Drone targets Singapore Airlines A350

first_imgDrone (left) targets a SIA A350 over Perth. The future of low-level plane fly-pasts in Australia is in jeopardy after a drone came within an alleged 300ft of a Singapore Airlines A350 on Wednesday afternoon in Perth.Singapore Airlines, celebrating its 50th year of operating to Perth launched an online photographic competition of its new A350 and had publicized the air route and altitude of the fly-past.The dramatic picture taken by Daniel Kitlar of DK and CK Photos was shot from the Mend Street jetty in South Perth and captures the drone approaching the A350 as it flew over Heirisson Island.Mr Kitlar, an experienced drone operator, said he was stunned when he reviewed his photos later to see the drone.“In my experience, that drone would have to been at 1200ft and the A350 was flying at 1500ft,” said Mr Kitlar.And the angle that the photo was taken related to the flightpath confirms that height assessment.Drone enthusiasts reported that two people were illegally operating a DJI Phantom 4 drone with a camera attached from Langley Park adjacent to the flightpath of the A350.When challenged that they were operating outside regulations for height they hurled abuse.Australia’s Civil Aviation Safety Authority spokesman Peter Gibson said that the perpetrators could face a fine of AUD$9000 for operating the drone above 400ft in controlled airspace.“There are clear safety rules covering the operation of drones and stiff penalties for breaking these rules.”“Drones must never be flown in a way that causes a hazard to an aircraft and must not be flown over populous areas in a way that could pose a risk to people and property,” Mr Gibson said.The reckless incident is expected to curtail or even end fly pasts by commercial and even military aircraft officials within CASA and the Australian crash investigator say.In fact, air traffic control congestion limited what the pilots could do and the planned fly-past of Langley Park, Elizabeth Quay and over Kings Park was curtailed.Instead, the A350 flew down the Swan River over Maylands, Heirisson Island and South Perth.Last month the Australian Transport Safety Bureau warned that the number of close encounters between drones and planes is forecast to jump by 75 per cent this year.A report by the ATSB on the safety of drones found there had been 180 safety incidents involving drones between 2012 and 2016, including crashes.High capacity air transport accounted for 45 per cent of the reports.last_img read more

Ohio Ag Weather and Forecast — June 14, 2018

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Ryan Martin, Ohio Ag Net Chief MeteorologistSome tweaks to the forecast this morning, as we trend a little drier. Warm air is starting to build over the state today, and we will see our temps climb steadily each day now through the weekend. By Sunday we should be looking at 90-degree temps possible over a large chunk of Ohio. The flow into the region looks drier overall this morning, but, an offshoot of warm/hot air is instability that allows for some pop-up thunderstorms or even showers. We do not think these will be as big of a deal now as we had concern about earlier in the week, but we are not going to completely remove them either. The best threats of some isolated pop up action will be Saturday night and Sunday, as the heat reaches its zenith. Otherwise, we are basically rain free through the period. The map above shows temps for Sunday. Next Monday looks dry too, but we start to see the heat back off a bit, as high pressure diminishes. Clouds will be on the increase as our next front gets closer. That front impacts us from Tuesday afternoon/ through Wednesday and Thursday at the very least. On Tuesday as things start up, we see the best threat in NE Ohio, as the system comes out of the Thumb of Michigan down across Lake Erie. We are also leaning toward keeping moisture in for Friday as well but will need to watch that. This front will bring milder air back into the state but will be a slow-moving event. Action Tuesday may be limited to far north central and northeast Ohio, then through Wednesday and Thursday showers move south. All told, for the 3-day period combined, we look for rain totals to be from .5”-1.5” across 90% of the state. Rains may not get into south and southeast Ohio until later Wednesday night and Thursday. This slow-moving front will be what allows for the good rain totals and the good coverage. The action will not be in a hurry to get through.  As we said, we are wanting to keep some rain in the forecast for Friday, but it will be diminishing in scope.  In the extended period, we start with some scattered showers for Sunday the 24th, with rain totals up to half an inch. Then after several dry days, we end up with significant rains from a slow-moving system bringing half to 2” totals to the state from the 27th through the 30th. Coverage will be nearly 90% of the state from that late June system.last_img read more

