Daily Archives: June 15, 2024

Bitcoin Price Drifts. The Fed Killed a Crypto Rally. – Barron’s

Posted: June 15, 2024 at 7:54 pm

Bitcoin Price Drifts. The Fed Killed a Crypto Rally.  Barron's

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Here is Why the Crypto Market is Down 20% & Bitcoin 5% This Week – CoinGape

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Turkish Retail Bank Garanti BBVA Rolls Out Support for Crypto Transactions

Garanti BBVA Digital Assets, a subsidiary of Garanti BBVA Financial Technologies, has unveiled a cryptocurrency wallet service on its mobile platform, marking a significant development in Turkeys banking sector. Garanti

3 hours ago 24/7 Cryptocurrency News

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Donald Trump wants all the Bitcoin that’s left to be made in the U.S. – Quartz

Posted: at 7:54 pm

Photo: Carlos Barria ( Reuters )

Republican presidential candidate and former cryptocurrency skeptic Donald Trump wants all remaining Bitcoin to be made in the U.S.

Where did Cool Ranch Doritos come from?

Bitcoin mining may be our last line of defense against a CBDC, Trump said late Tuesday night in a post on his social media site Truth Social, referring to a Central Dank Digital Currency. Bidens hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!

Trump met with Bitcoin miners at his Mar-a-Lago resort earlier Tuesday. He told them that Bitcoin miners help stabilize the electric grids energy supply, Bloomberg reports.

Bitcoin is generated by miners who use computer hardware to solve complex mathematical problems and verify transactions on the blockchain network. Bitcoin has a fixed supply of 21 million, which is expected to be fully mined by 2140.n About 90% of that supply has already been mined.

Current Bitcoin mining countries include China, countries in Central Asia, El Salvador, and some European countries.

Trump has emerged as a strong Bitcoin supporter ahead of his 2024 election rematch with President Joe Biden contrary to Trumps stance just a few years ago. He has previously denounced Bitcoin as a scam against the U.S. dollar. He has also called cryptocurrency a disaster waiting to happen and said he is not a fan of it. But now he says he is good with it.

Last month, he declared himself the pro-crypto candidate. His campaign also now accepts donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies.

Trumps shift on cryptocurrency puts him in opposition to some Democrats, who have traditionally opposed it. Sen. Elizabeth Warren, D-Mass., has pushed for more crypto regulation. But this year even some Democrats are singing a more pro-cryptocurrency tune, distancing themselves from Warren on the issue. The House last month passed a crypto bill that aims to regulate the industry at large.

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Why we need philosophers to explain bitcoin: A review of ‘Resistance Money’ – Blockworks

Posted: at 7:54 pm

This is the first book Ive reviewed about cryptocurrency in a while that isnt the wild retelling of tales involving scams, fraud and boundless riches in the crypto industry.

Instead, this entire book is a measured thought experiment into truly determining how you feel about bitcoin in the world written by three philosophers. And the philosophy angle is more than clear from the very start; authorsAndrew M. Bailey, Bradley Rettler and Craig Warmke are all associate professors in both America and Singapore, whose varied specialties all overlap at the intersection of philosophy and finance.

The book begins with a highly theoretical question: If you were able to step outside of the world and somehow had no idea who you were, where you lived and how much freedom you had, would you rather go back to a world with or without bitcoin in it?

While the authors strive to keep a neutral tone and put forward as much empirical evidence as they can to allow readers to answer this question, I will note its not possible for them to entirely remove their own positive feelings about bitcoin (something that they acknowledge from the beginning).

Some will call us grifters. Suppose we are. Still, our arguments stand or fall on their merits. We submit them for serious consideration. But really, we humbly submit that the grift critique gets things backwards. []

Any academic who writes positively about bitcoin risks being labeled as a political radical or, yes, a grifter. Indeed, we know many academics who agree with us about bitcoin but who dont say so publicly for fear of reprisal. Weve risked our reputations to say publicly what weve discovered privately that bitcoin is likely overall good. This book is evidence of our skin in the game. We invite you to play, by considering the arguments themselves.

