Hi again. Apple has introduced a handful of <a href="https://www.businessinsider.com/apple-march-event-recap-new-iphone-se-13-mac-studio-2022-3">upgraded gadgets and new colors</a>, and a Twitter bot <a href="https://www.insider.com/bot-tweets-gender-pay-gap-companies-celebrating-international-womens-day-2022-3">went viral for exposing companies' pay gaps</a> on International Women's Day.Ready? Let's dive in.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://www.businessinsider.com/apple-march-event-recap-new-iphone-se-13-mac-studio-2022-3"></a>1. Apple's new gadgets have arrived. During yesterday's "Peek Performance" event, Apple unveiled a handful of upgraded devices, new colorways, and <a href="https://techcrunch.com/2022/03/08/apple-tv-to-stream-weekly-major-league-baseball-games-in-its-first-live-sports-deal/">Apple TV+ perks</a> — and <a href="https://www.theverge.com/2022/3/8/22967616/apple-27-inch-imac-studio-desktop">bid adieu to a longstanding iMac</a>. Here are the latest Apple devices:<ul><li>A new iPhone SE 3: Apple's cheapest and most popular model has been upgraded with the new A15 Bionic silicon chip, and will have improved camera capabilities. It'll come in black, white, and red. <a href="https://www.businessinsider.com/new-apple-iphone-se-a15-chip-2022-3">More on the new iPhone SE 3.</a></li><li>A new iPad Air: Starting at $600, <a href="https://www.businessinsider.com/guides/tech/new-apple-new-ipad-air-2022-3">the new iPad Air</a> runs on the same M1 processor as the iPad Pro and some MacBooks, making it 60% faster than the 2020 version, the company said. </li><li>The Mac Studio: The new desktop computer resembles the Mac Mini desktop line, but with more power and a higher price, starting at $1,999. <a href="https://www.businessinsider.com/new-apple-desktop-computer-mac-studio-2022-3">More on the Mac Studio.</a></li><li>Going green: Apple introduced two new colors for the iPhone 13 lineup: alpine green and green. <a href="https://www.apple.com/newsroom/2022/03/apple-introduces-gorgeous-new-green-finishes-for-the-iphone-13-lineup/">See the new colors here.</a> </li></ul><a href="https://www.businessinsider.com/apple-march-event-recap-new-iphone-se-13-mac-studio-2022-3">These are the other Apple updates you may have missed.</a> In other news:<a href="https://www.businessinsider.com/amazon-aws-halting-new-customers-in-russia-belarus-2022-3"></a><div type="image" title="AWS" height="1995" width="2661" msid="90102354" hostid="261"></div>2. Amazon Web Services has halted taking on new customers in Russia and Belarus. The company said it has no facilities in Russia and does not do business with its government, adding that its existing customers in Russia are headquartered outside the country. <a href="https://www.businessinsider.com/amazon-aws-halting-new-customers-in-russia-belarus-2022-3">What we know so far. </a>3. Three startup founders landed $5 million after telling investors "why you shouldn't invest." The founders of software firm Passthrough addressed concerns head-on in their pitch memo, and said it helped weed out the skeptics and find the right investors sooner. <a href="https://www.businessinsider.com/passthrough-unusual-pitch-memo-fund-raising-fund-managers-2022-3">How they tackled doubts and came out with millions.</a>4. It wasn't just you — Spotify had a major outage yesterday. Spotify acknowledged problems yesterday afternoon after users reported being logged out of the app. Discord, too, was experiencing issues, though the problems were unrelated. <a href="https://www.theverge.com/2022/3/8/22967531/spotify-discord-logout-outage-offline-server-problem?scrolla=5eb6d68b7fedc32c19ef33b4">Get the latest on the outage.</a>5. A software engineer at a Big <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">Tech</keyword> company details his path to a $180,000 salary. As part of Insider's "Salary Journeys," a series that discusses how much people have made over their careers, a 32-year-old explained his career path — and why he still feels underpaid. <a href="https://www.businessinsider.com/software-engineer-salary-journey-big-tech-company-2022-3">Read his full journey here.</a>6. Elon Musk wants out of an SEC settlement that requires Tesla lawyers to approve his tweets. Claiming it stifles free speech, the Tesla CEO asked a judge to toss the settlement, which was reached after the SEC decided his <a href="http://businessinsider.com/elon-musk-says-may-take-tesla-private-2018-8">now-infamous tweet</a> about taking Tesla public misled investors. <a href="https://www.businessinsider.com/elon-musk-tesla-sec-twitter-free-speech-2022-3">Here's the latest on Musk's settlement.