How to Create a DIY Rain Machine that Actually Looks Great On-Camera

first_imgThis video was first shared by Tom Antos on his YouTube channel.  Have any other tips for building a DIY Rain Machine? Share in the comments below. Rugged DIY Rain Machine Option: $533/4 PVC pipe: 4 pieces that are 5 feet long – $5 at Home DepotPVC Cement – $7 on AmazonPlummers Tape – $1 on AmazonSprinkler Head extenders 1.5 in x 4 – $5 on AmazonSprinkler heads – $8 on AmazonT Bars for PVC pipe x 4 – $9 on Amazon3/4 in PVC End Cap – $9 on AmazonPVC to garden hose adapter – $9 on AmazonIn addition building the rain machine, this DIY tutorial covers a few topics related to using DIY rain on set including:Various rainfall patternsHow rain looks on cameraAdding lights to rain Learn how to create realistic rain in this awesome DIY video tutorial.If you’ve ever been on a shoot that calls for fake rain you’re likely aware that it can be incredibly tricky to make it believable. While having a P.A. hold their thumb over a garden hose may be a quick fix, it isn’t necessarily the best way to convey realistic rain.The following tutorial by director and cinematographer Tom Antos shows us how to create a realistic rain machine for around $50. The video covers two different methods: a cheap method and a durable method that can easily be taken apart. Both are great options depending on your on-set needs.You’ll need to make a quick trip to the hardware store in order to make these DIY rain machines, but they’re so simple your grandma could do it.Let’s break down the cost…Cheaper DIY Rain Machine Option: $22Sprinkler & Soaker Hose –  10$ on Amazon 3/4 copper clad clamps – $4 on Amazon4 pieces of 1×4 wood board – $8 at Home Depotlast_img read more

Indirect poll for civic body heads in Rajasthan

first_imgThe Rajasthan Cabinet on Monday decided to conduct indirect election for the post of mayor and chairperson in corporations and municipalities in the State.“The Cabinet today (Monday) took a decision for indirect election of mayor and chairperson. Ward councillors will now elect them,” Parliamentary Affairs Minister Shanti Dhariwal told reporters after the meeting. First direct elections of mayor and chairperson were conducted in the State in 2009.“A mayor or chairperson elected by public usually ignores councillors and development works get affected. When a directly elected mayor or chairperson is from one party and the majority in the corporation or municipality is of the other party, it also stalls development,” he said. BJP blamedAccusing the BJP of creating an atmosphere of hate and violence, Mr. Dhariwal said that it was necessary to return to the old mode of indirect elections of mayors and chairpersons to counter the divisive policies of the BJP.last_img read more

