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Monthly Archives: July 2021
Dilip Kumars Demise: Aamir Khan Pays A Tribute To The Legendary Actor; Says For Me You Have Always Been And Always Will Be The Greatest Ever -…
Posted: July 7, 2021 at 2:31 pm
Legendary actor Dilip Kumar passed away on Wednesday morning. He breathed his last in a Mumbai hospital. The legendary actor was 98 and passed away due to age-related issues. Dilip Kumars last rites took place on Wednesday, during the evening hours of the day. His wife, Saira Banu, actors Amitabh Bachchan, Abhishek Bachchan, family and friends bid farewell to Dilip Saab. He was laid to rest at the Juhu Qabrastan in Santacruz. Now, in a post on social media, actor Aamir Khan paid tribute to the late legendary actor.
Aamir Khan issued a statement through his production company Aamir Khan Productions. The note read: Thank you Yusuf Sahab for the invaluable, priceless and unique gift you have given all of us through your work. For me you have always been and always will be the greatest ever. Salaam. Love. Aamir. The actor thanked Dilip Saab for the invaluable, priceless and unique gift he has given everyone through his work during his 50-year-long career. Aamir further said that Kumar Saab has always been and will be the greatest ever for him.
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Dilip Kumar is survived by his wife, actress Saira Banu. They had married in 1966.
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Dilip Kumars Demise: Aamir Khan Pays A Tribute To The Legendary Actor; Says For Me You Have Always Been And Always Will Be The Greatest Ever -...
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Sharp Read | Heed the word – newframe.com
Posted: at 2:31 pm
Malcolm Gladwell defined a tipping point as the moment of critical mass, the threshold, the boiling point. In 2011 scientists atNew Yorks Rensselaer Polytechnic Institute concluded a tipping point for a political trend could be as low as 10% of the population. This is maddening: why does it take years, decades, sometimes centuries, for meaningful change to occur, even when the voices crying out are loud and clear?
In recent years there has been a spurt of analyses attempting to explain the post-truth world, why tribal belonging is more powerful than truth. Frantz Fanon figured this out almost 70 years ago: Sometimes people hold a core belief that is very strong. When they are presented with evidence that works against that belief, the new evidence cannot be accepted And because it is so important to protect the core belief, they will rationalise, ignore and even deny anything that doesnt fit in with the core belief, he wrote in Black Skin, White Masks.
More presciently, in his withering 1961 dissection of colonialism, Fanon predicted that the basic confrontation which seemed to be colonialism versus anticolonialism, indeed capitalism versus socialism, is already losing its importance. What matters today, the issue which blocks the horizon, is the need for a redistribution of wealth. Humanity will have to address this question, no matter how devastating the consequences may be.
Why is it that white South Africans celebrated Nelson Mandelas 1994 inauguration speech (The time for the healing of the wounds has come The moment to bridge the chasms that divide us has come never, never and never again shall it be that this beautiful land will again experience the oppression of one by another.), but were utterly deaf to his emotional four-hour Rivonia trial plea 30 years earlier? (I have fought against white domination, and I have fought against Black domination. I have cherished the ideal of a democratic and free society in which all persons will live together in harmony and with equal opportunities if needs be, it is an ideal for which I am prepared to die.)
One of the key messages in Seven Votes, the new book by South African historian Richard Steyn, is that opportunities are forfeited when we dont listen.
There was an unheeded warning in the aftermath of South Africas crossroads 1948 elections: South Africa has chosen the road to national suicide, railed ANC leader AB Xuma. Steyn tries to reimagine the countrys abnormal past: History teaches us the stupidity in shutting doors, as [Jan] Smuts did to Xuma in the late 1940s. If we had cultivated the essence of democratic politics into the broad population, then, what a difference that may have made.
Further north in Africa, a different nightmare was unfolding. Nigeria was formally colonised in 1899, sold by the Royal Niger Company to the British government for 865000. The company had traded palm oil for 30 years, a crucial industrial lubricant for machinery. Chinua Achebes Things Fall Apart, set in that time, was a harbinger of the looming disaster for the people of the Niger delta. The novel conveys the entitlement, the brutal arrogance threatening the indigenous people. It was published in 1958, the same year Shell first exported oil from the region.
The books recognition and awards stacked up in proportion to the upscaling of destruction in the delta. By 1995, despite millions of copies sold, colonialism and exploitative capitalism had wreaked havoc, and nine activists including Ken Saro-Wiwa were executed for their protests. Earlier this year, Dutch and British courts ruled that Shell may be held accountable for compensation for its environmental destruction in Nigeria. Too late: Achebe had warned that the centre wouldnt hold. At the end of the novel, the District Commissioner clarifies his plans to write a notable paragraph on the tragedy of the main character, Okonkwo. Hes decided the title of his book: The Pacification of the Primitive Tribes of the Lower Niger.
Nobel literature laureate Toni Morrison took inspiration from Achebe: African literature is incomplete and unthinkable without the works of Chinua Achebe. She was expressly interested in exploring how language separates or unites, celebrates or quashes. Her focus was on the individual, but for Morrison the personal was always the political, and so her novels symbolise individual pain as representative of broader suffering. Her lesser-known first novel, The Bluest Eye, conceptualised in 1965, holds up self-worth and then shatters it, savagely. The protagonist, Pecola Breedlove, is a young Black girl rather than a man but Morrisons summary of Pecolas tragedy in the novels afterword applies to George Floyds murder: My book showed how the demonisation of an entire race is a consequence of casual racial contempt.
