Bitcoin Demand Booms in Ukraine And Russia
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,625,762 (+0.30%)       Melbourne $981,601 (-0.13%)       Brisbane $1,022,323 (+1.28%)       Adelaide $910,618 (-1.43%)       Perth $905,798 (+0.22%)       Hobart $741,062 (+0.41%)       Darwin $687,466 (+0.61%)       Canberra $951,873 (+0.42%)       National $1,051,469 (+0.24%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $772,103 (+0.04%)       Melbourne $497,490 (-0.17%)       Brisbane $615,777 (+1.95%)       Adelaide $468,547 (-1.01%)       Perth $482,162 (-0.56%)       Hobart $516,684 (-0.23%)       Darwin $369,522 (+0.06%)       Canberra $482,557 (-1.16%)       National $549,654 (+0.08%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 11,363 (-186)       Melbourne 15,698 (+60)       Brisbane 8,643 (+310)       Adelaide 2,306 (-63)       Perth 6,423 (+143)       Hobart 1,121 (+1)       Darwin 289 (+6)       Canberra 1,124 (-19)       National 46,967 (+252)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,865 (+108)       Melbourne 8,850 (-61)       Brisbane 1,740 (-36)       Adelaide 450 (+4)       Perth 1,490 (+15)       Hobart 202 (+6)       Darwin 337 (-18)       Canberra 1,095 (+3)       National 24,029 (+21)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $800 ($0)       Melbourne $600 ($0)       Brisbane $640 (+$10)       Adelaide $600 (-$10)       Perth $650 ($0)       Hobart $550 ($0)       Darwin $750 (+$20)       Canberra $680 ($0)       National $668 (+$3)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $730 (-$20)       Melbourne $575 ($0)       Brisbane $625 ($0)       Adelaide $500 ($0)       Perth $620 ($0)       Hobart $450 ($0)       Darwin $550 (-$30)       Canberra $550 ($0)       National $586 (-$7)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,793 (+13)       Melbourne 6,660 (-32)       Brisbane 4,197 (-81)       Adelaide 1,411 (-14)       Perth 2,341 (+58)       Hobart 239 (-26)       Darwin 91 (+1)       Canberra 477 (+3)       National 21,209 (-78)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 9,415 (-261)       Melbourne 6,477 (-80)       Brisbane 2,187 (-26)       Adelaide 370 (-19)       Perth 609 (+33)       Hobart 99 (+5)       Darwin 203 (+2)       Canberra 747 (-39)       National 20,107 (-385)                HOUSE ANNUAL GROSS YIELDS AND TREND         Sydney 2.56% (↓)     Melbourne 3.18% (↑)      Brisbane 3.26% (↑)        Adelaide 3.43% (↓)       Perth 3.73% (↓)       Hobart 3.86% (↓)     Darwin 5.67% (↑)        Canberra 3.71% (↓)     National 3.30% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 4.92% (↓)     Melbourne 6.01% (↑)        Brisbane 5.28% (↓)     Adelaide 5.55% (↑)      Perth 6.69% (↑)      Hobart 4.53% (↑)        Darwin 7.74% (↓)     Canberra 5.93% (↑)        National 5.54% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 27.9 (↓)       Melbourne 30.0 (↓)     Brisbane 31.4 (↑)        Adelaide 24.1 (↓)     Perth 36.3 (↑)      Hobart 31.0 (↑)        Darwin 36.1 (↓)     Canberra 30.7 (↑)      National 30.9 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 28.6 (↓)       Melbourne 30.9 (↓)       Brisbane 30.7 (↓)     Adelaide 23.2 (↑)      Perth 34.0 (↑)        Hobart 30.9 (↓)       Darwin 42.8 (↓)     Canberra 36.0 (↑)        National 32.2 (↓)           
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Bitcoin Demand Booms in Ukraine And Russia

The cryptocurrency has been trading at a premium against the Ukrainian hryvnia.

By Paul Vigna
Wed, Mar 2, 2022 11:44amGrey Clock 3 min

The Russian invasion of Ukraine has driven demand for cryptocurrencies in both countries, helping boost the price of bitcoin.

Bitcoin has been trading at a premium against the Ukrainian hryvnia on a number of exchanges, both globally and locally, a sign of high demand. On Binance, the largest exchange in the world, bitcoin was trading for the equivalent of $47,300 in hryvnia terms. On Kuna, the largest exchange in Ukraine, it was at US$46,955, and had traded as high as US$51,240.

In U.S. markets, bitcoin was recently trading at US$43,895, up about 15% since Monday morning, according to data from CoinDesk.

On Binance, there has been a surge in trading volume of bitcoin in exchange for rubles since just before Russia’s invasion began. Between Feb. 20 and 28, about 1,792 bitcoins exchanged hands in the ruble/bitcoin trading pair, compared with only 522 in the nine days before that, according to data on Binance.