Study Brains neurons are more changeable in adulthood than previously thought

first_imgReviewed by James Ives, M.Psych. (Editor)Oct 12 2018UT Southwestern researchers attempting to transform supporting brain cells into neurons instead reprogrammed mature inhibitory neurons into a different type of neuron that creates the neurotransmitter lost in Parkinson’s disease.The study, published today in Stem Cell Reports, reveals the possibility of changing mature neurons from one kind to another without relying on stem cells, contrary to the prevailing view.The mouse study indicates that the brain’s neurons are more changeable in adulthood than previously thought, said corresponding author Dr. Chun-Li Zhang, Professor of Molecular Biology at UT Southwestern Medical Center. The long-held belief was that a neuron’s identity was sealed well before adulthood and that one kind of neuron could not morph into another variety, he added.”To find that we could manipulate neurons to change their identity in adulthood was truly unexpected,” said Dr. Zhang, a W.W. Caruth, Jr. Scholar in Biomedical Research, adding that insights into neuronal plasticity and cell identity maintenance may someday lead to therapeutic strategies for treating neurological diseases through reprogramming of local neurons.”Initially, I was a little disappointed that we altered the properties of medium spiny neurons and not the supporting glial cells we were targeting,” he said. “But when we realized the novelty of our results, we were amazed. To our knowledge, changing the identity of resident and mature neurons had never been accomplished.”Because the neurotransmitter dopamine is lost in movement disorders like Parkinson’s disease, many neuroscientists are interested in the possibility of someday creating new dopamine-producing neurons. Dopaminergic cells are important for controlling voluntary movement and emotions such as motivation and reward that drive behavior, he explained.For proper function, levels of the neurotransmitters GABA, dopamine, and others need to exist in a delicate balance in the brain, he said. Because dopamine is involved in reward behavior, including addictive behaviors, any potential treatment to increase dopamine levels would also need a way to keep the levels of other neurotransmitters in balance, he added.Related StoriesGenetic contribution to distractibility helps explain procrastinationALS mobility and survival could be improved by increasing glucoseLight therapy may dramatically reduce neurodegeneration in Alzheimer’s diseaseThe mature medium spiny neurons that changed their identities in this study usually produce GABA, an inhibitory neurotransmitter that targets other neurons throughout the adult brain, Dr. Zhang explained.Dr. Zhang and his team used a viral vector – a tool commonly used by molecular biologists to deliver genetic material into cells – to administer a cocktail of genes expected to encourage reprogramming to live mouse brains in an attempt to induce the glia to change into dopamine-producing neurons. Glia – from the Greek word for “glue” – are cells that encircle neurons to provide support, insulation, and protection.The cocktail was injected into the striatum, a region of the brain rich in GABA-producing medium spiny neurons known to help control motor skills. Dopamine-producing neurons are normally located elsewhere in the brain but send long connections to control the medium spiny neurons in the striatum, Dr. Zhang said.The researchers initially saw new dopamine neurons and thought the glia had converted. However, many rounds of cell lineage testing revealed that the glia remained unchanged.”We got the new cells we wanted,” Dr. Zhang said. “But, they did not originate from glial cells.”The unexpected results led to intense follow-up experiments that confirmed the team’s suspicion that the new cells were directly transformed from mature GABA neurons. The new cells were more like dopamine-containing neurons, despite retaining some traits of the original cells, he said, adding that characterizing the cells and their genetics in more detail is the laboratory’s current goal.”Rather than originating from glia, the new dopamine cells came from local, existing mature neurons without passing through a stem cell state,” Dr. Zhang said. “This is a mature cell-to-mature cell transformation.”The three lead authors include postdoctoral researcher Dr. Lei-Lei Wang and two former UTSW instructors, Dr. Wenze Niu and Dr. Tong Zang. Yuhua Zou, a research scientist in Molecular Biology, also participated in the study. Source:https://www.utsouthwestern.edu/newsroom/articles/year-2018/mouse-neurons.htmllast_img read more

Study explores how to improve skin care for elderly people in residential

first_imgReviewed by Alina Shrourou, B.Sc. (Editor)Apr 8 2019Skin problems, ranging from generalized skin dryness to pressure ulcers, are common in older, care-dependent people. Care workers attempting to improve skin health face an array of good practice recommendations. A study led by Charité – Universitätsmedizin Berlin is now investigating whether the sundry treatment standards currently in use ought to be replaced by a structured skin care program capable of addressing the full range of skin conditions seen. The project has been awarded approximately €975,000 in funding by the Federal Ministry of Education and Research (BMBF).The skin care needs of elderly people in residential care are governed by a range of specific guidelines and standards. These range from the prevention of pressure ulcers to treating skin itching and inflammation. “However, the more recommendations are added, the more difficult it becomes for care workers to implement them,” explains the project’s lead researcher PD Dr. Jan Kottner of Charité’s Department of Dermatology, Venereology and Allergology on Campus Charité Mitte. Many of the problems encountered are caused by age-related changes in the skin. As people age, they develop dryer, thinner skin which is more vulnerable to injury. The skin also loses its protective barrier and its ability to regenerate naturally.Led by PD Dr. Kottner, the team of researchers started by analyzing the array of good practice recommendations currently in use. Commonalities and parallels were then used to develop a new skin care guidance, which offers a standardized, step-by-step approach to evaluating the patient’s skin (Is the skin mostly dry or weeping? Is the patient overweight?). In addition to (and separate from) this standardized assessment, this guidance also includes recommendations on how to clean and care for skin. This enables care workers to treat a range of skin problems simultaneously.Related StoriesVitamin D supplementation may not reduce the risk of heart diseaseHair loss could soon be a thing of the past, say researchersCannabis ingredient shows promise as potential antibiotic for superbugsThe recently-launched ‘SKINCARE study’, which involves a total of 500 residents from 20 care homes in the Berlin area, will run for three years. It will investigate whether the implementation of the new care program leads to improvements in both skin structure and function and quality of life. “Study-specific training will be provided to ensure that care workers know how to use the skin care program correctly,” explains PD Dr. Kottner. “In this way, the new guidance will also increase staff competency.”SKINCAREThe SKINCARE study is one of 15 projects receiving funding under the BMBF ‘Gesund – ein Leben lang’ (healthy – for life) initiative. The aim of this funding initiative is to fill existing gaps in knowledge and evidence pertaining to older and very old adults, and to help advance clinical research in this field. To support this aim, the BMBF plans to provide approximately €10 million in funding. The program started in 2017 and is expected to run until 2023. The SKINCARE study includes men and women aged 65 and over. All participants have considerable care needs (‘Pflegegrad 2’ or higher) and live in residential care homes in Berlin. The new skin care program will be introduced in 10 out of 20 participating care homes (intervention group), while the other 10 homes will continue to follow current skin care protocols (control group).Source: https://www.charite.de/en/service/press_reports/artikel/detail/wie_laesst_sich_die_hautpflege_in_pflegeheimen_verbessern/last_img read more