The book ends with Pecolas insanity, a broad parallel to the warnings by experts that Floyds murder could spark a mental health crisis. The child literally fell apart, writes Morrison in the afterword. Grotesquely, so too did a part of humanity on 25 May 2020.
Why did America, and the world, hear George Floyds dying words, but paid no attention a decade earlier when 27-year-old unarmed Steven Washington was shot and killed in Los Angeles? Or to the circumstances of almost all the 1944 Black people killed by police in America between 2013 and 2019 alone?
The complex human psychology underpinning blinkeredness and deafness to the cause of social justice is epitomised in our responses to the voices of musicians. Dont you know / Theyre talking about a revolution? / It sounds like a whisper, sang Tracy Chapman in Talkin About a Revolution, from her eponymous debut album in 1988. The following year came Why?, from the album Crossroads: But somebodys gonna have to answer / The time is coming soon / When the blind remove their blinders / And the speechless speak the truth.
These were huge global hits. In South Africa too years before democracy we sang along to the catchy slogans, shuffled to the rhythms. But we didnt pay attention to the cry against domestic violence, damaged dignity, social discord and inequality.
John Bergers voice was multifaceted. He wrote prolifically on a vast range of topics, including memory, imagery, art, political philosophy, and how artists can motivate and direct political protest. He is probably best known for Ways of Seeing, published in 1972, a landmark treatise on humanitys conditioning, how the images we see do not always present the real world. It is seeing which establishes our place in the surrounding world, he narrated but complex issues are hidden in plain sight.
Berger pointed out the moral shock of the contrast in mainstream media when horrifying reports or images of war or deprivation blend with aspirational articles and utopian advertising. His deeper point was that for centuries Western culture has remained oblivious to this shock. Cynical, manipulative establishment and media forces have perpetuated an us-and-them conditioning.
Having opened our eyes, Berger wanted us to explore further, to interrogate and question the historical narrative. Confronting reality, perhaps, was what Berger was urging, most. There is too much suffering in the world, he showed us, but our empathy and compassion was lost in the whirlwind of capitalist consumerism and a patriarchal, colonial cultural mindset. He tried to talk us out of our lethargy. Was his voice, too, lost in the wind?
Societys culture the values, mores, beliefs and practices that weave through current times are also at play. In sport, too. Almost 50 years before Colin Kaepernick took a knee and was promptly exiled from Americas National Football League (NFL), two athletes gave a clenched-fist Black Power salute during the 200m medal ceremony at the 1968 Mexico Olympics. They stood on the podium with a human rights logo on their tracksuit, in black socks without shoes, to represent the poverty of many Black Americans and to express solidarity against injustice and racism.
The NFL has apologised for not heeding, earlier, players concerns about racism. But not directly to Kaepernick, who has remained in the football wilderness, his career curtailed in his prime. As for Olympians Tommie Smith and John Carlos, their seismic statement was largely ignored, and they paid the price: the International Olympic Committee expelled them from the rest of the Games, they were castigated by the mainstream media, and they returned home to widespread opprobrium.
It was a cry for freedom and for human rights, said Smith in a 2008 interview. We had to be seen because we couldnt be heard. Carlos, in the same interview and referring to that current decade, 40 years on, said, Whats going on is wrong.
Marvin Gaye phrased this as a question, just after those Olympics. Whats Going On? asked the anthemic song on the 1971 album of the same name. Gaye no longer felt able to croon the ballads that had made him famous. In 1969 or 1970, I began to re-evaluate my whole concept of what I wanted my music to say I was very much affected by letters my brother was sending me from Vietnam, as well as the social situation here at home. I realised that I had to put my own fantasies behind me if I wanted to write songs that would reach the souls of people. I wanted them to take a look at what was happening in the world.
Gaye was facing up to reality, and wanted us to do the same. He died in 1984. He would have been dismayed to know that 50 years after he asked, there are still so few answers. Its an album that still sounds revolutionary 50 years after it was recorded, notes Rolling Stone magazine. Its intended as a compliment and therein lies the shame.
The conflation of terror, tragedies and historical injustice throughout the Middle East has been the subject of decades of reporting and calls for change from the journalist Robert Fisk, who died last year. Search for him on the Independent UK website and hundreds of articles appear under the Voices section.
They bristle with warnings of endless cycles of bloodshed, in large part attributable to biased if not blind policymaking, shocking levels of US and UK arms exports into the region, and reedy and unreliable government narratives that too few other journalists have challenged. Fisk believed in seeing for himself: A story should be told from the viewpoint of the victim whose blood is being spilled. During the time of the slave trade, Id have interviewed the slaves, not the captain of the slave ship. During World War II, I wouldnt have interviewed an SS spokesman, Id have talked to the Jews.
The Economist described him as one of the most influential columnists on Middle East affairs since World War II. Pity the politicians shaping policy have not heard the hysteria, felt the earth shake, grasped the truths in his passionate missives.
We can only look forward to when we justly reframe the past. And so it is the newer voices we must receive, now. American teacher and poet Caroline Randall Williams condenses slavery in America, the Civil War and the Jim Crow Confederate legacy in a way that must surely shake definitions to the core: I have rape-coloured skin. My light-brown-blackness is a living testament to the rules, the practices, the causes of the Old South. If there are those who want to remember the legacy of the Confederacy, if they want monuments, well, then, my body is a monument.
