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Elon Musk Sends Crypto Prices Soaring Again With A Single Word

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  • After billionaire Elon Musk tweeted the word “Doge,” prices for the joke cryptocurrency Dogecoin immediately soared from four cents to almost six cents.
  • Last week, Musk influenced Bitcoin in a similar manner after changing his Twitter bio to “#bitcoin.”
  • By Thursday morning, Dogecoin’s value largely returned to where it was before Musk’s tweet, and with that, many are warning new investors not to invest more money than they are generally okay with losing. 

Elon Musk Influences Dogecoin Prices

Billionaire Elon Musk has once again proved that he can influence crypto prices with a single word. 

Just before 12:00 PST Wednesday night, Musk tweeted “Doge” with the image of a rocket soaring by the moon, alluding to the popular “to the moon” phrase used by Dogecoin holders.

Musk followed up his initial tweet with a series of tweets about Dogecoin, a cryptocurrency that was created in 2013 as a joke. 

“Dogecoin is the people’s crypto,” he added. “No need to be a gigachad to own.” 

Within an hour, prices for Dogecoin soared from four cents to nearly six. While that may not sound like a lot of money, if someone had bought $1,000 in dogecoin just before Musk’s tweet, their money would have eventually spiked to $1,400.

Musk isn’t the only celebrity tweeting about Dogecoin. For example, billionaire investor and “Shark Tank” personality Mark Cuban also tweeted about it Wednesday.

Still, Musk’s influence seems to have a disproportionate impact crypto prices. In fact, this past Friday, Bitcoin prices surged from $32,000 to just under $38,000 in a matter of hours after Musk changed his Twitter bio to “#bitcoin.”

Soon after that, Bitcoin prices fell in value to near where they had been before Musk’s message. Bitcoin’s price has since climbed back up on its own.

Thursday morning, Dogecoin saw a similar situation, with its value decreasing to near where it had been prior to Musk’s tweets.

A Warning for Investors

While it may seem almost like an investing cliche, the phrase “only invest what you are willing to lose” has become an ever-important warning from some — especially to new investors seeking to get rich quick on hype stocks. 

That warning is nowhere more apparent than with YouTuber David Dobrik, who recently said he’s lost more than $85,000 in GameStop stock following a volatile week for the video game retailer.

“Here’s the thing: every year, more than the majority of my money is tied up in the stock market,” Dobrik said on the most recent episode of his podcast, Views.

“Like, I have financial advisers that do that, but this time, I decided, ‘hey, I’m going to take matters into my own hand… Everytime I do the stocks myself, I lose money.”

While Dobrik can likely afford to lose tens of thousands of dollars, that’s not the case for everyday investors. 

See what others are saying: (Marketplace) (BuzzFeed News) (New York Post)

Business

Facebook Is Reviewing More Than 2,200 Hours of Footage for Next-Gen AI 

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The project, which could prove to be revolutionary, is already raising some big privacy concerns. 


Facebook’s Next-Gen AI

Facebook announced Thursday that it has captured more than 2,200 hours of first-person video that it will use to train next-gen AI models.

The company said it aims to make the AI, called Ego4D, capable of understanding and identifying both real and virtual objects through a first-person perspective using smart glasses or VR headsets. In effect, that could potentially help users do everything from remembering where they placed forgotten items to recording others in secret. 

Facebook listed five key scenarios the project aims to tackle and gave real-world examples of how each may look for people who will eventually use the AI.

  • “What happened when?” With that scenario, Facebook gave the example, “Where did I leave my keys?”
  • “What am I likely to do next?” There, Facebook gave the example, “Wait, you’ve already added salt to this recipe.”
  • “What am I doing?” For example, “What was the main topic during class?”
  • “Who said what when?” For example, “What was the main topic during class?”
  • “Who is interacting with whom?” For example, “Help me better hear the person talking to me at this noisy restaurant.”

Facebook said the amount of footage it has collected is 20 times greater than any other data set used by the company.

Privacy Concerns

In the wake of recent controversy surrounding Facebook, it’s important to note that the footage wasn’t reaped from users. Instead, the company said it, and 13 university partners, compiled the footage from more than 700 participants around the world.

Still, that hasn’t alleviated all privacy concerns. 

In an article titled, “Facebook is researching AI systems that see, hear, and remember everything you do,” The Verge writer James Vincent said that although the project’s guidelines seem practical, “the company’s interest in this area will worry many.”

In addition to the recent testimony and data leaks from whistleblower Frances Haugen, Facebook has also faced other privacy issues, as well as billions in fines

Vincent pointe out that the AI announcement doesn’t mention anything in the way of privacy or removing data for people who may not want to be recorded.

A Facebook spokesperson later assured Vincent that privacy safeguards will be introduced to the public in the future.

