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Facebook Looking into “Disrupting Economics” of Fake News Sites

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In a Facebook post Friday night, founder of the popular social network Mark Zuckerberg took time to outline the steps the company will take to tackle its “fake news” problem, which has been a hot topic in the wake of the election. One way the social media behemoth plans on doing that is by making sure fake news sites can’t profit. 

Mr. Zuckerberg calls it “disrupting fake news economics.”

“A lot of misinformation is driven by financially motivated spam,” he posted. “We’re looking into disrupting the economics with ads policies like the one we announced earlier this week, and better ad farm detection.”

Mr. Zuckerberg underscored that Facebook takes “misinformation serious” and reinforced the company’s goal “to connect people with the stories they find most meaningful.”

The social media tycoon admits “We’ve been working on this problem for a long time.” There’s more work to be done, he says.

“Historically, we have relied on our community to help us understand what is fake and what is not,” he wrote in the long post. “…The problems here are complex, both technically and philosophically. We believe in giving people a voice, which means erring on the side of letting people share what they want whenever possible. We need to be careful not to discourage sharing of opinions or mistakenly restricting accurate content. We do not want to be arbiters of truth ourselves, but instead rely on our community and trusted third parties.”

Mr. Zuckerberg claims the percentage of misinformation is small, then outlines what Facebook will do, including stronger detection, easy reporting by users, third party verification via fact checking organization, warnings for stories flagged as false by other users, and raising bar for articles which appear in related articles suggestions.

“Some of these ideas will work well, and some will not,” he admits. “But I want you to know that we have always taken this seriously, we understand how important the issue is for our community and we are committed to getting this right.”

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5 stars on average, based on 1 rated postsJustin O'Connell is the founder of financial technology focused CryptographicAsset.com. Justin organized the launch of the largest Bitcoin ATM hardware and software provider in the world at the historical Hotel del Coronado in southern California. His works appear in the U.S.'s third largest weekly, the San Diego Reader, VICE and elsewhere.




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Stellar Acquires Blockchain Startup Chain to form Interstellar

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The commercial arm of the Stellar Development Corporation has acquired a promising blockchain startup by the name of Chain, paving the way for possibly higher enterprise adoption of distributed ledger technology. The deal adds to Stellar’s credibility as one of the world’s leading blockchain companies.

Chain Acquired

Chain, a San Francisco-based startup pursuing enterprise grade adoption of blockchain technology in finance, has sold to Lightyear in an undisclosed cash agreement. Lightyear, the subsidiary of the Stellar Development Corporation, will be re-named Interstellar, according to official reports. Jed McCaleb, Stellar’s founder, will be the chief technology officer of the newly formed company, which he said should help companies build on the Stellar network. He adds:

“Chain’s team has led the market for enterprise adoption of blockchain technology, which is a critical component of building a future where money and digital assets move over open protocols.”

Interstellar’s new CEO Adam Ludwin explained how the newly merged company will work together:

“Chain has worked from inside the enterprise while Stellar has focused on the network between organizations. As a single team we will have a complete view and set of capabilities to make value-over-IP a reality.”

Chain is said to be a leader in the world of fin-tech, having built enterprise-grade blockchain solutions for Visa, Citigroup and Nasdaq, among others. With the merger, Interstellar will have access to Sequence, Chain’s powerful cloud solution that enables companies to monitor assets moving between private ledgers and the Stellar network.

Previously, Chain had raised more than $43 million across multiple deals. Financiers included Capital One, Citigroup, Pantera Capital and Blockchain Capital.

XLM Price Update

Although the merger between Chain and Lightyear has not had a demonstrably positive effect on XLM’s price, the cryptocurrency continues to outperform leading assets such as Ethereum and bitcoin cash. The XLM price was down 4.4% on Tuesday but has gained 3.2% over the past seven days. By comparison, bitcoin has declined nearly 1% over that period while Cardano has lost more than 10%. Ethereum is trading in positive territory over seven days as prices recovered from 16-month lows.

XLM, which is currently valued at $0.197, has declined roughly 12% over the past month. At current values, it has a market capitalization of $3.7 billion, placing it sixth among active cryptocurrencies. Bitbox is the most active market for XLM traders, accounting for more than 54% of daily transactions.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 601 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Nvidia Pulls Out of Cryptocurrency Business amid Declining Profit

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California chipmaker Nvidia Corp (NVDA) has officially pulled out of the cryptocurrency mining business over declining GPU sales and dwindling profits. However, a closer look at the mining landscape reveals that competition, and not declining demand, is at the root of Nvidia’s decision to exit the industry.