Western sanctions have effectively cut Russia off from the global financial network, and Ukraine has imposed strict capital controls.

Crypto is popular in Ukraine and Russia. Ukraine ranked fourth on a global adoption index created by analytics firm Chainalysis. A Russian government report estimates that there were more than 12 million cryptocurrency wallets held by Russian citizens with about 2 trillion rubles, equivalent to about $20 billion.

“The situation in Ukraine has brought to light the value of bitcoin as an alternative monetary network,” said Timo Lehes, the co-founder of trading platform Swarm Markets.

A demand-driven rally specific to bitcoin is a break from its recent pattern, which has been to trade in line with risk assets like tech stocks.

Bitcoin’s rally this week wiped away losses for February. Most other cryptocurrencies were higher as well. Ether was up 8.1%. XRP was up 4.9%. Avalanche was up 9.7% and Cardano was up 7%.

On Tuesday, the tech heavy Nasdaq Composite Index fell 1.2%.

Because bitcoin trades 24-hours a day, in some cases it has been leading risk assets, not just following.

Last Wednesday, when Russian President Vladimir Putin announced his invasion of Ukraine, U.S. equities markets were closed. Bitcoin fell about 6% overnight, then rallied 13%. On Thursday, U.S. stocks closed slightly higher after a day of wild trading.

Bitcoin dropped almost 9% from the afternoon of Friday, Feb. 18, through the evening of Monday, Feb. 21, amid news of the worsening crisis in Ukraine. U.S. stock markets, closed on Monday for a holiday, didn’t get a chance to react to the news until Tuesday. When they did, the major indexes all lost more than 1%.

Attention has also fallen on cryptocurrencies for their potential to be an outlet for Russians trying to get around sanctions. While cryptocurrencies themselves haven’t been part of the sanctions, the White House has been considering adding them.

On Twitter on Sunday morning, Mykhailo Fedorov, Ukraine’s vice prime minister requested cryptocurrency exchanges block Russian accounts. “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.”

Ukraine’s Mr. Fedorov didn’t make clear if the request was personal or one on behalf of the government. An attempt to reach him wasn’t successful.

Crypto exchanges largely demurred from enacting any voluntary restrictions in Russia.

Binance said it would not be doing a blanket ban but that it was taking action against those sanctioned by Western countries. Exchanges Coinbase, Kraken and KuCoin also said they wouldn’t be freezing Russian accounts without sanctions or legal requirements to do so.

“We try our best to protect human rights and asset security,” said KuCoin’s Chief Executive Johnny Lyu. “Actions that increase the tension to impact the rights of innocent people should not be encouraged.”

Crypto exchanges regularly comply with court orders and legal requests for data on its users, the same as regulated banks. There was no hint that the Ukrainian government, either alone or in concert, was going to take legal steps to require blocking Russian users.

On the technical side, exchanges have improved their infrastructure over the past several years and would be able to implement these sanctions if required, said Jack McDonald, the chief executive of PolySign, which makes crypto-assets storage software for exchanges and other custodians.

The exchanges have the ability to monitor accounts and transactions, and even know where the deposits are coming from. Funds from known hacks, for example, can and are blacklisted.

“It’s going to prove to be hard for Russia to evade sanctions using bitcoin,” Mr. McDonald said.

Even so, blocked users would still be able to find unregulated exchanges or even more opaque marketplaces for buying and selling their cryptocurrencies.

Part of Western sanctions included cutting Russia off from the Swift network, a bank-owned consortium that handles millions of daily payment instructions.

Western sanctions and restrictions are “bolstering the argument for blockchain products that will compete with the SWIFT network,” said Oanda analyst Edward Moya.

Investors are buying now, he said, in anticipation of an investment wave predicated on building those products.

Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: March 2, 2022.



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A Godfather of AI Just Won a Nobel. He Has Been Warning the Machines Could Take Over the World.

Geoffrey Hinton hopes the prize will add credibility to his claims about the dangers of AI technology he pioneered

By MILES KRUPPA
Thu, Oct 10, 2024 4 min

The newly minted Nobel laureate Geoffrey Hinton has a message about the artificial-intelligence systems he helped create: get more serious about safety or they could endanger humanity.

“I think we’re at a kind of bifurcation point in history where, in the next few years, we need to figure out if there’s a way to deal with that threat,” Hinton said in an interview Tuesday with a Nobel Prize official that mixed pride in his life’s work with warnings about the growing danger it poses.

The 76-year-old Hinton resigned from Google last year in part so he could talk more about the possibility that AI systems could escape human control and influence elections or power dangerous robots. Along with other experienced AI researchers, he has called on such companies as OpenAI, Meta Platforms and Alphabet -owned Google to devote more resources to the safety of the advanced systems that they are competing against each other to develop as quickly as possible.