</a>7. A brother-sister crypto mining operation has been charged in a $124 million scheme. The pair is being charged for running an alleged crypto scam, wherein they propped up a token called Ormeus Coin — which the DOJ and SEC said was based on "fiction" to defraud thousands of investors. <a href="https://www.businessinsider.com/cryptocurrency-marketer-john-barksdale-sister-charged-securities-fraud-ormeus-coin-2022-3">More on the "traveling salesman" scheme.</a>8. Amanda Seyfried worried she'd destroy her voice talking like Elizabeth Holmes in "The Dropout." Holmes, the former Theranos CEO <a href="https://www.businessinsider.com/theranos-founder-ceo-elizabeth-holmes-life-story-bio-2018-4">found guilty of wire fraud</a>, has a notoriously deep voice that Seyfried had to replicate in the new Hulu series. She told the LA Times that she feared dropping her voice several octaves <a href="https://www.businessinsider.com/amanda-seyfried-elizabeth-holmes-voice-the-dropout-2022-3">would do permanent damage to her vocal cords.</a> Odds and ends:<a href="https://www.businessinsider.com/volkswagen-id4-electric-suv-pros-and-cons-review-2022-3"></a><div type="image" title="2021 Volkswagen ID.4." height="1000" width="1333" msid="90102355" hostid="261"></div>9. Weighing the pros and cons of the $40,000 Volkswagen ID.4. Insider's transportation reporter took the electric SUV for a spin, and liked its solid driving range and comfy interior, but was frustrated by its interior tech. <a href="https://www.businessinsider.com/volkswagen-id4-electric-suv-pros-and-cons-review-2022-3">Here's what to consider before buying the ID.4.</a>10. A Twitter bot went viral for shaming companies on International Women's Day. "Employers, if you tweet about International Women's Day, I'll retweet your gender pay gap," the bot's bio reads. Yesterday, it <a href="https://twitter.com/PayGapApp">retweeted hundreds companies</a> — including Warner Music and McAfee. <a href="https://www.insider.com/bot-tweets-gender-pay-gap-companies-celebrating-international-womens-day-2022-3">The bot's developers explain its purpose.</a>What we're watching today:<ul><li>Volkswagen to launch a production version of its new <a href="https://www.businessinsider.com/electric-vw-volkswagen-bus-photos-teaser-2021-11">ID.Buzz electric microbus van.</a></li><li>Bloomberg is hosting its <a href="https://events.bloomberglive.com/work-shifting-redefining-normal/home">Work Shifting 2.0: Redefining Normal</a> event today.</li><li>The Women's Private Equity Summit is scheduled <a href="https://events.withintelligence.com/womensprivateequitysummit">to take place today.</a></li><li>Jury selection for the <a href="https://www.justice.gov/usao-ndca/us-v-elizabeth-holmes-et-al#:~:text=Trial%20%E2%80%93%20U.S.%20v.-,Ramesh%20%E2%80%9CSunny%E2%80%9D%20Balwani,Wednesday%2C%20March%209%2C%202022.">trial of Theranos exec</a> Ramesh "Sunny" Balwani is set to begin today.</li></ul>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

10 Things in Tech: Apple debuts new products

<ul><li>Outage in some of the world's most popular social media and messaging apps rattled netizens around the world.</li><li>A Facebook spokesperson blamed the outage on a 'technical issue' in a statement to Business Insider.</li><li>Stay tuned to Business Insider for the latest news and updates.</li></ul>There are reports of WhatsApp, Facebook and Instagram being down and not accessible to users across several parts of the country. Downdetector reported 38,008 reports for WhatsApp, 30,707 reports for Instagram as of 11:03 PM (Indian Standard Time). However, none of the three Facebook-owned platforms have issued any statement so far. Complaints started surfacing around 10:40 PM., according to Downdetector, which showed that users couldn't access other Mark Zuckerberg's apps including Messenger, not just in India. "Earlier today, a technical issue caused people to have trouble accessing some Facebook services. We resolved this issue for everyone, and we apologize for any inconvenience,” a spokesperson for Facebook told Business Insider. <div type="image" title="whatsapp outage" msid="81593730" hostid="261" caption="&amp;lt;p&amp;gt;A screenshot from the downdetector site at 11:44 PM India time.&amp;lt;/p&amp;gt;"></div> "The appearance of error messages between services also varies. On Instagram, the outage may manifest as a "5xx Server Error," while WhatsApp simply shows the clock icon next to messages that aren't being delivered," <a href="https://www.androidpolice.com/2021/03/19/its-not-just-you-whatsapp-instagram-and-facebook-messenger-are-down/" data-type="tilCustomLink" target="_blank">the Android Police reported</a>. <div type="image" title="Facebook outage" msid="81593832" hostid="261" caption="&amp;lt;p&amp;gt;More than half the complaints on Downdetector reported a complete blackout for Facebook users.