Study emphasizes need for prioritizing nutrition care for home health patients

first_img Risk of being hospitalized was significantly reduced by 24% in the first 30 days, nearly 23% after 60 days, and 18% after 90 days. Healthcare costs were reduced by more than $2.3 million or about $1,500 per patient at risk for malnutrition treated over the course of 90 days. Related StoriesGoat’s milk-based formula good for infant’s gut healthInvitation to attend Microbiome Movement – Drug Development & Nutrition Summit in SingaporeCommunity-residing older adults benefit from food and nutrition programsA recipe for recoveryAs many as 1 in 3 home health patients are at risk of malnutrition, which can impact their recovery or cause further health issues. But malnutrition often goes unrecognized as it can be invisible to the eye and can occur in both underweight and overweight individuals. Therefore, more healthcare systems are starting to focus efforts on the identification and management of malnourished or at-risk patients through regular monitoring and follow up.”It’s clear that nutrition can be a simple, cost-effective tool to improve patient outcomes,” said Suela Sulo, Ph.D., health outcomes researcher at Abbott and a study author.”Healthcare systems are driven to improve patient care while reducing costs. Our research shows that prioritizing nutrition across different settings of care – or from hospital to home – can significantly cut costs while improving patients’ health.”While home health often helps jumpstart the road to recovery, it’s even more effective when patients are given the necessary nutrition education and tools to take their health by the reins, even after they stop receiving visits from clinicians.”Educating people on the benefits of proper nutritional care can empower them to continue thinking about their nutrition and drinking their supplements,” said Gretchen VanDerBosch, R.D., a lead registered dietitian at Advocate Health Care and a study author. ”By maintaining proper nutrition, patients have greater strength, heal faster, have fewer falls and reduced readmissions.” Source:AbbottJournal reference:Riley, R N. et al. (2019) Reducing Hospitalizations and Costs: A Home Health Nutrition‐Focused Quality Improvement Program. Journal of Parenteral and Enteral Nutrition. doi.org/10.1002/jpen.1606 Our goal as a home healthcare provider is to help patients get back on their feet as quickly as possible and to keep them out of the hospital. While the primary reason people come to home health isn’t because they’re malnourished or at risk, we have found that when we do pay attention to their nutrition care, it helps promote their strength and prevents them from going back to the hospital, which ultimately reduces healthcare costs.”Katie Riley, R.N., Vice President, Post Acute Chief Nursing Officer for Advocate Aurora Health and the Lead Study Authorcenter_img Reviewed by Alina Shrourou, B.Sc. (Editor)Jun 24 2019New research from Advocate Health Care and Abbott found that prioritizing nutrition care for home health patients at risk for malnutrition had a dramatic impact on helping keep them out of the hospital – resulting in millions of dollars in healthcare cost savings. Nearly 5 million Americans annually rely on home healthcare to recover from an illness, injury or hospitalization. While healthcare providers are constantly striving to improve patients’ health and minimize hospitalizations, nutrition is often not top of mind, yet it plays a critical role in helping adults bounce back and resume their normal routine.In the first-of-its-kind study, published today in the Journal of Parenteral and Enteral Nutrition, more than 1,500 home health patients were followed for 90 days. The study found that when patients at risk for malnutrition received a comprehensive nutrition care program, including nutrition drinks, to aid in their recovery:last_img read more