Of all the ways to evaluate bitcoins role in the world, I would never have considered taking the philosophical approach. But over the course of these three-hundred-odd pages, Ive slowly been convinced that most other ways of assessing bitcoins worth are not only wrong, but often pointless.

Take, for example, the chapter on bitcoins role in electricity consumption. As a crypto skeptic herself who has struggled at times to debate their more ardently anti-crypto friends over bitcoins merits, framing the argument over bitcoins environmental impact as wasteful vs. useful is the most convincing explanation that Ive seen to date.

We do not think that critics who call bitcoin a waste because of its security model or energy use have properly understood their own critique. Their problem with bitcoin is not really that its wasteful. It is that its not useful []

Weve argued that bitcoin is useful as resistance money on dimensions ranging from privacy to financial exclusion and more. [] So, sure, bitcoins security costs something. It may even cost more to secure than its alternatives an order of magnitude more than the dollar, say. But it is worth it because it does things that those alternatives cannot. []

Critics of bitcoins energy use must argue either that bitcoin doesnt do nearly as much good as weve claimed for it or that the emissions are so bad that bitcoins benefits arent worth the price. Both routes seem unpromising.

However, even with an entire chapter dedicated to lines of reasoning as to why, even as resistance money, a world without bitcoin would be the better world, it would be hard to walk away from this book and come to that conclusion. The copious evidence put forward in the more detailed chapters on bitcoins role in privacy, censorship and freedom means that you are unlikely to come to the bitcoin-less world conclusion if you have truly kept an open mind while considering this particular books arguments.

Because if you follow the authors thought experiment exactly, you are at the end forced to answer the question of whether you want a bitcoin world or not, without knowing who you are and as the book oft repeats, you could be one of the 54% of the world living under an authoritarian regime.

But while Id be curious to read a book of similar depth written by extremely anti-bitcoin philosophers to see if the thought experiment would play out differently, I dont think that the bitcoin-positive message should prevent any crypto skeptics from learning from this text.

In fact, the book ends with an open invite to those who have read all the pro-bitcoin resistance money arguments this book offers and still come out against it

If a critic disagrees with our evaluation, we invite them to explain why one or both of these is true. And where applicable, please use reliable empirical data to overturn the empirical data that we ourselves have relied on.

In the incredibly argumentative crypto space that we find ourselves in, especially online, its refreshing to find those who are willing to openly debate ideas with evidence and logical reasoning (instead of proposing actual physical combat, for example). So if you fall on either side of the bitcoin issue pro or against and youre up for a real academic exchange of views on how bitcoin affects the world, Resistance Money can satisfy that urge for you.

I dont care much about tech, I dont care a whole lot about finance, either. I care about writing stories and watching weird things unfold. And thats why Ive ended up in crypto.

But because Im missing that passion for what crypto and blockchain are all about finance, tech, privacy, yadda yadda Im going to write instead about what I am actually interested in. Everything about crypto that has very little to do with crypto.

Thats what this column will be about. All the tangential stories that come out of the blockchain and crypto space, what I think about them, and how I navigate it all as a skeptical former Russian literature major.

Its precisely my perch as an outsider that lets me do what I do: Opine on all sides of any crypto issue, no strings attached, no skin in the game.

If you want to talk crypto with me, lets go off topic.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

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Bitcoin Notes Major Buying Pressure Despite Dip To $66K, Analyst Hints Recovery – CoinGape

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Bitcoin Notes Major Buying Pressure Despite Dip To $66K, Analyst Hints Recovery  CoinGape

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Bitcoin falls with equities as markets position for a single Fed rate cut this year – The Block

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Bitcoin falls with equities as markets position for a single Fed rate cut this year  The Block

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Donald Trump wants US to rule Bitcoin mining industry – Cointelegraph

Posted: at 7:54 pm

United States President Donald Trump says he wants all future Bitcoin to be mined in the U.S. after meeting with key industry figures.

On June 12, Trump met with Riot Platforms CEO Jason Les and its head of public policy, Brian Morgenstern.