&amp;lt;/p&amp;gt;"></div> So far, the worst outage in Facebook's history was in March 2019 when the social network went down for hours. In its response, the company said that it was caused by a cyber-attack that involves flooding a target service with extremely high volumes of traffic. However, today's downtime is the second one this month for the platform's users in India. <div type="image" title="messenger outage" msid="81594168" hostid="261" caption="&amp;lt;p&amp;gt;More than 2 out of five users complaining about the outage in Facebook Messenger were not able to receive texts.&amp;lt;/p&amp;gt;"></div> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Social media platform </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of monthly active users in India </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">WhatsApp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">530 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YouTube </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">448 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Facebook </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">410 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Instagram </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">210 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Twitter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.5 million </td></tr></tbody></table>Source: Government of India SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nazara-technologies-ipo-subscribed-by-175-times/articleshow/81588602.cms">Rakesh Jhunjhunwaala-backed Nazara Technologies IPO subscribed by 175 times</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nazara-technologies-ipo-subscribed-by-175-times/articleshow/81588602.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/accenture-announces-one-time-bonus-for-all-employees-as-the-tech-giant-sees-robust-revenue-growth/articleshow/81572548.cms">Accenture announces one-time bonus for all employees as the tech giant sees robust revenue growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/the-man-who-bought-beeples-69-million-nft-reveals-his-identity-to-show-the-equalising-power-of-crypto-but-is-caught-in-a-controversy-himself/articleshow/81583375.cms">The man who bought Beeple’s $69 million NFT reveals his identity to show the equalising power of crypto — but is caught in a controversy himself</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/the-man-who-bought-beeples-69-million-nft-reveals-his-identity-to-show-the-equalising-power-of-crypto-but-is-caught-in-a-controversy-himself/articleshow/81583375.cms"></a>

WhatsApp, Facebook and Instagram down for at least an hour for users across the world

Welcome to 10 Things Before the <keyword id="11907548" type="UNKNOWN" weightage="60" keywordseo="opening-bell" source="Orion">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's jump in.1. Stocks are still marching higher, with <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> taking heart from a steady drop in coronavirus cases. Even downbeat Chinese data could spoil the optimistic mood as the global growth rate in cases stalls. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-global-covid-19-china-pmi-online-gaming-2021-8">Check out the latest moves on the markets.</a>2. You might be able to trade stocks on Paypal soon. The firm hired an investing-industry veteran to lead a team that will explore a stock-trading offering for US customers. It likely won't launch this year,<a href="https://markets.businessinsider.com/news/stocks/paypal-stock-trading-platform-service-us-customers-crypto-rich-hagen-2021-8"> but here's what to look out for.</a> 3. Four other stocks may mimic Support.com's recent short-squeeze surge. The software company could have more room to keep rising, and other stocks including Lightning eMotors and Vinco Ventures could get the meme-stock treatment. <a href="https://www.businessinsider.com/stocks-to-buy-short-squeeze-candidates-sprt-supportcom-gamestop-fintel-2021-8#1-supportcom-1">Here's the full list from Fintel. </a>4. On the docket: CrowdStrike, Sun Pharmaceutical and Hua Xia Bank, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a> 5. Shares of Louisiana's biggest utility provider dipped 4% after Hurricane Ida damages left more than 1 million without power. Entergy said all of its transmission lines were down following the storm, and officials expect the power outage to last for days more. <a href="https://markets.businessinsider.com/news/stocks/entergy-stock-price-hurricane-ida-leaves-1-million-without-power-2021-8">Here's how Ida is impacting the local utility market.