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Business January 6, 2023

PI Network Crashing Hard After Controversial Exchange Listing

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PI Network is crashing hard after being listed on Houbi Global earlier this week. On December 29th, Houbi made an announcement regarding PI Network listing on its exchange

PI Network is crashing hard after being listed on Houbi Global earlier this week. On December 29th, Houbi made an announcement regarding PI Network listing on its exchange. Representatives for PI Network warned Houbi and other exchanges that their listings were “unauthorized.”

Also read: Houbi Listed PI Network ‘Without Consent’

Despite, PI Network’s prompt statement, Houbi’s listing of the coin has caused the price to skyrocket to over $300. CoinMarketCap (CMC) and Coingecko have warned about the listing of PI, stating that “the mainnet has not yet been launched” on the token’s page.

Price surged and crashed hard

After being listed on Houbi, the price of PI Coin surged to $345 per coin. However, according to Coingecko, it is currently trading at $98.60, which means it has already lost 71.6%. PI Coin lost an average of 18.34% per day from 30th December to 4th January. On a cumulative basis, the PI Coin lost a total of 84.28% over this period.

Surprisingly, the PI Coin tried to bounce back on Wednesday after gaining 29.74% on Houbi and reaching $165 per coin. However, the crashing continued on Thursday, and the PI Coin decreased to a 24-hour low of $92.

Other Exchanges followed Houbi

Both BitMart and Biconomy followed Houbi, the 15th ranked exchange, in listing PI Coin.

However, the price of PI Coin on Biconomy is different from the price on Houbi and BitMart, which is interesting. At the same time, PI Coin was being traded for $98.60 on Houbi, $3.99 on Biconomy, and $6.49 on XT.com.

Houbi is running a PI trading contest with 50,000 USDT and a Porsche 718 in its prize pool. Similarly, other exchanges are also offering high annual percentage yields (APY) for their cryptocurrency products, but the value of the cryptocurrency on these exchanges is still decreasing.

PI Network Crashing Hard After Controversial Exchange Listing

Source: Coingecko.

‘PI draining personal info’

There is a mixed reaction to the PI coin on social media. Despite the warnings of CMC and Coingecko, the discussion over its legitimacy and listing is at its peak.

“Most people think they mine $PI but don’t know that $PI Mines them,” tweeted Grey Jabesi. “To be honest, pi drains them, their personal info, their time, their battery… etc,” DamX said in a response to Jabesi.

PI gained widespread popularity after being listed on Houbi, as seen in the trending hashtag on Twitter.

PI Network not involved in listing

PI Network again declined its involvement in ‘any purported’ listings as it re-posted the statement on its Facebook page on Wednesday. PI Network stated that they are not involved with any such listings and that the Enclosed Network version of PI is not approved for trading or listing on any exchange.

This announcement has caused concern among members of the crypto community, who have accused the Huobi team of scamming people. It is worth noting that investing in unauthorized listings carries a risk of substantial losses.

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Image credits: Shutterstock, CC images, Midjourney.

AI

Microsoft Warns Employees Not to Share Sensitive Data with ChatGPT

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Microsoft Warns Employees Not to Share Sensitive Data with ChatGPT

Microsoft has warned its employees not to share sensitive data with an artificially intelligent (AI) chatbot, ChatGPT from OpenAI. Employees of American multinational tech giants had asked in an internal forum whether ChatGPT or any other AI tools from OpenAI were appropriate to use at their work, Business Insider reported.

Also read: 30% of College Students Use ChatGPT

In response to that inquiry, a senior engineer from Microsoft’s CTO office allowed to use ChatGPT but couldn’t share confidential information with the AI chatbot.

“Please don’t send sensitive data to an OpenAI endpoint, as they may use it for training future models,” the senior engineer wrote in an internal post, per Insider.

ChatGPT, here only for two months, is already raising concerns in the academic sector. Microsoft has become a partner of OpenAI, the parent company of ChatGPT, and has confirmed an investment of ten billion dollars.

Microsoft is planning to integrate OpenAI’s technology into its products, including the Bing search engine and other software, to enhance their capabilities, as reported previously.