The full text is some of the most powerful, deeply shocking prose you will ever read.
There is no greater existentialist threat than global warming. Kim Stanley Robinson has been writing and lecturing about this for decades, sagely showing the cause-and-effect links between the Anthropocene, rapacious capitalism and social inequality. The New Yorker salutes him as one of the great science fiction writers, but he is also a sociopolitical thinker, challenging capitalisms monocultural construct that stifles motivations and ideas for change.
His new book, The Ministry for the Future, is a litany of concepts to build a new political economy, to harness technology for societal good, to transform capitalism to a more inclusive humanism to save ourselves. Its also a chilling vision of what will occur if we dont. It should be mandatory reading for every corporate, government and educational leader, worldwide.
These artists are a tiny sample of those who urged us to wake up, writing powerful, eloquent, angry words. But Toni Morrison was sceptical we would do the work. As a matter of fact, literature will not save us at all, she wrote in an essay in Mouth Full of Blood. It was a plea for us as readers to participate, to find what she called the invisible ink; we have to tune in, interpret and take responsibility.
Writers and artists have a role a duty, perhaps in using culture as a voice to push the conversation, to elevate awareness, to help bend Martin Luther King Jrs arc towards moral justice. Its incumbent upon us to listen.
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Sharp Read | Heed the word - newframe.com
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Samantar 2 Sneak A Peek: Swapnil Joshi Teases Fans With A Glimpse In The Nerve-Wracking Thriller On Social Media – SpotboyE
Posted: at 2:31 pm
Swapnil Joshi's blockbuster web series "Samantar" has been creating a lot of buzz since its release in 2020. The series's second season just got released and the short clips have been going viral on the Internet and the actors also have been teasing fans by posting small glimpses from "Samantar 2".
Now the latest is that Swapnil Joshi who is the lead of the web series recently shared a behind-the-scenes video from Samantar 2. In the video, Swapnil Joshi was splendidly seen acting with his co-star and asked his fans from which episode the uploaded video is. The fans of the series were debating on the question, some were saying the scene is from the first season of Samantar while some were saying the scene is from the second season but it has been deleted. Some fans were even seen ignoring the question and just appreciating Swapnil Joshi's acting.
Samantar web series which is based on the novel of the same name by Suhas Shirwalkar explores the unrealistic story of two men who share the same path. The interesting and thrilling story has caught the eyes of many viewers and continues to become more exciting.
Samantar 2 is a sequel to the famous mini-series, Samantar. The web series is currently available on MX Player.
Image Source: Instagram/swwapnil_joshi, imdb
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Samantar 2 Sneak A Peek: Swapnil Joshi Teases Fans With A Glimpse In The Nerve-Wracking Thriller On Social Media - SpotboyE
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JACQUELINE B. HUSARY – Palestine and the Necessary Evils of Settler Colonialism – The Elephant
Posted: at 2:31 pm
Northern Kenya is the embodiment of the precariousness of a post-colonial nation-state.Both the colonial and the post-independence governments neglected the region, leaving it completely underdeveloped compared to the rest of Kenya, a situation American writer Negley Farson described as one half of Kenya, about which the other half knows nothing and seems to care even less [about].
The colonialists referred to the inhabitants as the hostile tribes and as the relationship between the rest of Kenya and the north became fraught, the region attempted to secede immediately after Kenyas independence, a step that set the tone for the way the area was governed post-independence closed and ignored.
Independent Kenya adopted the methods of the colonial administration and continued to enact restrictive legislation.Where the colonial administration had passed The Outlying District Ordinance of 1902 and The Special District Ordinance of 1934, the Jomo Kenyatta administration passed the Preservation of Public Security Act of 1964, hot on the heels of the Shifta War. In 1970, the government passed the Indemnity Act that applied to North-Eastern Province (Garissa, Wajir and Mandera) and Isiolo, Marsabit, Tana River and Lamu Districts. The Act immunised the government against any claims for compensation for human rights abuses committed between the 25th of December 1963 and the 1st of December 1967.
The securitisation of the region led to egregious human rights violations by state security agencies. Massacres were committed in Wagalla (Wajir), Malka Mari (Mandera) and Daaba (Isiolo), and people and livestock were confined to restricted areas as part of the strategy to counter the Shifta insurgency. Today, high poverty levels among the Waso Borana are attributed to these events, with communities narrating that any livestock found outside the designated areas was either killed or confiscated and taken away by the military.
Thousands of families escaped to Somalia, only returning in the early 1990s and settling in lower Garbatulla in Isiolo County. To date, some of these people have no Kenyan identification documents, which are vital for access to services such as opening a bank account, MPESA (mobile money) transactions, admission to tertiary education, and travel from rural villages to Isiolo town.
The securitisation of the region led to egregious human rights violations by state security agencies.
Government policy changed with the adoption of Sessional Paper No.8 of 2012 on the National Policy for the Sustainable Development of Northern Kenya and other Arid Lands, which aims to address development imbalances, reduce poverty, manage violent conflict and ethnic strife, address climate challenges and make investments in the livestock markets sector among others.