</a>6. Mohamed El-Erian thinks the Fed has waited too long to taper, and sees economic instability coming as a result. The Allianz chief economic advisor has repeatedly said that the Fed's dovish tone could put the economy at risk as it slowly trims asset purchases. <a href="https://markets.businessinsider.com/news/bonds/inflation-outlook-federal-reserve-tapering-mohamed-el-erian-slow-economy-2021-8">This is how he thinks things will shake out.</a>7. The crypto bubble will pop - invest in gold instead, says billionaire investor who called the 2008 crash. John Paulson described crypto as a "limited supply of nothing" and is anything but bullish on digital currencies. <a href="https://markets.businessinsider.com/news/currencies/john-paulson-crypto-bitcoin-gold-2008-crash-hedge-fund-inflation-2021-08">Here's why he thinks you should bet on gold to hedge against inflation. </a>8. George Soros isn't betting on China's stock market to rebound. He told investors to be wary of Chinese stocks, warning that those who buy into the recent rally are in for a "rude awakening." <a href="https://markets.businessinsider.com/news/stocks/george-soros-china-stocks-sec-blackrock-gary-gensler-regulatory-crackdown-2021-08">Read the legendary investor's full comments here.</a>9. US tech stocks could jump 10% by the end of the year as investors rotate out of Chinese names. Amid ongoing Chinese regulation, Wedbush's Dan Ives sees a positive market landscape for US-based FAANG stocks, cloud names, and cybersecurity companies. <a href="https://markets.businessinsider.com/news/stocks/tech-stocks-outlook-bullish-wedbush-faang-china-regulations-market-ives-2021-8">See the stocks he's particularly bullish on.</a>10. Morgan Stanley revamped its 'Vintage Values' stock list that's crushed the S&amp;P 500 over the past year. The 15-stock selection includes Alphabet and Coca-Cola. <a href="https://www.businessinsider.com/stock-picks-to-buy-now-beat-the-sp500-morgan-stanley-2021-8#2-apollo-global-management-2">Here's the full list. </a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

10 things before the opening bell

<ul class="summary-list"><li><keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> has suspended vehicle purchases made using <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, according to a tweet from CEO <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>. </li><li>Crypto "is a good idea ... but this cannot come at great cost to the environment," Musk said.</li><li>Tesla reported buying $1.5 billion worth of <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">bitcoin</a> in February.</li></ul>Tesla has suspended vehicle purchases made using bitcoin, according to a tweet from CEO Elon Musk. "We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk said in a tweet Wednesday.Tesla reported buying $1.5 billion worth of <a href="https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html">bitcoin</a> in February.The electric-car maker will not sell its bitcoin holdings, and intends to use the digital currency for transactions as soon as "mining transitions to more sustainable energy," Musk said.Musk has personally supported investment in cryptocurrencies like bitcoin and dogecoin. Cambridge's Centre for Alternative Finance reported bitcoin's energy consumption - which is <a href="https://markets.businessinsider.com/currencies/news/bitcoin-uses-more-energy-than-american-airlines-bank-of-america-2021-3-1030224439">more than American Airlines</a>, according to one measure - <a href="https://markets.businessinsider.com/currencies/news/bitcoin-energy-consumption-cambridge-study-cryptocurrencies-bitcoin-mining-climate-change-2021-3-1030180485">jumped 80%</a> since the beginning of 2020."Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment," Musk said.Bitcoin's energy consumption has recently come under scrutiny. Ars Technica reported a private-equity firm <a href="https://arstechnica.com/tech-policy/2021/05/private-equity-firm-revives-zombie-fossil-fuel-power-plant-to-mine-bitcoin/">revived a defunct coal-fired power plant</a> largely to mine bitcoin. And The Washington Post said the <a href="https://www.washingtonpost.com/world/2021/01/16/massive-blackouts-have-hit-iran-government-is-blaming-bitcoin/">Iranian government blamed a power outage on bitcoin</a>.Cryptocurrency advocates defend bitcoin by saying miners increasingly rely on renewable energy sources, but estimates vary widely about how much that's the case, with studies saying anywhere from <a href="https://www.businessinsider.com/bitcoin-uses-as-much-energy-as-sweden-and-is-on-course-to-use-even-more-2021-3">39 to 74% of the bitcoin network's energy usage</a> is green.