Afterward, Trump took to Truth Social to voice his support for domestic mining firms:

To gain an insiders perspective on Trumps Bitcoin (BTC) epiphany, Cointelegraph spoke with Greg Beard, CEO of Stronghold Digital Mining and former head of energy at Apollo.

The U.S. is and should be a leader in supporting and securing Bitcoin as an alternative to the ever-deflating values of sovereign-backed currencies, Beard affirmed.

Furthermore, according to Beard, U.S. President Joe Biden should join Trump in fighting Bitcoins corner:

Beard may get his wish. Although the Biden camp has been less vocal in its support thus far, it is believed his campaign is working behind the scenes to facilitate crypto donations in the near future.

On X, the Bitcoin community responded positively to Trumps intervention. Jan3 CEO Samson Mow was among the most bullish regarding the long-term implications of Trumps support.

I guarantee that this move from Trump will be discussed behind closed doors by governments around the world, said Mow on June 13. [Mainstream media] news outlets are already talking about it. We saw [the Industrial and Commercial Bank] in China embrace #Bitcoin yesterday. This is going to push everything ahead even more.

Recent: Bitcoin is no silver bullet for moneys ethical problems

Another X user said, If you dont think Donald Trump is going to make the #Bitcoin price the daily numerical measure of the success of his second term, you dont know Donald Trump at all.

Not everyone was quite so impressed, however. Laura Shin, host of the Unchained Podcast, was one of the dissenting voices.

Shin asked, Why is everyone celebrating Trump saying that all the Bitcoins should be made in the USA? Doesnt that create jurisdictional risk and make #Bitcoin less decentralized and vulnerable to attack? Why are you applauding that? I dont get it.

However, Shapeshift founder Erik Voorhees told Shin not to get bogged down in the details of what Trump said.

Voorhees described Trumps commentary as nonsense that betrayed both a lack of understanding of Bitcoin, and a lack of understanding of economics broadly.

Ultimately, however, Voorhees said, Such a statement means a welcoming environment for Bitcoin generally in the U.S., which is great.

Trumps embrace of U.S. Bitcoin mining contradicts a report by the investment firm Kerrisdale Capital, which blasted the industry. According to the report published at the start of the month, Bitcoin mining is easily among the worst business models for a public company we have ever encountered.

According to Sahm Adrangi, Kerrisdale Capitals chief investment officer, the U.S. should look further afield than Bitcoin when seeking a cryptocurrency to nurture. In particular, Adrangi raised concerns about the power consumption and sustainability of Bitcoin mining.

I believe that the U.S. does not need to support Bitcoin. Theres plenty of other cryptocurrencies out there that can like take its place that dont use up all this energy, Adrangi told Cointelegraph.

I think the whole industry should be just kicked out of the United States, he added.

Kerrisdale Capital is shorting Riot Platforms stock, which is one of the largest mining firms in the United States. As part of Kerrisdales aggressive campaign against Riot, Adrangi contacted state legislators, recommending against preferential treatment, such as tax breaks.

But while Adrangi was seeking the ear of state legislators, Riot was aiming higher.

Recent:Wall Street must be accountable for Bitcoin mining emissions Greenpeace

Beard told Cointelegraph that lawmakers at all levels are coming around to the industrys potential.

Bitcoin mining advances energy efficiency, and people and policymakers are starting to get it, he said. Bitcoin miners have the utility of intermittent demand. This enables miners to adjust their energy usage and dispatch power to the grid in near real-time.

As for Trumps assertion on energy dominance, Beard explained how Bitcoin mining could help to stabilize the grid:

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3 Robotics Stocks to Turn $1000 into $1 Million: June 2024 – InvestorPlace

Posted: at 7:52 pm

My task today is to identify three robotics stocks to buy in June that you can turn into $1 million from a $1,000 investment.

As I write this mid-way through June, the S&P 500 is already up nearly 15% on the year, while the largest U.S.-listed robotics exchange-traded fund, the Global X Robotics & Artificial Intelligence (NASDAQ:BOTZ) with $2.75 billion in net assets, is up 43 basis points year-to-date relative to the index. Since its inception in September 2016, BOTZ has had a cumulative return of 114%.