Isiolo County is referred to as the gateway to northern Kenya. Situated about 285Km from Nairobi, this once sleepy and dusty county now finds itself at the centre of Kenyas development plans.In effect, the government has placed Isiolo at the heart of Kenyas Vision 2030, the countrys new development blueprint for transforming Kenya into a newly industrialised, middle-income country providing a high quality of life for all its citizens by the year 2030.
Vision 2030 is perhaps an antidote to Sessional Paper no. 10 of 1965 on African Socialism and its Application to Planning in Kenya. This first post-independence development plan created a dichotomy of low potential and high potential regions, a logic that placed northern Kenya in the low potential region, with the result that it received little in the form of investment from the government.
The key pillars of Vision 2030 are mega-infrastructure projects, some of which are national and some of which are regional and involve Isiolo County. The county has been selected to host one of the three resort cities planned for northern Kenya and destined to become industrial, economic and tourist hubs. The other two cities will be in Lamu and Turkana. Other flagship projects are the proposed multi-billion-shilling Crocodile Jaw dam on Ewaso Ngiro River on the Laikipia-Isiolo border, which is facing stiff resistance from the local communities and environmentalists due to fears that it will negatively affect over 3.5 million people and wildlife downstream. Other already completed projects are the Isiolo International Airport and the Isiolo-Moyale highway.
Isiolos strategic location makes it a regional transport hub linking northern Kenya to the rest of Kenya and to Sudan, Ethiopia, and Somalia through the multi-billion-shilling Lamu Port-South Sudan-Ethiopia-Transport (LAPSSET) corridor.
While these developments will undoubtedly spur Isiolos growth, they risk causing more conflict unless judiciously executed; the region already experiences ethnic strife, cattle rustling, cross-border conflict, land and boundary conflicts between Isiolo and the neighbouring counties of Meru, Garissa and Wajir, and there is a new simmering boundary tension with Marsabit and Laikipia counties.
The benefits expected to accrue from these investments have heightened tensions between Isiolo and the neighbouring Garissa and Meru counties, with each county laying claim to a road or an area. The likelihood of border conflict is therefore high with the planned construction of the US$750 million (KSh81 billion) Horn of Africa Gateway Development Project (HOAGD) formerly the Northern-Eastern Transport Improvement Project (NETIP) which is set to begin this year. Once completed, the road will link Isiolo to Garissa, Wajir and Mandera.
In his report LAPSSET The history and politics of an eastern African megaproject, Adrian J. Browne argues that Kenyas optimism about the LAPSSET project is based on conservative feasibility statistics. According to him, large-scale infrastructure projects could inject between 2% and 3% of GDP into the [Kenyan] economy and even yield higher growth rates of between 8 and 10 per cent of GDP when fully operational. Such growth would be a game-changer and could transition Kenya into a middle-income country.
However, these projects have a dual impact on the community. First, for the pastoral communities whose livelihoods depend on uninhibited mobility of livestock and humans, these projects will interfere with their migration corridors. Secondly, these projects are being undertaken on land that has been taken away from the pastoralist communities, in some cases, on land that pastoralists use for grazing in times of acute drought.
While these developments will undoubtedly spur Isiolos growth, they risk causing more conflict unless judiciously executed.
The 6,500 acres of land at Kipsing Gap sandwiched between Katim Hill and Ol Doinyo Degishu Hill about 20 kilometres west of Isiolo town, is where the multi-billion-shilling resort city will be established. However, the Kipsing Corridor is the area the communities fall back on during periods of drought.
Speculative land buying in anticipation of the large-scale infrastructure projects could potentially displace the local people. Large-scale infrastructure projects are also the source of fierce contestation between the local communities and even spiteful remarks between the countys political leaders, with each claiming a section of the area where they believe a project will be implemented. Isiolo leaders have also claimed that they have little or no information about the project.
The Northern Rangelands Trust (NRT)-led conservation model is a hotly and passionately debated issue in Isiolo. Supporters of wildlife conservation argue that conservancies attract tourism and create employment opportunities for community members, improve security, expand the livestock market, and preserve open green spaces to create world-class recreation facilities.
Those opposed to conservancies challenge the prominence given to wildlife over pastoralism, and express fears over bio-piracy and the loss of potential grazing land. They also cite the risk of increased conflict, and the replacement of traditional resource governance institutions such as Deedha with ineffective structures.
The influence of the conservation sector is so entrenched within the political leadership such that government officials from the criminal justice system to the interior ministry are appointed to the NRT board, a move that is designed to legitimise its operations. Noordin Haji, Kenyas Director of Public Prosecutions (DPP) has been proposed to sit on the NRT board, which is also scouting for a representative from the Ministry of Interior and Coordination of National Government.
Other individuals proposed to sit on the NRT board are Mbuvi Ngunze, the former CEO and Group Managing Director of Kenya Airways, Dr Betty Addero Radier, CEO, Kenya Tourism Board (KTB); Dr Julius Kipngetich, former Director and CEO, Kenya Wildlife Services (KWS); and Jarso Mokku, a respected Elder from Isiolo and the current CEO of Drylands Learning and Capacity Building Initiative (DLCI).
Mathew Brown, Managing Director the Nature Conservancy, Africa Division; Flora and Fauna International senior Director Joana Elliot; Mike Watson, CEO Lewa Wildlife Conservancy; and Kenya Forest Service, CEO Julius Kamau have also been Proposed to sit on the NRT board.