Tesla suspends bitcoin payments for vehicle purchases over the negative environmental impact of cryptocurrency mining

Welcome to 10 Things Before the <keyword id="11907548" type="UNKNOWN" weightage="60" keywordseo="opening-bell" source="Orion">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.Let's jump in.1. Hurricane Ida made landfall in Louisiana on Sunday. Oil production cuts made in anticipation of the storm have already exceeded those made during Hurricane Katrina 16 years ago. <a href="https://www.businessinsider.com/hurricane-ida-could-leave-many-without-power-oil-production-slashed-2021-8" target="_blank" rel="noopener">Extensive power outages are expected, and the price of crude oil will likely keep climbing</a>.2. Friday's long-awaited Fed speech was business as usual - which was the best possible outcome. Jerome Powell didn't make waves at his annual Jackson Hole address, simply reiterating that the Fed could start tapering asset purchases this year. <a href="https://www.businessinsider.com/jerome-powell-fed-jackson-hole-speech-uneventful-best-outcome-tapering-2021-8">Stocks shot up to record highs as Powell spoke</a>.3. RBC analysts just updated their list of favorite small-cap stock ideas. Their picks include 13 outperform-rated companies with upside ranging from 20% to 130%. <a href="https://www.businessinsider.com/stocks-to-buy-best-small-cap-growth-high-upside-rbc-2021-8" target="_blank" rel="noopener">Check out the list, which is dominated by tech and biopharma names</a>.4. Earnings on deck: Zoom, Bank of China, and Haier Smart Home, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a> 5. Amazon-backed EV maker files for IPO. Rivian is reportedly seeking an $80 billion valuation, and has already raised more than $10 billion since its founding. <a href="https://markets.businessinsider.com/news/stocks/rivian-ipo-ev-maker-seeks-80-billion-valuation-amazon-2021-8">Here's how the electric-vehicle manufacturer plans to compete with Tesla</a>.6. Tim Cook netted $355 million after selling the Apple shares he received as a work bonus. The company gave Cook more than $750 million of stock after he spearheaded a decade of company growth and a soaring stock price. <a href="https://markets.businessinsider.com/news/stocks/tim-cook-apple-stock-performance-payout-share-award-sale-2021-8">Read more on the lucrative week for the Apple billionaire</a>.7. China intends to ban US stock listings for tech companies that store sensitive user data. Still, Chinese regulators said those that hold less sensitive data, like pharmaceutical firms, should still go ahead with planned listings abroad. <a href="https://markets.businessinsider.com/news/stocks/china-ban-tech-companies-us-ipo-listings-sensitive-user-data-2021-8">See the latest numbers behind China's crackdown</a>.8. Your morning cup of joe might get more expensive as the global coffee supply chain get squeezed. Vietnam, the world's second-biggest coffee grower, has instituted strict COVID-19 travel lockdowns amid a new wave of outbreaks. <a href="https://markets.businessinsider.com/news/commodities/coffee-price-shortage-supply-chain-global-vietnam-travel-covid-lockdown-2021-8">Coffee prices have already been on the upswing amid a drought in Colombia and crop damage in Brazil</a>.9. We spoke to a top crypto-market technician who got bullish on Cardano before it surged 92%. JC Parets broke down his thinking on the call - and the broader crypto market - in an exclusive interview. <a href="https://www.businessinsider.com/crypto-price-forecasts-cardano-dogecoin-solana-helium-bullish-technical-analysis-2021-8" target="_blank" rel="noopener">Check out his takes on solana, helium, dogecoin, and bitcoin</a>.10. A 48-year market vet warns that the Fed will be forced to tighten policy 'way sooner' than investors anticipate. David Hunter of Contrarian Macro Advisors sees this happening as inflation continues to soar. <a href="https://www.businessinsider.com/stock-market-crash-expert-warns-sp-500-drop-fed-tightens-2021-8" target="_blank" rel="noopener">He unpacks his outlier call for an up-to-80% stock-market crash</a>.Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> mining consumes roughly 0.5% of all <keyword id="12040003" type="UNKNOWN" weightage="60" keywordseo="energy-consumption" source="Orion">energy consumption</keyword> worldwide, according to the New York Times.</li><li>That's roughly seven times more than <keyword id="11892740" type="UNKNOWN" weightage="60" keywordseo="google" source="Orion">Google</keyword>'s total energy consumption per year, the report said.