BOTZ tracks the performance of the Indxx Global Robotics & Artificial Intelligence Thematic Index, a collection of 43 stocks that will benefit from robotics and artificial intelligence.

The global robotics market is expected to grow from $80 billion to $280 billion between 2022 and 2032. This gives investors a long growth runway. The ETFs top 10 holdings represent 65% of its top 10 holdings.

Ill want to select at least one stock from the top 10 holdings. Here are my three choices for June 2024.

Source: Sundry Photography / Shutterstock.com

Intuitive Surgical (NASDAQ:ISRG) is the third-largest holding of BOTZ with an 8.7% weighting. Its shares are up nearly 30% year-to-date.

The company launched its first da Vinci surgical system in 1999. It was cleared by the Food and Drug Administration for use in general laparoscopic surgery.According to the companys 2023 10-K form:

Da Vinci systems offer surgeons three-dimensional, high definition (3DHD) vision, a magnified view, and robotic and computer assistance. They use specialized instrumentation, including a miniaturized surgical camera (endoscope) and wristed instruments (e.g., scissors, scalpels, and forceps) that are designed to help with precise dissection and reconstruction deep inside the body.

Recently, the FDA found that patients who have robotic prostatectomies have overall cancer survival rates on par with open surgery. Robotic prostatectomies can cause shorter hospital stays and less blood loss than traditional non-robotic radical prostatectomies.

In the first quarter, worldwide procedures using da Vinci robotic systems increased by 16% from a year ago. It placed 313 da Vinci surgical systems in the quarter, about the same as last year. Its adjusted net income grew 23.8% to $541 million on $1.89 billion in revenue.

It remains the gold standard in surgical robotics.

Source: Daniel J. Macy / Shutterstock.com

ABB (OTCMKTS:ABBNY) is the second-largest holding of BOTZ with a 9.6% weighting. Its shares are up nearly 33% year-to-date. Its 10-year annualized total return is 25.7%.

The Swiss-based company provides many end markets with electrification, motion, and automation solutions and products. It generates more than $32 billion in annual revenue, and its Robotics and Discrete Automation business accounts for 11% of it. Its operational EBITA (earnings before interest, taxes, and amortization) accounts for 9% of the $5.43 billion profit in 2023.

The segments two largest end markets are machine automation (34% of revenue) and automotive (33%). Europe accounts for 53% of the segments revenues, followed by China (22%), and the U.S. (10%).

Of the divisions $3.6 billion in revenue, robotics accounts for approximately 69%, while machine automation accounts for 31%.

Two highlights of ABBs first quarter was the $551 million in free cash flow generated, 240% higher than a year earlier. The companys operational EBITDA in the first quarter was 17.9%, 160 basis points higher than a year earlier.

Over the past five years, its stock has appreciated by 185%, more than double the index. Yielding 1.7%, its an excellent long-term buy.

Source: JHVEPhoto / Shutterstock

Rockwell Automation (NYSE:ROK) isnt a holding of BOTZ. However, it provides industrial automation for industries such as auto manufacturing, food and beverage production, etc. Its shares are down over 14% this year.

Last October, it paid $565 million for Clearpath Robotics, a Canadian company specializing in industrial AMRs (autonomous mobile robots). The market for AMRs is expected to grow to $6.2 billion by 2027.

In May, Rockwell lowered its organic sales for fiscal 2024 (September year-end). It now expects them to fall by 7% at the midpoint of its guidance, down from a 1% gain previously. On the bottom line, it cut its earnings per share by 18% to $10.50. At its current share price, it trades at 25x the estimate, below its five-year average of 27x.

Despite the lower FY24 outlook, we are gaining share across many of our most important product lines and in North America, our largest market, said Blake Moret, chairman and CEO.

In North America, its organic sales fell just 3% compared to double-digit declines elsewhere. Once its industrial customers get their inventories in better shape, the market share gains will show up in future quarterly reports.

Buying ahead would be a timely call.

On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Will Ashworth has written about investments full-time since 2008. Publications where hes appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.