To entrench its existence further, the NRT is also suspected of having sponsored a deformed bill, the Isiolo County Community Conservancies Bill 2021, which was hurriedly formulated and adopted without public participation.
The Kenya Wildlife Service (KWS) was established in 1989 to conserve and manage wildlife. However, the NRT has grown in influence, outstripping the KWS through donor funding; the organisation has taken the lead in shaping Kenyas wildlife conservation policies.
The NRT claims on its website to be a grassroots conservation outfit, building peace and conserving the natural environment. However, local communities in Isiolo blame the organisation for using the dreaded and well-trained 9-1 and 9-2 conservancy rangers to support Samburu raiders during inter-community conflict. An unpublished 2019 report produced by Waso Borana Professionals (WBP), Errant Natives and the Borana Council of Elders (BCE) provides details of documented gross human rights violations, unfulfilled promises, and compromised livelihoods due to loss of strategic water points and grazing lands.
Local communities in Isiolo blame the NRT for using the dreaded and well-trained 9-1 and 9-2 conservancy rangers to support Samburu raiders during inter-community conflict.
Deadly and violent conflict has been a feature of the region for decades, the feuding often driven by conflict over pasture and water and facilitated by easy access to Small Arms and Light Weapons (SALW).
But the proposed mega-infrastructure projects have now shifted the focus of conflict to disputes over land and boundaries, an emotive issue that reinforces the deep-rooted sentiments of regional exclusion and inequality.
If Kenya is serious about its development ambitions, the government must walk the talk and redeem itself from the earlier missteps of Sessional Paper Number 10 of 1965, which relegated northern Kenya to the periphery.
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JACQUELINE B. HUSARY - Palestine and the Necessary Evils of Settler Colonialism - The Elephant
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Cryptocurrency Terms to Know Before You Invest: A Beginners Guide – NextAdvisor
Posted: at 2:27 pm
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HODL. DApp. Ethereum.
No, these are not words from a newly-discovered alien language. Theyre among the many new and key terms in the language of cryptocurrency.
Cryptocurrency isnt just a novel investment option, and in many ways represents a different world altogether compared to traditional stocks and bonds. Between unfamiliar acronyms, emerging technologies, and keeping up with memes and tweets, just learning the basics takes time, even for seasoned traditional investors.
As with any investment, its important to understand exactly what youre investing in before you start. Thats especially true when it comes to a speculative and still evolving asset like crypto.
There are a few prerequisites we recommend before you buy into crypto, like stocking your emergency fund, paying down high-interest debts, and securing a traditional retirement plan. And, like weve said before, you should only ever put into crypto what youre willing to lose, and experts recommend dedicating no more than 5% of your portfolio to these digital assets.
But another item you should add to your checklist is at least a beginners understanding of what youre getting into, including how crypto differs from other investment strategies, and the different factors that can affect a cryptocurrencys market value.
Here are some of the terms and phrases that will help beginners better understand the world of crypto investing.
Any coin thats not Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any of the thousands of coins with very minimal market value. Experts say you should largely stick to the bigger, more mainstream cryptocurrencies as an investment.
[RELATED]: Follow These Personal Finance Experts if Youre Curious About Crypto
The first and most valuable cryptocurrency, launched on Jan. 3, 2009. While its value has climbed steadily since then, it has seen wild fluctuations. In the past months alone, the price of Bitcoin has fluctuated from a record high of $60,000 to below $30,000.
A peer-to-peer electronic cash system that formed from a fork of the original Bitcoin. Where Bitcoin is widely accepted as too volatile to be useful as a currency, Bitcoin Cash is designed to be better optimized for transactions.
[RELATED]: Bitcoin The First Cryptocurrency
Groups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell coins. Each block can hold only a certain amount of information. Once it reaches that limit, a new block is formed to continue the chain.
A digital form of record keeping, and the underlying technology behind cryptocurrencies. A blockchain is the result of sequential blocks that build upon one another, creating a permanent and unchangeable ledger of transactions (or other data).
A representative store of digital value that lives on a given blockchain or cryptocurrency network. Some blockchains have the same name for both the network and the coin, like Bitcoin. Others can have different names for each, like the Stellar blockchain, which has a native coin called Lumen.
A popular centralized cryptocurrency exchange. Coinbase made history recently as the first cryptocurrency exchange to go public on the Nasdaq.
A secure method of storing your cryptocurrency completely offline. Many cold wallets (also called hardware wallets) are physical devices that look similar to a USB drive. This kind of wallet can help protect your crypto from hacking and theft, though it also comes with its own risks like losing it, along with your crypto.
[RELATED] A Crypto Wallet Can Help Keep Your Coins Safe. Heres How to Decide if You Need One
A type of currency thats digital and decentralized. Cryptocurrency can be used to buy and sell things, or as a long-term store of value.
The principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority.
Financial activities conducted without the involvement of an intermediary, like a bank, government, or other financial institution.
Applications designed by developers and deployed on a blockchain to carry out actions without intermediaries. Decentralized finance activities are often completed using decentralized apps. Ethereum is the main network supporting activities in decentralized finance.
Experts sometimes compare specific cryptocurrencies to real gold based on the way it can store and increase in value. Bitcoin is commonly referred to as digital gold.
The second largest cryptocurrency by trade volume, Ethereum is a crypto network and software platform that developers can use to create new applications, and has an associated currency called ether.