</li><li>Bitcoin's negative environmental impact is expected to become a bigger issue as <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> gains more popularity.</li></ul>Bitcoin's price has jumped nearly fivefold in the past year, but the rapid run-up is leading to significantly higher energy consumption for the popular cryptocurrency worldwide.That's largely because more people are competing to mine bitcoin - a process that involves solving complex mathematical problems that help verify digital currency transactions. Miners who solve these problems receive a share of bitcoin, and as more people who compete to mine them, the more energy it takes.It's difficult to measure exactly how much energy bitcoin mining consumes, but <a href="https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html" target="_blank" rel="noopener">a new analysis by the New York Times shared some staggering data</a> that puts the energy use in perspective:<ul><li>Bitcoin mining consumes around 91 terawatt-hours of electricity annually.</li><li>That's more annual electricity use than all of Finland, which is a country of 5.5 million people.</li><li>That's almost 0.5% of all electricity consumption worldwide, and a 10 times jump from just five years ago.</li><li>That's about the same amount of electricity consumed in the state of Washington each year, and more than a third of electricity used for residential cooling in the US annually.</li><li>And it's more than seven times the electricity used by all of Google's global operations.</li></ul>Given bitcoin's massive price appreciation in recent years, it's not hard to expect the electricity consumption to continue to grow. Bitcoin is now <a href="https://markets.businessinsider.com/currencies/btc-usd" target="_blank" rel="noopener">worth about $50,000</a>, a roughly fivefold increase from last year. It was priced at around $500 in 2016.With increased competition, bitcoin mining has become an industry of its own, requiring specialized machines, servers, and huge data centers with enough cooling capacity to keep the computers from overheating.As noted, the internal mining process itself has become more complex; <a href="https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html" target="_blank" rel="noopener">according to the New York Times</a>, a single desktop computer could easily mine bitcoin back in 2011, when the cryptocurrency had little following. Now, it takes roughly "13 years of typical household electricity" to mine a single bitcoin.<div type="image" title="A man stands at the end of a long corridor. The walls are packed with computers and wires, which are being used to mine bitcoin." height="1500" width="3000" msid="85995128" hostid="261"></div>For those who have been following bitcoin and the broader cryptocurrency space, the environmental impact of mining has long been a problem to reckon with. Iran was rocked by power outages earlier this year that were <a href="https://www.washingtonpost.com/world/2021/01/16/massive-blackouts-have-hit-iran-government-is-blaming-bitcoin/" target="_blank" rel="noopener">partly blamed on bitcoin</a>. In March, Bill Gates <a href="https://www.nytimes.com/2021/03/09/business/dealbook/bill-gates-bitcoin.html" target="_blank" rel="noopener">warned bitcoin</a> was "not a great climate thing." And U.S. Treasury Secretary Janet Yellen has called its energy use "staggering."In response, some asset managers are looking to address crypto's environmental concerns. Michael Hanus, a senior managing director at the alternative investments platform RealBlocks, <a href="https://www.businessinsider.com/fidelity-blackrock-crypto-environmental-esg-concerns-investing-asset-managers-2021-5" target="_blank" rel="noopener">previously told Insider</a> that asset managers are becoming increasingly aware of crypto's sustainability issues.Hanus made reference to ESG analysis, an investing philosophy that encourages firms to consider an investment's environmental, social, and corporate governance impact. "A lot of managers, if you look at ESG, were originally focused on the 'G,' the governance aspects, in order to improve their portfolios. I think that's shifting now, and there is additional emphasis on the 'E' and the 'S' of ESG," Hanus said.In other words, asset managers are trying to balance the possible negative environmental and social aspects of cryptocurrency with the money it can potentially earn investors.

