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      "body": "If you’ve ever wondered what “cryptocurrencies” such as bitcoin, litecoin and ethereum are for, ask one of their legion of techie-libertarian fans.\n\nAnd it’s dollars to dogecoins (yet another one) that the conversation will go something like this:\n\nYou: So what’s the purpose of bitcoin BTCUSD, +0.57% ?\n\nFan: The technology is absolutely amazing!\n\nYou: Yes, but what’s it for?\n\nFan: Really, the “blockchain” technology is a total masterpiece, way ahead of its time!\n\nYou: Yes, yes, I understand that. But what is it actually for?\n\nFan: You don’t understand! It’s a completely decentralized money system! Totally revolutionary!\n\nYou: Honestly, does it have a purpose? Any purpose at all?\n\nFan: It’s the wave of the future!\n\nAnd on it will go.\n\nIt’s now an $82 billion market\n\nCryptocurrencies, or cybercurrencies, which were in a massive financial mania until their sudden selloff that started last month, have two actual applications: online gambling and money laundering. Neither is the heart of a major business model. But that’s it.\n\nAnd these, preposterously, are the fundamentals behind a mania that has driven these currencies up thirtyfold, so that today, in aggregate, the market for them is a staggering $82 billion.\n\nNone of the defenders’ other arguments stack up.\n\nOnline currencies are hardly a “store of value” when they can fall, say, about 30% in a week.\n\nAre they really protections against the ravages of “inflation” and “monetary debasement” imposed by wicked governments? If so, how come people who keep their money in bitcoin and ethereum and the like have experienced Weimar Republic levels of consumer-price inflation in the past month?\n\nThat is, after all, what it means when the price of your “currency” plunges. Ethereum isnt just down 50% against the dollar since mid-June. It’s down 50% against the potato, the sack of rice, the gallon of gasoline and the new car.\n\nRead: Ethereum has lost $17.5 billion in market value in 4 weeks\n\nPure speculation\n\nAdmittedly, before all this, the price of these cybercurrencies had skyrocketed. Those who got in at the start of the year had previously turned $1 into $30. But this looks more like a speculation than a currency. And what will tomorrow bring? I have a pretty good idea how many potatoes I can buy with my dollars next week. Bitcoins? Good luck with that.\n\nYou notice, incidentally, that these bitcoiners continue to measure the market price of their beloved new currencies in terms of, er, old-fashioned U.S. dollars.\n\nCybercurrencies may make online purchasing and international money transfers marginally more efficient in theory, if hardly in practice. Would you risk moving your money from dollars into bitcoins just to save a few percentage points in transaction fees? You’ve seen that wiped out many times over just in price fluctuations.\n\nCompetition from all sides\n\nBitcoin, the granddaddy of them all, might at one point have claimed value as a unique entity. If it held a monopoly among the people who wanted to use a cryptocurrency so they could play online poker or finance international crime, it would have some worth. Yet in the past few years multiple competitors have erupted. There are now 25 with individual market values above $100 million, several above $1 billion.\n\nFast-growing rival ethereum was worth bupkis at the start of the year. Today it’s valued at $20 billion, or almost seven times as much as the company ESRT, +0.05% that owns the Empire State Building.\n\nPreposterous? You make the call.![images (6).jpg](https://steemitimages.com/DQmfAPgFFhWXuiJiznz4W9S7r4QpYsuREpSWtJpvao3mejb/images%20(6).jpg)",
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      "parent_author": "yass555",
      "parent_permlink": "facebook-set-to-hire-over-1000-people-to-review-adverts-in-wake-of-russia-investigation",
      "author": "cheetah",
      "permlink": "cheetah-re-yass555facebook-set-to-hire-over-1000-people-to-review-adverts-in-wake-of-russia-investigation",
      "title": "",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://www.bloomberg.com/news/articles/2017-10-02/facebook-hiring-over-1-000-to-review-ads-amid-russia-probe",
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      "parent_permlink": "facebook",
      "author": "yass555",
      "permlink": "facebook-set-to-hire-over-1000-people-to-review-adverts-in-wake-of-russia-investigation",
      "title": "Facebook set to hire over 1000 people to review adverts in wake of Russia investigation",
      "body": "Facebook is making a series of changes to its advertising systems and plans to add more than 1,000 people to review the advertisements that run on the social media platform in the wake of a congressional investigation into Russia’s involvement in the 2016 US election. \n\nAdditionally, Facebook said on Monday it provided information on about 3,000 relevant ads to congressional investigators.\n\nIn September, the social media giant disclosed that accounts affiliated with Russia bought more than $100,000 in election-related ads.\n\n\nREAD MORE\nGovernment demands Facebook hand over anti-Trump protesters' info\nThat disclosure prompted a congressional probe, which now includes Twitter and Alphabet’s Google. The companies have been asked to testify before the House Intelligence Committee later this month and the Senate’s corresponding committee on 1 November.\n\nTwo weeks ago, Facebook chief executive Mark Zuckerberg announced an overhaul to the rules around political ad spending and said the company would add 250 employees to work on election integrity.\n\n“I don’t want anyone to use our tools to undermine democracy,” Mr Zuckerberg said in a video message. \n\nOn Monday, the company said it was bulking up the staff that review ad spending, although it declined to offer details on the process.\n\nFacebook also introduced several updates to the ad-buying process, including tighter restrictions on content and improved rules to force advertisers to demonstrate their authenticity before they can make purchases.\n\nFacebook declined to expand on the nature of the ads found beyond a blog post that said “the ads and accounts appeared to focus on amplifying divisive social and political messages across the ideological spectrum — touching on topics from LGBT matters to race issues to immigration to gun rights.”![facebook.jpg](https://steemitimages.com/DQmNicoGtFQCrp8FJ7yC3sg638gS6aL4cG5zGDo5rF5GCdt/facebook.jpg)",
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