A digital marketplace where you can buy and sell cryptocurrency.
When a blockchains users make changes to its rules. These changes to the protocol of a blockchain often result in two new paths one that follows the old rules, and a new blockchain that splits off from the previous one. (Example: a fork of Bitcoin resulted in Bitcoin Cash).
A fee that developers have to pay to the Ethereum network in order to use the system. Gas is paid in ether, the native cryptocurrency of Ethereum.
The first block of a cryptocurrency ever mined.
Stands for Hold On for Dear Life though the term originated from a user typo on a Bitcoin forum in 2013. It refers to a passive investment strategy in which people buy and hold onto cryptocurrency instead of trading it in the hopes that it increases in value.
[RELATED]: The Price of Bitcoin Continues to Fall. Heres How Worried Investors Should Be, According to Experts
A feature written into Bitcoins code in which after a certain number of blocks are mined (typically every four years) the amount of new Bitcoin entering circulation gets halved. The halving can have an impact on Bitcoins price.
A unique string of numbers and letters that identify blocks and are tied to crypto buyers and sellers.
A software-based cryptocurrency wallet connected to the Internet. While more convenient for quickly accessing your crypto, these wallets are a bit more susceptible to hacking and cybersecurity attacks than offline wallets just as files you store in the cloud may be more easily hacked than those locked in a safe in your home.
A way that funds are raised for a new cryptocurrency project. ICOs are similar to Initial Public Offerings (IPOs) of stocks.
For cryptocurrency, market cap refers to the total value of all the coins that have been mined. You can calculate a cryptos market cap by multiplying the current number of coins by the current value of the coins.
The process whereby new cryptocurrency coins are made available and the log of transactions between users is maintained.
A computer that connects to a blockchain network.
Non-fungible tokens are units of value used to represent the ownership of unique digital items like art or collectibles. NFTs are most often held on the Ethereum blockchain.
[RELATED] Ethereum: What You Should Know Before You Invest
Two users interacting directly without a third party or intermediary.
Your wallets address, which is similar to your bank account number. You can share your public wallet key with people or institutions so they can send you money or take money from your account when you authorize it.
The encrypted code that allows direct access to your cryptocurrency. Like your bank account password, you should never share your private key.
The pseudonymous creator of Bitcoin. No one knows the true identity of Nakomoto or if its more than one person.
An algorithmic program that enacts the terms of a contract automatically based on its code. One of the main value propositions of the Ethereum network is its ability to execute smart contracts.
A stablecoin pegs its value to some other non-digital currency or commodity. A digital fiat represents a fiat, or government-backed currency on the blockchain. (Example: Tether, which is pegged to the U.S. dollar)
[RELATED]: The 10 Most Popular Cryptocurrencies, and What You Should Know About Each Before You Invest
A unit of value on a blockchain that usually has some other value proposition besides just a transfer of value (like a coin).
Programmer who invented Ethereum in 2015.
A place to store your cryptocurrency holdings. Many exchanges offer digital wallets. Wallets may be hot (online, software-based) or cold (offline, usually on a device).
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Cryptocurrency Seeks the Spotlight, With Spike Lees Help – The New York Times
Posted: at 2:27 pm
Some celebrity endorsements of cryptocurrencies have run into trouble. In 2017, the Securities and Exchange Commission cautioned that some famous people were hyping the virtual currency sales known as initial coin offerings without disclosing that they had been paid to promote them. The commission has since settled charges against the boxer Floyd Mayweather Jr., the music producer DJ Khaled and the actor Steven Seagal.
Social media influencers and e-sports stars have also been linked to shady cryptocurrency schemes, accused of pumping up coins just before their value crashes.
Coin Clouds chief marketing officer, Amondo Redmond, said he hoped Mr. Lees stature would help elevate the industry by delivering something more than just cool creative, but that is really at the forefront of digital currency becoming mainstream.
Its more than just adding a celebrity face, he said.
Mr. Lee, who won an Oscar in 2019 in the best adapted screenplay category for BlacKkKlansman, has worked on ads for Capital One, Uber and, most famously, Nike. In the 1980s and 1990s, he directed and starred in commercials for Air Jordans, playing his cinematic alter ego Mars Blackmon opposite Michael Jordan.
That was lightning in a bottle, Mr. Lee said from a flight bound for the Cannes Film Festival, where he is the first Black person to lead the festival jury.
He declined to say how much he had been paid for the Coin Cloud commercial, but noted that if anyones known my body of work over the last four decades, you kind of know about the way I see the world, and when they approached me, it fit in line.
As the coronavirus pandemic continues to highlight financial disadvantages for people of color, Mr. Lee hopes to promote cryptocurrency as neutral to race, gender, age and other identifying characteristics.
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Why tether, the worlds third-biggest cryptocurrency, has got economists worried – CNBC
Posted: at 2:27 pm
The Tether price displayed on cryptocurrency exchange Kraken's website.
Tiffany Hagler | Bloomberg via Getty Images
Tether is the third-biggest cryptocurrency in the world by market value. And it's got some economists including an official at the U.S. Federal Reserve worried.
Last month, Boston Fed President Eric Rosengren raised the alarm about tether, calling it a potential financial stability risk. Meanwhile, some investors believe a loss of confidence in tether could be crypto's "black swan," an unpredictable event that would severely impact the market.