Bitcoin mining consumes 0.5% of all electricity used globally and 7 times Google's total usage, new report says

Good morning! This is the tech news you need to know this Monday. <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech&amp;hash=8122c716833601fc1471f79af063b104?nr_email_referer=1&amp;utm_source=Sailthru&amp;utm_medium=email&amp;utm_content=10_things_tech&amp;utm_campaign=Post%20Blast%20sai:%2010%20things%20in%20tech%20you%20need%20to%20know%20today&amp;utm_term=10%20THINGS%20IN%20TECH%20YOU%20NEED%20TO%20KNOW%20-%20ENGAGED%2C%20ACTIVE%2C%20PASSIVE%2C%20DISENGAGED0PASSIVE%2C%20DISENGAGED">Sign up here</a> to get this email in your inbox every morning.Have an Amazon Alexa device? Listen to this update by searching "Business Insider" in your flash briefing settings.<ol><ol><li>Exclusive: Sources told us how Google decided to pull Parler. After the US Capitol riots, <a href="https://www.businessinsider.com/insiders-talk-tensions-between-google-and-parler-2021-1">concerns were raised by some members</a> of Play Store's "Merchandising" team, which is responsible for how apps are features and promoted on the Play Store. </li><li>Waymo's CEO dunked on Tesla. John Krafcik <a href="https://www.businessinsider.com/waymo-ceo-says-tesla-isnt-competitor-for-fully-autonomous-vehicles-2021-1">said Tesla is</a> "no competitor at all" for its autonomous vehicles, in an interview with Germany's <a href="https://www.manager-magazin.de/unternehmen/autoindustrie/waymo-john-krafcik-ueber-den-vorsprung-des-google-roboterautos-a-00000000-0002-0001-0000-000174925837">Manager Magazin</a>. </li><li>The iPhone 12 can interfere with pacemakers. Both <a href="https://www.macrumors.com/2021/01/23/apple-updates-iphone-magnet-support-document/?scrolla=5eb6d68b7fedc32c19ef33b4">the iPhone 12 and Apple's accessories</a> that feature magnets can interfere with medical devices, Apple said. </li><li>Tesla says an employee stole trade secrets. Tesla said engineer Alex Khatilov was hired on December 28 <a href="https://www.businessinsider.com/elon-musks-tesla-suing-an-ex-worker-who-it-says-downloaded-trade-secrets-2021-1">and began transferring files</a> within days. </li><li>Microsoft patented a chatbot that can impersonate a deceased loved one. The chatbot <a href="https://www.businessinsider.com/microsoft-patents-a-chatbot-to-imitate-real-people-2021-1">would be created</a> through content readily available on social media. </li><li>Microsoft defended its PAC in leaked audio. Microsoft's president, Brad Smith, said <a href="https://www.businessinsider.com/microsoft-president-defends-corporate-pac-leaked-audio-2021-1">in a leaked recording</a> the PAC is vital to the company's interests. </li><li>Exclusive: Ex-Plaid employees are flooded with share purchase offers. Former Plaid employees say they've been "inundated" <a href="https://www.businessinsider.com/former-plaid-employees-get-offers-to-buy-shares-2021-1">with offers to buy their shares</a> for up to $1,200 apiece. </li><li>Iran blamed crypto mining for blackouts. The Iranian government <a href="https://www.businessinsider.com/iran-government-blames-bitcoin-for-blackouts-in-tehran-other-cities-2021-1">has blamed Bitcoin</a> and other forms of cryptocurrency for power outages across the country that have left millions in darkness. </li><li>Exclusive: We surveyed hundreds of Amazon employees. The majority responded that they were both <a href="https://www.businessinsider.com/amazon-employees-say-theyre-happy-with-jobs-pay-and-leadership-2021-1">happy and well paid</a>. </li><li>Exclusive: We analysed the executives and investors steering $7 billion food delivery company Deliveroo to IPO. The list <a href="https://www.businessinsider.com/who-is-on-deliveroo-board-ipo-2021-1">comprises familiar City figures</a> such as Next CEO Simon Wolfson and interim Premier League chair Claudia Arney.</li></ol></ol>

10 things in tech you need to know today