Cryptocurrency rivals snap at Bitcoins heels

Dozens of crypto units see the light of day every week, as baffled financial experts look on, and while none can match Bitcoin’s $200-billion euro ($242 bilion) market capitalisation, several have left the media darling’s profitability in the dust.In fact, bitcoin is not even in the top 10 of the crypto world’s best performers.Top of the heap is Ripple which posted a jaw-dropping 36,000 percent rise in 2017 and early this year broke through the 100-billion euro capitalisation mark, matching the value of blue-chip companies such as, say, global cosmetics giant L’Oreal.”Its value shot up when a newspaper said that around 100 financial institutions were going to adopt their system,” said Alexandre Stachtchenko, co-founder of specialist consulting group Blockchain Partners.Using Ripple’s technology framework, however, is not the same as adopting the currency itself, and so the Ripple’s rise should be considered as “purely speculative”, according to Alexandre David, founder of sector specialist Eureka Certification.Others point out that Ripple’s market penetration is paper-thin as only 15 people hold between 60 and 80 percent of existing Ripples, among them co-founder Chris Larsen.They can’t be best at everythingBut it still got him a moment of fame when, according to Forbes magazine, Larsen briefly stole Facebook founder Mark Zuckerberg’s spot as the fifth-wealthiest person in the US at the start of the year.Ether is another rising star, based on the Ethereum protocol created in 2009 by a 19-year old programmer and seen by some specialists as a promising approach.Around 40 virtual currencies have now gone past the billion-euro mark in terms of capitalisation, up from seven just six months ago. The Cardano cryptocurrency’s combined value even hit 15 billion euros only three months after its creation.In efforts to stand out from the crowd, virtual currency founders often concentrate on the security of their systems, such as Cardano, which has made a major selling point of its system’s safety features.Others work on connected devices so “machines understand each other and are able to send each other value units, money, without going through a person or centralised third party”, Stachtchenko said.Some, like Monero, focus on guaranteeing anonymity, and others on share and bond issues, or on speeding up the confirmation time for transactions, like Litecoin.”It is impossible for a cryptocurrency to be the best at all the various tasks,” said Stachtchenko said.Meanwhile financiers, established banks and regulators keep issuing stern warnings to the investment community to stay clear of cryptocurrencies.Legendary investor Warren Buffett said that cryptocurrencies would “come to a bad ending” and that he would never stake money on them.The South Korean government said it was working on a bill to ban cryptocurrency trading, but then backtracked.Analysts meanwhile predict that rollercoaster ride of virtual currencies is set to carry on.”When Wall Street bonuses hit bank accounts on January 15, I imagine we’ll see a crypto buying spree of epic proportions” said Meltem Demirors, director of the Digital Currency Group, which invests in crypto businesses. This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. New crypto kids on the block are whizzing past bitcoin with breathtaking profitability S. Korea govt sends bitcoin on rollercoaster ride Bitcoin may be the most famous cryptocurrency but, despite a dizzying rise, it’s not the most lucrative one and far from alone in a universe that counts 1,400 rivals, and counting. © 2018 AFP Explore further Citation: Cryptocurrency rivals snap at Bitcoin’s heels (2018, January 14) retrieved 18 July 2019 from https://phys.org/news/2018-01-cryptocurrency-rivals-snap-bitcoin-heels.html read more