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Local Students Head to Robotics World Championship – TPG Online Daily

Posted: at 7:52 pm

By Natalia Rodriguez

On May 4, the X Academy Hephaestus team put seven months of effort on the line at a regional underwater robotics competition, and when they finished third out of 31 teams, team member Evelyn Potts, who attends Aptos High, didnt think they would qualify for the world championship.

Lauren and Evelyn Potts work on the float.

Ten minutes before their time in the water at Watsonville High, the teams remote-operated vehicle was not floating and despite last-minute adjustments, it wasnt going to.

But the tethered vehicle did work, and the team accumulated so many points in the competition, they got an invitation to the Marine Advanced Technology Education Remotely Operated Vehicle World Championship, which is June 20-22 in Kingsport, Tennessee.

They are in the Ranger class for students with robotics experience.

Their task is to design and build an operational float able to descend to the bottom and rise to the surface again to collect data and monitor the oceans circulation, chemistry, biology, and overall health.

Essentially students create their own version of the remote-operated vehicles scientists use survey to water quality and monitor diseased coral a complex task indeed.

11 Schools

Evelyn is a student who enjoys mathematical problem-solving. Since fourth grade, shes been a member of the X Academy Math Circle, founded by Tim Sylvester, a Silicon Valley veteran and a software engineer at Joby Aviation, and his wife Barbara Meister, a network master who worked 12 years at the Monterey Bay Aquarium.

Evelyn is participating in the robotics competition with her twin sister Lauren, and students from 10 other schools.

From left at the pool: Kaden Collier, Ben Hillard, Uriel Marinez-Uribe, and Max Chen at the control station.

Hephaestus team members are:

The Hephaestus team is fittingly named for the Greek god of craftsmen, artisans and metalworking.

It is part of the Santa Cruz County Office of Education X Academy Robotics Clubs, a program launched at the start of the 2023-24 school year to offer hands-on experience in robotics to all high school students in Santa Cruz County at no cost.

Math Circle

Ten years ago Sylvester and Meister saw there was nothing in Santa Cruz for math-loving students like their son Andrew, so they started the Santa Cruz Math Circle.

Nami Brown

During the Covid-19 pandemic, participating students began building robots in their driveway. When more students wanted to participate, they rented space at Harvey West Park in Santa Cruz. Thats how X Academy was born.

Last year, the X Academy team qualified for the MATE ROV World Championship, which took place in Colorado, and placed fifth of 35 teams.

Andrew, who was on that team, is now a math major at UC Santa Barbara.

A conversation with the Santa Cruz County Office of Education led to this question: Can this robotics program expand to Watsonville?

With funding from the county office, Sylvesters answer was Yes.

Expansion

Last fall, interest grew from 10 to 52, resulting in two teams, one meeting at Sequoia High School in Watsonville.

More than 40 students from 16 local schools participated and the second team, the Angry Otters, for novice high school students, finished second in the regional competition in the Navigator class.

Sylvester is the head mentor. Meister is the organizer. They had support from 15 mentors, parents and professors.

Parents are enthusiastic, Sylvester said.

When one professor saw these high school making circuit boards and writing software, he told Sylvester, This is what my kids do in college.

Students sometimes stay up late, putting in extra time solving problems.

As the dinner hour approached Monday, Sylvester said, The kids are at a pool right now testing the ROV.

Dr. Faris Sabbah, Santa Cruz County superintendent of schools, provided this statement, We are incredibly proud of the dedication and hard work of every student who entered the MATE ROV competition, and grateful to the X Academy for this impactful local partnership.

The Hephaestus team met weekly, working all the complex steps toward creating their robot, and preparing it to enter the pool.

Now they will compete against 37 top teams from around the globe, Turkey, Egypt, Saudi Arabia, Uganda, Hong Kong, to name a few.

The team needs $2,500 per student to attend the world championship, and aims to raise $40,000.

So far they have 56% of their goal, about $22,000.

Do you have interest in supporting the future of youth robotics in Santa Cruz County? To donate, see http://www.xacademy.org/ To be a sponsor, email [emailprotected]

This years World Championships will be broadcast via Twitch, with color commentary by a University of Washington professor. See https://materovcompetition.org/

To learn more about local robotics, see https://cs.santacruzcoe.org/robotics

Editor Jondi Gumz contributed to this report.

