
– The EXMO Team regarding the re-branding
The post Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth appeared first on CryptoNinjas.
Title: Long-running crypto exchange EXMO unveils “lively” rebrand amidst growth
Sourced From: www.cryptoninjas.net/2022/07/26/long-running-crypto-exchange-exmo-unveils-lively-rebrand-amidst-growth/
Published Date: Tue, 26 Jul 2022 08:10:38 +0000
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Stitching together the grid will save lives as extreme weather worsens
The blistering heat waves that set temperature records across much of the US in recent days have strained electricity systems, threatening to knock out power in vulnerable regions of the country.
The electricity has largely stayed online so far this summer, but there have been scattered problems and close calls already.
Heavy use of energy-sucking air-conditioners is the biggest problem. But intense heat can also reduce the output of power plants, blow transformers, and force power lines to sag. Severe droughts across large parts of the country have also significantly reduced the availability of hydroelectric power, according to the North American Electric Reliability Corporation (NERC).
It’s unlikely to get better soon. A number of grid operators may struggle to meet peak summer demand, creating the risk of rolling blackouts, the NERC report notes.
The nation’s isolated and antiquated grids are in desperate need of upgrades to keep the lights, heat, and air-conditioning on in the midst of extreme weather events that climate change is making more common, severe, and dangerous. One clear way to ease many of these issues is to more tightly integrate the country’s regional grids, stitching them together with more long-range transmission lines.
If electricity generated in one area can be more easily shared across much wider regions, power can simply flow to where it’s needed at those moments when customers crank up air-conditioners en masse, or when power plants or fuel supply lines fail amid soaring temperatures, wildfires, hurricanes, or other events, says Liza Reed, a research manager focused on transmission at the Niskanen Center, a Washington, DC, think tank.
The problem is it’s proved difficult to build more long-range transmission and grid interconnections for a variety of reasons, including the permitting challenges of erecting wires through private and public lands across cities, counties, and states and the reluctance of local authorities to forfeit control or submit to greater federal oversight.
The case of Texas
The unreliability of the US grid is not a new problem. Severe heat and winter storms have repeatedly exposed the frailty of electricity systems in recent years, leaving thousands to millions of people without power as temperatures spiked or plunged.
One of the fundamental challenges is that the grids today are highly fragmented. There are three main electricity networks within the US: the Eastern Grid, the Western Grid, and the Electric Reliability Council of Texas (ERCOT). But there are numerous regional transmission organizations within those first two systems, including the California Independent System Operator, Southwest Power Pool, PJM Interconnection, New York ISO, and more.
These grids form a complex web of networks operating under different regulators, rules and market structures, and often with limited connections between them.
A variety of regional transmission organizations oversee different parts of the nation’s aging and fragmented grids, which operate under different rules and with often limited connections between them.
ERCOT is especially isolated, in part because of the desire among local politicians, citizens, and power companies to avoid added competition, the hassle of following other states’ rules, and oversight from the Federal Energy Regulatory Commission (FERC). But the state offers a case study in why that can be a serious problem amid increasingly harsh climate conditions, Reed says.
The Texas grid operator pleaded with customers several times earlier this month to cut electricity use as blistering summer temperatures created demand surges that threatened to outstrip supply and require rolling blackouts. Low wind conditions, cloud cover, and outages at fossil-fuel power plants added to the strains.
Shutting off the electricity needed to run air-conditioning in triple-digit temperatures
By: James Temple
Title: Stitching together the grid will save lives as extreme weather worsens
Sourced From: www.technologyreview.com/2022/07/28/1056483/stitching-together-the-grid-will-save-lives-as-extreme-weather-worsens/
Published Date: Thu, 28 Jul 2022 08:00:00 +0000
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