The major concern of Microsoft regarding “sensitive information” may include sharing internal software code and seeking checks and advice from the chatbot.

Amazon’s Same Concern

ChatGPT has continuously made headlines since its launch last November but has also faced bans, especially in the academic sector as it became the cheating partner for students’ schoolwork. Recently, the tech giants have also raised their concerns over its use.

Amazon warned its employees to beware of ChatGPT last week, as reported by Insider. Insider claims that an Amazon lawyer has urged employees not to share code with ChatGPT via an internal communication form.

“This is important because your inputs may be used as training data for a further iteration of ChatGPT, and we wouldn’t want its output to include or resemble our confidential information (and I’ve already seen instances where its output closely matches existing material),” the lawyer wrote.

The lawyer placed more emphasis on requesting that employees not share “any Amazon confidential information” (including Amazon code they are working on) with ChatGPT via Slack.

Personal Data Concern

As concerns about data privacy grow among large corporations, an OpenAI representative has directed questions about the company’s data and privacy policy to ChatGPT’s FAQ page. The terms of service of OpenAI grant the company the right to use all input and output generated by ChatGPT users, with the stipulation that personally identifiable information (PII) is removed from the used data.

However, it’s quite impossible for OpenAI to identify and remove all the personal information from the data provided to ChatGPT, says Emily Bender, who teaches computational linguistics at the University of Washington.

“OpenAI is far from transparent about how they use the data, but if it’s being folded into training data, I would expect corporations to wonder: After a few months of widespread use of ChatGPT, will it become possible to extract private corporate information with cleverly crafted prompts?” said Bender.

Vincent Conitzer, a computer science professor and director of an AI lab at Carnegie Mellon University, said, “All of us together are going to have to figure out what should be expected of everyone in these situations. Is the responsibility on employees to not share sensitive information, or is the responsibility on OpenAI to use information carefully, or some combination?”

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China Catches Up On Quantum Computers, Makes 1st Delivery

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China Catches Up On Quantum Computers, Makes 1st Delivery

China has officially caught up with Canada and USA in the race to deliver a complete quantum computer system to a customer according to a state media report.

Chinese quantum computing company, Origin Quantum Computing Technology developed a 24-qubit Wuyuan system before delivery to an unknown user more than a year ago, the science ministry’s Science and Technology Daily reported.

Also read: How AI Can Accelerate Metaverse Development

According to Origin Quantum, they are the only Chinese company in the quantum computing industry that can deliver real quantum computers as well as full-stack development and follow up services.

According to a statement sent to the Global Times on Monday by East China’s Anhui Province based Quantum Computing Research Centre, the group developed the computer and successfully delivered it to a user.

“More than 100 quantum computing companies in the world have put enormous investment into quantum research and development. Canada’s quantum computing company sold its first quantum computer in 2011, followed by IBM of the US in 2019.

“Chinese Origin Quantum delivered a quantum computer in 2021,” Zhang Hui, director of the Anhui Quantum Computing Engineering Research Center was quoted as saying.

Eyebrow raising announcement

The announcement by Chinese state media has raised eyebrows among skeptics questioning its timing.

Weifeng Zhong, a senior research fellow at the Mercatus Center of George Mason University in Fairfax, Va told TechNewsWorld that this could be a gimmick to just show China as a tech giant with a transparent administration.

“Quantum technology has a high priority for national security in China. If this were something very important, I doubt it would be disclosed like this in a transparent way by Chinese authorities,” explained Zhong.

“The fact that it was delayed for a year suggests that they realize now that it’s not important to national security, so they’re trying to use it to build China’s image as a technology leader at a time when they’re trying to open up their economy to the rest of the world,” added Zhong.

But what is quantum computing?

A quantum computer is a type of computer that uses quantum mechanics to store and process data, as opposed to classical computers that use classical mechanics. Quantum computers use quantum bits (qubits), which can exist in multiple states at once, to perform computations that are not possible on classical computers, making them particularly well-suited for certain types of complex calculations.

The  24-qubit Wuyuan quantum computer based on superconducting technology developed by the same company  becomes the third to be delivered to customers after Canada in 2011 and USA’s IBM in 2019.