Are bots a danger for political election campaigns

Normally, autonomous computer programmes known as bots trawl the internet, for example, to help search engines. However, there are also programmes known as social bots which interfere in social media, automatically generating replies or sharing content. They are currently suspected of spreading political propaganda. Scientists at Friedrich-Alexander-Universität Erlangen-Nürnberg (FAU) have investigated the extent to which such autonomous programmes were used on the platform Twitter during the general elections in Japan in 2014. By using methods taken from corpus linguistics, they were able to draw up a case study on the activity patterns of social bots. At the same time, the FAU researchers gained an insight into how computer programmes like these were used, and recognised that nationalistic tendencies had an important role to play in the election, especially in social media. The results of the investigation have been published in the journal Big Data. Prof. Dr. Fabian Schäfer, chair of Japanese Studies at FAU, was motivated to study the use of social bots after the general election in Japan in 2014. The conservative Liberal Democratic Party of Japan, led by Shinzō Abe, won the election. Publicly and in the mass media, his election campaign focused predominantly on economic issues. It was a different story in social media. “Our analysis showed that Abe’s hidden nationalistic agenda had a very important role to play in these channels,” Schäfer explains. “The importance of the hidden agenda in social media is not, however, down to either the prime minister or the LDP itself.” Rather, it appears as if social bots were widely used by right-wing internet users, ranging from far-right to more conservative right-wing circles. Prof. Schäfer’s initial hypothesis was that the right-wingers used social bots to give indirect online support to Abe’s nationalistic agenda, which had slipped into the background during the political campaign.Computerised propagandaTogether with Prof. Dr. Stefan Evert, professor for Corpus Linguistics at FAU, Schäfer analysed over 540,000 tweets posted shortly before and just after the elections in mid December. After noticing a high frequency of tweets that were the same or very similar, they investigated whether these originated from bots or even botnets. Unlike previous studies, the FAU researchers did not focus on identifying bots based on their typical activity pattern, for example, how often they send tweets. Instead, they took a corpus linguistics approach, which allowed them to analyze large volumes of text. It quickly became clear that nearly 80 percent of the investigated tweets were duplicates, including retweets, or close duplicates, which were able to be traced back to a total of 3722 original tweets.The scientists at FAU recognised five patterns behind the spread of the tweets. They attributed three of the patterns to a pro-LDP campaign, and one to another group of right-wing internet activists. The fifth pattern was attributed to users who acted similarly to bots. “Tweets in the first and second groups use similar language, reflecting the jargon often used in right-wing internet circles, and tend to include racist or hostile remarks,” Schäfer explains. This and the names used for the numerous fake accounts led Evert and Schäfer to the conclusion that the tweets originated from two groups of right-wing internet activists, the netto uyo, who were making massive use of these automated programmes to cover other hashtags. Bots can also spring onto popular hashtags and tweets to instrumentalise them for the same purpose, without the tweets sharing the same content.This was exploited by right-wing internet activists in the election in 2014, in particular to boost the spread of extremely nationalistic content. The accusation of being ‘anti-Japanese’—a term which is used both by netto uyo and in a slightly less extreme form by Abe—acted as a kind of language bridge between the extreme and the more moderate groups. Schäfer says, “This bridge connected the nationalistic discourse of the right-wing internet activists with Abe’s right-wing conservative agenda. As a result, Abe’s position was not only supported by the conservative organisations of a group of users with close links to the LDP but also by the large, although not well organised, group of right-wing internet activists.” As the Japanese expert Schäfter explains, even though this group often took an anti-Abe position, they were spreading a very similar nationalistic agenda online. How great is the influence and risk of social and political ‘bots?’ More information: Fabian Schäfer et al, Japan’s 2014 General Election: Political Bots, Right-Wing Internet Activism, and Prime Minister Shinzō Abe’s Hidden Nationalist Agenda, Big Data (2017). DOI: 10.1089/big.2017.0049 Explore further This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Citation: Are bots a danger for political election campaigns? (2018, February 21) retrieved 18 July 2019 from https://phys.org/news/2018-02-bots-danger-political-election-campaigns.html Provided by University of Erlangen-Nuremberg read more