Hinton’s Nobel win has provided a new platform for his doomsday warnings at the same time it celebrates his critical role in advancing the technologies fueling them. Hinton has argued that advanced AI systems are capable of understanding their outputs, a controversial view in research circles.

“Hopefully, it will make me more credible when I say these things really do understand what they’re saying,” he said of the prize.

Hinton’s views have pitted him against factions of the AI community that believe dwelling on doomsday scenarios needlessly slows technological progress or distracts from more immediate harms, such as discrimination against minority groups .

“I think that he’s a smart guy, but I think a lot of people have way overhyped the risk of these things, and that’s really convinced a lot of the general public that this is what we should be focusing on, not the more immediate harms of AI,” said Melanie Mitchell, a professor at the Santa Fe Institute, during a panel last year.

Hinton visited Google’s Silicon Valley headquarters Tuesday for an informal celebration, and some of the company’s top AI executives congratulated him on social media.

On Wednesday, other prominent Googlers specialising in AI were also awarded a Nobel Prize. Demis Hassabis, chief executive of Google DeepMind, and John M. Jumper, director at the AI lab, were part of a group of three scientists who won the chemistry prize for their work on predicting the shape of proteins.

Thinking like people

Hinton is sharing the Nobel Prize in physics with John Hopfield of Princeton University for their work since the 1980s on neural networks that process information in ways inspired by the human brain. That work is the basis for many of the AI technologies in use today, from ChatGPT’s humanlike conversations to Google Photos’ ability to recognise who is in every picture you take.

“Their contributions to connect fundamental concepts in physics with concepts in biology, not just AI—these concepts are still with us today,” said Yoshua Bengio , an AI researcher at the University of Montreal.

In 2012, Hinton worked with two of his University of Toronto graduate students, Alex Krizhevsky and Ilya Sutskever, on a neural network called AlexNet programmed to recognise images in photos. Until that point, computer algorithms had often been unable to tell that a picture of a dog was really a dog and not a cat or a car.

AlexNet’s blowout victory at a 2012 contest for image-recognition technology was a pivotal moment in the development of the modern AI boom, as it proved the power of neural nets over other approaches.

That same year, Hinton started a company with Krizhevsky and Sutskever that turned out to be short-lived. Google acquired it in 2013 in an auction against competitors including Baidu and Microsoft, paying $44 million essentially to hire the three men, according to the book “Genius Makers.” Hinton began splitting time between the University of Toronto and Google, where he continued research on neural networks.

Hinton is widely revered as a mentor for the current generation of top AI researchers including Sutskever, who co-founded OpenAI before leaving this spring to start a company called Safe Superintelligence.

Hinton received the 2018 Turing Award, a computer-science prize, for his work on neural networks alongside Bengio and a fellow AI researcher, Yann LeCun . The three are often referred to as the modern “godfathers of AI.”

Warnings of disaster

By 2023, Hinton had become alarmed about the consequences of building more powerful artificial intelligence. He began talking about the possibility that AI systems could escape the control of their creators and cause catastrophic harm to humanity. In doing so, he aligned himself with a vocal movement of people concerned about the existential risks of the technology.

“We’re in a situation that most people can’t even conceive of, which is that these digital intelligences are going to be a lot smarter than us, and if they want to get stuff done, they’re going to want to take control,” Hinton said in an interview last year.

Hinton announced he was leaving Google in spring 2023, saying he wanted to be able to freely discuss the dangers of AI without worrying about consequences for the company. Google had acted “very responsibly,” he said in an X post.

In the subsequent months, Hinton has spent much of his time speaking to policymakers and tech executives, including Elon Musk , about AI risks.

Hinton cosigned a paper last year saying companies doing AI work should allocate at least one-third of their research and development resources to ensuring the safety and ethical use of their systems.

“One thing governments can do is force the big companies to spend a lot more of their resources on safety research, so that for example companies like OpenAI can’t just put safety research on the back burner,” Hinton said in the Nobel interview.

An OpenAI spokeswoman said the company is proud of its safety work.

With Bengio and other researchers, Hinton supported an artificial-intelligence safety bill passed by the California Legislature this summer that would have required developers of large AI systems to take a number of steps to ensure they can’t cause catastrophic damage. Gov. Gavin Newsom recently vetoed the bill , which was opposed by most big tech companies including Google.

Hinton’s increased activism has put him in opposition to other respected researchers who believe his warnings are fantastical because AI is far from having the capability to cause serious harm.

“Their complete lack of understanding of the physical world and lack of planning abilities put them way below cat-level intelligence, never mind human-level,” LeCun wrote in a response to Hinton on X last year.

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