The issues surrounding tether hold significant implications for the nascent cryptocurrency world. And economists increasingly fear that it could also impact markets beyond digital currencies. Here's what you need to know:
Chances are you've heard a thing or two about bitcoin. But what about tether?
Like bitcoin, tether is a cryptocurrency. In fact, it's the world's third-biggest digital coin by market value. But it's very different from bitcoin and other virtual currencies.
Tether is what's known as a stablecoin. These are digital currencies that are tied to real-world assets the U.S. dollar, for example to maintain a stable value, unlike most cryptocurrencies which are known to be volatile. Bitcoin, for example, rose to an all-time high of nearly $65,000 in April and has since almost halved in value.
Tether was designed to be pegged to the dollar. While other cryptocurrencies often fluctuate in value, tether's price is usually equivalent to $1. This isn't always the case though, and wobbles in the value of tether have spooked investors in the past.
Crypto traders often use tether to buy cryptocurrencies, as an alternative to the greenback. This essentially provides them with a way to seek safety in a more stable asset during times of sharp volatility in the crypto market.
However, crypto isn't regulated, and many banks avoid doing business with digital currency exchanges due to the level of risk involved. That's where stablecoins tend to come in.
Some investors and economists are worried tether's issuer doesn't have enough dollar reserves to justify its dollar peg.
In May, Tether broke down the reserves for its stablecoin. The firm revealed that only a fraction of its holdings 2.9%, to be exact were in cash, while the vast majority was in commercial paper, a form of unsecured, short-term debt.
That would place Tether in the top 10 biggest holders of commercial paper in the world, according to JPMorgan. Tether has been compared to traditional money-market funds but without any regulation.
With more than $60 billion worth of tokens in circulation, Tether has more deposits than that of many U.S. banks.
There have long been concerns about whether tether is being used to manipulate bitcoin prices, with one study claiming the token was used to prop up bitcoin during key price declines in its monster 2017 rally.
Earlier this year, the New York attorney general's office reached a settlement with Tether and Bitfinex, an affiliated digital currency exchange.
The state's top law enforcement official had accused the firms of moving hundreds of millions of dollars to cover up $850 million of losses.
Tether and Bitfinex agreed to pay $18.5 million in the settlement and were barred from operating in New York state, however the companies didn't admit to any wrongdoing.
Analysts at JPMorgan have previously warned that a sudden loss of confidence in tether could result in a "severe liquidity shock to the broader cryptocurrency market."
But there are also concerns that a sudden increase of tether withdrawals could lead to a potential market contagion, affecting assets beyond crypto.
In June, Rosengren mentioned tether and other stablecoins as one of several potential risks to financial stability.
"These stablecoins are becoming more popular," he said during a presentation.
"A future crisis could easily be triggered as these become a more important sector of the financial market, unless we start regulating them and making sure that there's actually a lot more stable stability to what's being marketed to the general public as a stablecoin," Rosengren added.
Last week, Fitch Ratings warned a sudden mass redemption of tether tokens could destabilize short-term credit markets.
"Fewer risks are posed by coins that are fully backed by safe, highly liquid assets, although authorities may still be concerned if the footprint is potentially global or systemic," the U.S. credit rating agency said.
"Whereas stablecoins that use fractional reserves or adopt higher-risk asset allocation may face a greater run risk."
Tether isn't the only stablecoin out there, but it's by far the biggest and most popular one. Others include USD Coin and Binance USD.
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Visa says crypto-linked card usage tops $1 billion in first half of 2021 – CNBC
Posted: at 2:27 pm
Coinbase launched its own debit card in an effort to promote the use of cryptocurrencies in payments as well as investing.
Coinbase
Visa said Wednesday that more than $1 billion worth of cryptocurrency was spent by consumers globally on goods and services through their crypto-linked cards in the first six months of the year.
By comparison, Visa estimated crypto spending at only a fraction of that amount in the same periods last year and in 2019. The payments giant did not release exact numbers.
"We are doing a lot to create an ecosystem that makes crypto currency more usable and more like any other currency," Visa CFO Vasant Prabhu told CNBC. "People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for." He added, "There are lots of issues in terms of volatility, etc. But that's up to the owners of cryptocurrencies to manage and track."
According to recent research from Visa rival Mastercard, 93% of North American consumers plan to use cryptocurrency or other emerging payment technology, such as biometrics, contactless, or QR code systems, in the next year. The study also showed that 75% of millennials would use crypto currency if they understood it better.
"We see a lot of volume on our [network] of people buying crypto currencies at these various regulated exchanges and as far as we can see that trend continues," Prabhu said.
This summer, Mastercard will launch a card with crypto exchange Gemini, co-founded by billionaires Cameron and Tyler Winklevoss. The card will allow consumers to earn cryptocurrency as a reward. However, cardholders will not be allowed to access their digital wallet on the site.
Visa also announced Wednesday the FTX cryptocurrency platform, founded by billionaire Sam Bankman-Fried, would be added to its Fintech Fast Track Program, focused in part on making cryptocurrency more practical for consumer and business spending.
Circle, BlockFi and Coinbase, which went public in April on the Nasdaq, are current Visa partners that allow cardholders to spend from their cryptocurrency wallet at more than 70 million merchants globally. Visa estimated crypto-linked cards and other emerging payments including biometrics and QR code have the potential to disrupt the $18 trillion spent every year with cash and checks globally.