Regulations needed after cryptocurrency CEO takes passwords to his grave

first_imgCanadian CEO Gerald Cotten died in December, taking to his grave the passwords to unlock his cryptocurrency clients’ million. Credit: Dmitry Moraine/Unsplash A high-stakes legal drama featuring cryptocurrencies has been unfolding in a Canadian court recently. In Canada, the Office of Superintendent of Financial Institutions (OFSI) oversees banks that take regular dollar deposits. One might argue that the OFSI umbrella ought to be adapted to include oversight of virtual exchanges like Quadriga, even though such institutions are not technically banks and their deposits are non-traditional in nature.That oversight would impose accounting standards and reporting requirements that would help prevent the sorts of irresponsible missteps that put Quadriga depositors in such a precarious position. A likely side benefit of regulatory supervision would be the eventual development of standardized safeguards against hackers and other cybercriminal activity that plagues the cryptocurrency world.Lack of regulations attractive to someA feature that draws many crypto enthusiasts to the virtual currency sector is the very fact that it lacks government oversight, and those individuals will bristle at any hint of new regulations.Members of the general public might also be leery of new laws lest they grant an undeserved sheen of legitimacy to cryptocurrencies, which are not suitable investments for anyone except the most risk-loving of speculators.But in Canada, we regulate many industries that are risky or distasteful to some, including gambling, alcohol, tobacco and marijuana. The underlying calculus is that providing standards for certain illicit activities is preferable to driving those activities to the black market, where the risks would be amplified.For instance, a benefit of buying my beloved guilty pleasure of choice, craft gins, from a regulated marketplace is that I can imbibe confident in the knowledge that my cocktails are free from wood alcohol. Three cheers for avoiding blindness! We cannot protect Canadians from all possible risks, especially when it comes to financial markets. And to be clear, I am not suggesting that we indemnify cryptocurrency speculators against losses that may arise from taking calculated risks, such as the beating that some fortune-seekers have taken since Bitcoin valuations plummeted from stratospheric heights. Rather, I propose that depositors ought not to be penalized for the indiscretions of the custodians to whom they entrust their financial holdings.Correction note: This is a corrected version of a story originally published on March 3, 2019. The earlier story said US$250 million instead of C$250 million. Citation: Regulations needed after cryptocurrency CEO takes passwords to his grave (2019, March 4) retrieved 17 July 2019 from https://phys.org/news/2019-03-cryptocurrency-ceo-passwords-grave.html Bitcoin exchange president’s death puts millions out of reach Provided by The Conversationcenter_img This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. The antics that led to the litigation almost defy credulity, and they highlight the need for new regulations to better suit a financial marketplace that includes virtual currencies.News broke in early February that Canadian cryptocurrency exchange QuadrigaCX was seeking creditor protection, leaving in financial limbo about 115,000 people who had entrusted the firm to maintain their deposits of cash, Bitcoins and other digital tokens worth an estimated C$250 million.The company’s need for bankruptcy protection arose when its founder and chief operator, Gerald Cotten, died suddenly in December while vacationing in India. Normally, if a financial institution’s executive officer meets an untimely demise, he or she doesn’t bring to the afterworld the only keys to the vault. And thus clients maintain continued access their deposited funds all the while.In the case of Quadriga, unfortunately, Cotten was the only living soul who knew the password to an encrypted offline repository, known as cold storage, where the firm had enshrined the vast majority of clients’ cryptocurrency deposits. Without the password, no one can access those holdings.Murky or absent regulationsWhile the Nova Scotia Supreme Court wades its way through some very novel and complex issues, the question that comes to my mind is: How has one bad decision about password custodianship caused more than 100,000 people to lose access to their deposits?The answer lies in the murky and mostly lacking regulations that govern the cryptocurrency world. Nothing stops entrepreneurs like Cotten from running companies like Quadriga with no independent oversight. Had he ever raised equity capital from investors in return for tokens or coins, that process would have been governed by Canadian securities regulations. But because Quadriga is an exchange —maintaining deposits and facilitating conversions between regular cash and cryptocurrencies, but not issuing cryptocurrencies in exchange for ownership shares —it operates in a regulatory vacuum. This article is republished from The Conversation under a Creative Commons license. Read the original article. Explore furtherlast_img read more