Superconducting technology is currently one of the most mature and well-developed implementations of quantum computing, and many companies and research organizations are working to develop and commercialize superconducting quantum computers. Superconducting technology is one of the main implementations of quantum computing.

In superconducting quantum computers, quantum bits (qubits) are made from tiny electrical circuits that are cooled to very low temperatures, close to absolute zero, in order to minimize the amount of thermal energy and increase their coherence time, which is the time during which a qubit can maintain its quantum state.

What does China offer in its quantum computers

Speed: Quantum computers can perform certain operations much faster than classical computers, which can greatly speed up complex computations.

Parallel processing: Quantum computers can perform multiple calculations simultaneously, which allows for more efficient processing of large amounts of data.

Simulating complex systems: Quantum computers can be used to simulate complex systems, such as molecules and materials, which can lead to new discoveries in fields such as chemistry and materials science.

Cryptography: Quantum computers can be used to break certain encryption algorithms, which makes them useful for developing new, more secure encryption methods.

Optimization problems: Quantum computers can be used to solve complex optimization problems, such as logistics and scheduling problems, which have many potential real-world applications.

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Meta Reportedly Defeats FTC to Receive Court Approval to Acquire Within

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Meta Reportedly Defeats FTC to Receive Court Approval to Acquire Within

Meta, Facebook and Instagram’s parent company, has reportedly won court approval for the acquisition of VR fitness app Supernatural’s maker, Within, after the Federal Trade Commission attempted to block the deal.

Also read: Lawsuit Filed Against Meta, Snap, TikTok for Mental Health Crisis

A US district judge, Edward Davila in San Jose California, “denied the FTC’s request for a preliminary injunction to block the proposed transaction” in a sealed decision on Wednesday, reported Bloomberg, citing a source familiar with the ruling.

Meta’s plan was to acquire Within and Supernatural back in October 2021, but it was blocked by the FTC’s complaint file to stop the deal. The FTC’s complaint was justified by saying Meta already owns a “virtual reality empire.”

Following the news, shares of Meta were slightly positive on Wednesday afternoon.

Facebook and The FTC also declined to comment with Bloomberg’s query citing the sealed nature of Davila’s decisions.

Push for Metaverse

The reported victory in this case may boost Mark Zuckerberg’s push towards the Metaverse. Zuckerberg’s Meta Quest 2 is arguably the best VR headset, even after a massive hike in its price last year.

Meta Quest Pro for $1500 and Meta Quest 3 are also in the company’s VR line-up, which has already developed VR spaces for work and play.

The Supernatural, developed by Within, was one of the first subscription-based services on the original Meta Quest.

Supernatural, a fitness app that features video instructors and motion-tracked workout routines, carries similarities to Meta’s successful fitness VR music game Beat Saber. Beat Saber was also acquired by Meta in 2019.

 Meta’s Dominance

A trial before the FTC’s administrative judge will start on Feb. 13. The FTC will also decide if it will continue with the case. Lina Khan, the chair of the FTC, was appointed by US President Joe Biden to bolster antitrust enforcement as a key principle of his administration’s economic policy. Hence, if this order stands, this loss to Meta will be a significant setback for Khan.

The FTC sued Meta back in July, arguing this acquisition would expand its dominance in the consumer VR market, highlighting its purchase of Beat Saber three years ago. The agency even emphasized that the addition of Within would even eliminate a “beneficial rivalry” between the two companies.

At the time, “the case was) based on ideology and speculation, not evidence, the idea that this acquisition would lead to anticompetitive outcomes in a dynamic space with as much entry and growth as online and connected fitness is simply not credible,” said a Meta spokesperson in a statement.

It’s still to be decided whether this will be the end of this story or not, as the FTC has declined to comment.

“Out of respect for the court’s orders, the FTC is not in a position to comment at this time,” FTC director of public affairs Douglas Farrar told The Verge.

Within would be the third start-up acquired by social media giants over the last decade if this case ends here and Meta purchases one more VR start-up. Previously, Meta acquired Oculus in 2014 before purchasing Beat Saber in 2019.

 

 

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