Nvidia Quits Crypto Mining Business

Colette Kress, Nvidia’s CFO, announced the decision last week in a report that was published by The Wall Street Journal.

“We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward,” Kress said. “Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution going forward.”

The company, which is best known for developing chips for supercomputers and video game systems, experienced an upsurge in GPU sales last year as miners rushed to capitalize on the crypto boom. Earlier this year, Nvidia revealed for the first time how much revenue it generated from crypto market sales. As Hacked reported back in May, Nividia’s first-quarter chip sales to cryptocurrency miners hit $289 million, far exceeding forecasts of $200 million.

Despite better than expected results, the company warned of a steep fall in subsequent quarters as mining profitability plummeted.

“Crypto miners bought a lot of our GPUs in the quarter and it drove prices up,” Nvidia CEO Jensen Huang said on a Q1 earnings call back in May.

Nvidia may be exiting the crypto mining business, but its overall profitability is as good as ever. For the quarter ending July 29, profits nearly doubled to $1.1 billion, or $1.76 a share. Revenues surged 40% to $3.12 billion. Both results beat analysts’ forecast.

Bitmain’s Growing Dominance

Following a series of acquisitions and funding rounds, China’s Bitmain has emerged as the world’s biggest blockchain conglomerate. The company, which is valued at $19 billion, generated $1.1 billion in profits during the first quarter. As CCN reports, Bitmain’s crypto venture earned 65 times more profit than Nvidia during the quarter.

Bitmain’s profitability suggests that demand for mining equipment remains strong despite the seven-month downturn in cryptocurrency prices. What’s more, bitcoin’s hash rate has increased significantly this year, offering further evidence of continued growth. As Hacked reported last month, bitcoin’s hash rate has risen 100% amid the downturn. What’s more, the hash power that has come online since the end of last year is equivalent to more than 2 million SHA-256 ASIC. Each of these units is valued at roughly $1,800.

The real issue for Nvidia isn’t that crypto mining is on the decline but that demand for GPU-specific equipment has fallen.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 601 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Overstock.com Shares Spike 17% After Chinese Private Equity Firm Pledges $270 Million for tZERO

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Shares of Overstock.com (OSTK) surged in after-hour trading Thursday after a major Chinese equity firm agreed to invest in tZERO, the blockchain subsidiary vying to reshape the investment world through a SEC-regulated alternative trading system (ATS).

GSR Capital to Invest Heavily in tZERO

CNBC confirmed on Thursday that Hong Kong-based GSR Capital will invest up to $270 million in tZero. The investment is based on a valuation of $1.5 billion, giving GSR an 18% stake in the new blockchain startup. GSR will also buy $30 million worth of tZERO security tokens.

“We are honored to have GSR Capital as a strategic investor,” said tZERO CEO Saum Noursalehi in a statement, as quoted by CNBC. “The tokenization of securities has the potential to disrupt global capital markets responsible for moving hundreds of trillions of dollars. Together with our partners, we will globalize our blockchain-based platform, bringing more efficiency, liquidity, and trust to capital markets.”

The announcement came less than six weeks after GSR Capital signed a letter of intent with Overstock to purchase $160 million worth of security tokens.

Launched in December, tZERO’s initial coin offering (ICO) has raised $134 million to finance its ATS infrastructure, which will provide a regulated venue for securities trading. The company plans to build similar systems around the world.

Despite a highly successful crowdraise, documents submitted to the SEC earlier this year revealed a target of $250 million. Independent valuations had placed tZERO’s ICO anywhere between $200 million and $500 million.

Overstock.com Spikes

Overstock.com’s share price was up by as much as 21% after-hours. It would eventually settle at $45.40 for a gain of 17.6%.

As the following chart illustrates, the OSTK price rose 4.5% in regular trading on Thursday to settle at $38.60.

Despite the gain, OSTK has been a dismal performer this year. Share prices are down 40% year-to-date, vastly under-performing the Nasdaq Composite Index, which has returned more than 14%.  What’s more, the stock is trading at less than half of its 52-week high.

Overstock’s share price has been rocked by disappointing quarterly results and the cancellation of a proposed public stock offering. Last March, the company offered four million shares of common stocks before abruptly cancelling those plans. Noursalehi said the decision to pull the offering was due to “market volatility and price.” To be sure, OSTK had declined 20% following the initial announcement to issue common stock.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 601 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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