Bitcoin's market cap topped $1 trillion for the fist time in February and hit an all-time high near $65,000 per unit in April due to retail investor enthusiasm during the coronavirus pandemic as a store of value and an inflation hedge. However, bitcoin has fallen roughly 45% since then and last month, it plunged briefly below $29,000 where it started the year.
Prahbu said Visa has no near-term plans to add any cryptocurrency to its balance sheet like Tesla, MicroStrategy and other companies have done recently.
"We don't hold crypto currencies on our balance sheet today. We hold currencies on our balance sheet that we need to run our business. We hold currencies that we get paid in or we pay people in. That tends to be the dollar, euro, pound. So we don't have plans to hold crypto currency because it's not typically the way we get paid or the way we pay people," he said.
Visa is set to report quarterly earnings on July 27.
Correction: Visa is scheduled to report quarterly earnings on July 27. An earlier version misstated the date.
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This 33-year-old ‘dogecoin millionaire’ is now being paid in the meme-inspired cryptocurrencyand continues to buy the dips – CNBC
Posted: at 2:27 pm
Glauber Contessoto took a big risk on dogecoin, a meme-inspired cryptocurrency that began as a joke, earlier this year.
Between his savings and borrowed funds, Contessoto says that heinvested over $250,000 in dogecoinon February 5 when it was priced at about 4.5 cents. About two months later, on April 15, he says he became a dogecoin millionaire on paper.
Since, Contessoto has refused to sell, despite dogecoin's ups and downs. He plans to buy more of the digital coin and "hodl" for the long haul.
Contessoto believes in dogecoin so much that he now requests to be paid in it whenever he works with crypto brands on social media promotions.
Contessoto will earn a total of $25,000 for an upcoming partnership between his YouTube channel and blockchain project Acria Network, he tells CNBC Make It. When finalizing the deal, the company asked if he'd prefer to be paid in U.S. dollars or crypto.
"Of course, I said dogecoin," he says. "So, they literally paid me in dogecoin. They gave me half upfront, and the other half when I deliver the video."
To keep up with his growing "dogecoin millionaire" brand online, Contessoto also quit his day job at a music company in Los Angeles in June. "I had no idea how I was going to make money moving forward," he says.
He earns a little bit of money from selling merch on his website, but his main focus is developing his social media presence.
In one month, he has made $28,000 from social media ads and promotions, which was primarily paid out in dogecoin. "That's about six months salary at my old job," Contessoto says.
After covering all of his bills, including rent, food and other expenses, Contessoto plans to continue to invest as much as he can in dogecoin. Though experts warn against it, "[I'm] all invested in doge," Contessoto says. "Doge is my savings account."
As of around 12:00 p.m. EST on Tuesday, his dogecoin holdings are worth around $931,689.
Glauber Contessoto's dogecoin holdings on Robinhood as of around 12:00 p.m. EST on Tuesday, July 6.
Dogecoin is trading at around 23 cents as of 4:00 p.m. EST on Tuesday, according to CoinMarketCap. But, "if it drops below 20 cents next week, I'll buy the dip again," Contessoto says. After hitting a record high on May 8 of around 73 cents, the digital coin fell to around 47 cents on May 9, and Contessoto invested another $17,500, he previously said.
However, financial experts are highly skeptical of dogecoin, as well as other cryptocurrencies. Their extreme volatility is one reason why experts warn that it's a risky, speculative investment.
And somewarn to be especially cautious when investing in dogecoin in particular, since itlacks the scarcity and technological developmentthat bitcoin has, for example. Investorscould get burned, and in turn, should only invest what they can afford to lose.
"You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor, previously told CNBC Make It. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up."
Still, Contessoto's outlook on dogecoin remains extremely bullish. Depending on what happens in the coming months, he believes the price could rise. He's hopeful it will hit $1 by the end of the year.
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Cryptocurrency bill to be passed soon? Heres what Nirmala Sitharaman has to say – Business Today
Posted: at 2:27 pm
Finance Minister Nirmala Sitharaman gave hints about the status of the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 during an interview. The Finance Minister said that the Cabinet note is ready for the bill but it is up to the Cabinet to take it up.
We have done a lot of work on it. We have taken stakeholders inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it, she said in an interview to The Hindu last week.
The minister said, From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available, further adding that the Cabinet will have to take a decision.
While there is no clarity, the bill could be taken up for discussion in the Monsoon session of the parliament. It must be mentioned that the bill was listed for the Budget session of the parliament but was eventually not tabled. The Budget session was cut short due to the second COVID-19 wave.
Government is yet to clarify its stance on digital currencies. The Reserve Bank of India in 2018 had issued a circular to banks asking them not to engage in cryptocurrency services. The RBI, on May 31, said that its 2018 circular was no longer valid and barred banks from citing it. "Such references to the above circular by banks or regulated entities are not in order as this circular was set aside by the Hon'ble Supreme Court on March 04, 2020," it said.
On Wednesday, Bitcoin fell 0.15 per cent from Tuesday at $34,779, while Ethereum was down 2.83 per cent at $2,388 at 12:30 pm.
Also read: Hike in GST collection in recent months should be 'new normal': FM SitharamanAlso read: Explore PPP mode for viable projects, Sitharaman tells ministries
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