“For example, before AR glasses can enhance someone’s voice, there could be a protocol in place that they follow to ask someone else’s glasses for permission, or they could limit the range of the device so it can only pick up sounds from the people with whom I am already having a conversation or who are in my immediate vicinity,” the spokesperson said.

Among positive reception, some believe the tech could be revolutionary for helping people around the house, as well as for teaching robots to more rapidly learn about their surroundings.

See what others are saying: (The Verge) (CNBC) (Axios)

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FDA Issues Its First E-Cigarette Authorization Ever

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The authorization only applies to tobacco-flavored products, as the FDA simultaneously rejected several sweet and fruit-flavored e-cigarette cartridges. 


FDA Approves E-Cigarette

The U.S. Food and Drug Administration approved an e-cigarette pen sold under the brand name Vuse on Tuesday, as well as two tobacco-flavored cartridges that can be used with the pen.

This marks the first time the FDA has ever authorized the use of vaping products. In a news release, the agency said it made the decision because “the authorized products’ aerosols are significantly less toxic than combusted cigarettes based on available data.”

“The manufacturer’s data demonstrates its tobacco-flavored products could benefit addicted adult smokers who switch to these products — either completely or with a significant reduction in cigarette consumption — by reducing their exposure to harmful chemicals,” the agency added. 

The company that owns Vuse, R.J. Reynolds Vapor Company, also submitted several sweet and fruit-flavored pods for review; however, those were all rejected. While the FDA did not specify which flavors it rejected, it did note that it has yet to make a decision on whether to allow menthol-flavored e-cigarettes, including ones sold under Vuse.

FDA Is Reviewing All Vape Products Still on the Market

In January 2020, the FDA banned pre-filled pods with sweet and fruity flavors from being sold. While other e-cigarette related products, including some forms of flavored vapes, were allowed to stay on the market for the time being, they were only able to do so if they were submitted for FDA review.

The FDA’s primary issue with fruity cartridges stems from statistics showing that those pods more easily hook new smokers, particularly underage smokers.

In fact, in its approval of the Vuse products, the FDA said it only authorized them because it “determined that the potential benefit to smokers who switch completely or significantly reduce their cigarette use, would outweigh the risk to youth, provided the applicant follows post-marketing requirements aimed at reducing youth exposure and access to the products.”

While some have cheered the FDA’s decision, not everyone was enthusiastic. Many critics cited a joint FDA-CDC study in which nearly 11% of teens who said they vape also indicated regularly using Vuse products. 

See what others are saying: (Business Insider) (Wall Street Journal) (The Washington Post)

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Kaiser Permanente Health Workers Vote To Authorize Strike Over Pay, Staffing, and Safety

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The vote could inspire unioned Kaiser workers in other states to eventually approve strikes of their own. 


Workers Approve Strike

Over 24,000 unioned nurses and other healthcare workers at Kaiser Permanente hospitals voted Monday to authorize strikes against the company in California and Oregon.

The tens of thousands of workers who cast a ballot make up 86% of the Kaiser-based healthcare professionals represented by either the United Nurses Associations of California/Union of Health Care Professionals (UNAC/UHCP) or the Oregon Federation of Nurses and Health Professionals. An overwhelming 96% voted to approve the strike.

According to both unions, the list of workers includes nurses, pharmacists, midwives, and physical therapists.

The vote itself does not automatically initiate a strike; rather, it gives the unions the power to call a strike amid stalled contract negotiations between Kaiser and the unions. If the unions ultimately tell their members to begin striking, they will need to give a 10-day warning. 

The California and Oregon contracts expired Sep. 30, but several more Kaiser-based union contracts are rapidly approaching their expiration dates as well. That includes contracts for more than 50,000 workers in Colorado, Georgia, Hawaii, Maryland, Virginia, Washington state, and D.C. Notably, the demands from those workers echo many of the demands made by California and Oregon’s union members. 

The Demands 

At the center of this potential strike are three issues: staffing problems, safety concerns, and proposed revisions to Kaiser’s payment system. For months, nurses have been publicly complaining about long shifts spurred by the COVID-19 pandemic, staffing shortages, and an over-reliance on contract nurses.

Because of that, they’re seeking to force Kaiser to commit to hiring more staff, as well as boost retention.

But the main catalyst for any looming strikes is pay. According to UNAC/UHCP, Kaiser wants to implement a two-tier payment system, which would decrease earnings by 26% to 39% for employees hired from 2023 onward. On top of that, those new employees would see fewer health protections.

The unions and their members worry such a system could lead to an increased feeling of resentment among workers since they would be paid different rates for performing the same job. They also worry it could exacerbate retention and hiring issues already faced by the hospital system. 

Additionally, the workers want to secure 4% raises for each of the next three years, but Kaiser’s currently only willing to give 1%, citing a need to reduce labor costs to remain competitive.

See what others are saying: (Los Angeles Times) (The Washington Post) (KTLA)

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