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Area legislators pay tribute to Southern Tier robotics team – The New York State Senate

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Horseheads, N.Y., June 13--State Senator Tom OMara (R,C-Big Flats), Assemblyman Phil Palmesano (R,C-Corning), and Assemblyman Chris Friend (R-C, Big Flats) last night honored the Southern Tier robotics team, Team TARDIS 5356, for the teams success at the New York Excelsior Regional Championship and the FIRST World Festival earlier this year.

Team TARDIS, founded in 2011, is one of three high school teams at Corning Robotics, sponsored by Corning, Inc. Team TARDIS is a 14-member team with students from Corning-Painted Post and Horseheads high schools.

In March, Team TARDIS received the Inspire Award, the competitions top award, at the New York Excelsior Region Championship held at Mohawk Valley Community College in Utica. The Inspire Award recognizes the competitions superior team in robot design, innovation, programming, and performance, as well as for STEM outreach to area professionals and youth.

The teams victory in March earned Team TARDIS a spot at the FIRST World Festival in Houston, Texas, April 17-20. Team TARDIS was one of 224 teams representing every state in America and one of only three teams from Upstate New York and international teams in the competition. The team finished ranked No. 16 out of the 224 teams competing.

OMara and Palmesano joined the members of the team and their coaches and mentors last night [see the attached photo] at the teams headquarters in Horseheads to present an official Legislative Resolution (J2485/K2178) they sponsored honoring the teams success at the state, national, and international levels. The resolution was approved by the state Senate and Assembly in May.

In a joint statement, OMara, Palmesano, and Friendsaid, Team TARDIS represents some of our best and brightest students from the Southern Tier who have had amazing success throughout the past year. Their commitment, creativity, enthusiasm, expertise, and vision stood out this year in prestigious competitions against local, state, national, and international teams. Its been an outstanding and memorable year for Team TARDIS. It has been a true testament to the excellence and hard work of these stellar students and their coaches and mentors, as well as to the incredible support from their families, communities, and Corning Incorporated. We appreciate and welcome these opportunities to honor success throughout our school communities. They represent inspiring stories, promising futures, and enormous pride for our entire region.

Team TARDIS Assistant Coach Mike Simons said, All of us coaches and parents couldn't be more proud of the work Team TARDIS did this season. From the start, they set a goal qualifying for the championship in Texas, and they reached it and then some! They built an incredible robot that competed with the very best our Excelsior region has to offer, and won the top prize, the Inspire Award, at regional championships in March. That earned them the ticket to the FIRST World Championships in Houston back in April, where they got to compete with the very best teams on the planet. The numbers speak for themselves. TARDIS finished ranked #16 of 224 teams at Worlds and wrapped up the season ranked #49 of 7,400+ teams globally, a Top 50 finish for our kids! The most important number this season, though, is the 900+ hours of STEM education outreach the team contributed to our Corning-Elmira community, reaching more than 1,600 kids, and teaching them about robotics through the power of science, technology, engineering, and math. We're grateful to Corning, Incorporated and our other sponsors in helping so generously to support our team members and families in making the trip to Texas a reality.

The OMara-Palmesano-Friend resolution recognizes the achievement of the Team TARDIS members: Adam Perry, Thang Tran, Thai Tran, Isaac Moyer, Luke McNaughton, Eavan Qin, Victor Roussey, Dean Simons, Nicole Miller, Tristan Lint, Graham Simons, Michael McNaughton, Seojun Cho, and Daphne Karacay.

The resolution also recognizes Paul Dohn, a founding father of Team TARDIS in 2011 and now its senior mentor. Following a nomination by the team in recognition of Dohns dedication to STEM education and the Corning Robotics program, Dohn was a second-place global finalist for the Compass Award honoring the best coaches and mentors in the world competition.

The resolution reads, in part, Poised eagerly with enthusiasm and determined purpose, these students now stand honorably, with just pride in their accomplishments and in eager anticipation of future challenges and understanding and appreciating the caring counsel and support provided by teachers, mentors, and parents.

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