<ul><li>The future of the web is <keyword id="692030" type="General" weightage="20" keywordseo="web-3-0" source="Orion">Web 3.0</keyword> – with <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword>, <keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword> and <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword>, all interested in shaping it.</li><li>According to crypto investment firm Grayscale, the industry is a $1 trillion opportunity.</li><li>However, the philosophy behind Web 3.0 is for developers to take back control of their content from these tech giants.</li></ul>Just as cloud technology revolutionised data storage, Web 3.0 is looking to change the way the internet functions — only in a much bigger way. Most leading digital companies and industries, including the world of blockchain. has a laundry list of what they expect Web 3.0 to mean for them. “The <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> is still emerging, but many key components have started to take shape and are revolutionising everything from e-commerce to media and entertainment, even real estate,” said crypto investment firm Grayscale's November report. Today’s Web 3.0 promises to be more reliable, decentralised — with control in the user’s hands — enables socialising for work and play through <a href="https://www.businessinsider.in/investment/news/the-metaverse-may-change-the-way-you-earn-money-shop-or-even-chill-with-friends-in-the-future/slidelist/86677906.cms">the metaverse</a>, and makes it cheaper as well as easier to make payments. At <a href="https://www.facebookconnect.com/en-us/session/70f2a060-08ef-4aba-a500-3c0495e5519a/">Facebook</a>’s developer conference this year, founder Mark Zuckerberg laid out his vision for Web 3.0 and the metaverse. He even changed the name of his company to ‘Meta’ to signal a new age of development. “I believe the metaverse is the next chapter for the internet,” he said in October. <cmsannotation type="cmsannotation" annotationid="The OGs — Web 1.0 and 2.0" comment="subhead" text="The OGs — Web 1.0 and 2.0">The OGs — Web 1.0 and 2.0</cmsannotation> To start with, let us differentiate between the ‘internet’ and the ‘worldwide web’. The Internet is the physical infrastructure of cables, satellites, <a href="https://www.businessinsider.in/tech/how-to/what-is-an-isp-the-companies-that-provide-you-with-access-to-the-internet-explained/articleshow/83449663.cms">Internet Service Provider</a> (ISP) networks and routers, through which all data traffic passes. The web is one of the types of data traffic that flows across the Internet. It’s the highway you travel when browsing the internet, making a video call, surfing social media or sending data from your computer to the cloud. The first iteration of the web, Web 1.0, is thirty years old. Think company home pages, curated website directories, static web pages and flash banner ads. Very few people were creating content and a large part of the population was only reading what they had to say. You have moved well past that stage, and are at the<a href="https://ethereum.org/en/developers/docs/web2-vs-web3/"> transition between</a> Web 2.0 and Web 3.0. As compared to Web 1.0, Web 2.0 brought in a lot more interactivity between people – think comments, blogs, wikis, social media, government websites for citizen services, streaming video, and so on. Although these services are accessible to everyone including those with small smartphone screens, they’re mostly hosted on centralised platforms. This Achilles Heel left Web 2.0 susceptible to cyber-attacks, user <a href="https://www.businessinsider.in/slideshows/biggest-data-breaches-of-2019/slidelist/72465909.cms">data breaches</a>, server outages and government <a href="https://www.businessinsider.in/slideshows/miscellaneous/here-are-all-the-major-us-tech-companies-blocked-behind-chinas-great-firewall/slidelist/69472904.cms">censoring</a> as seen with <a href="https://www.businessinsider.in/tech/news/533-million-facebook-users-phone-numbers-and-personal-data-have-been-leaked-online/articleshow/81889315.cms">Facebook</a>, <a href="https://www.businessinsider.in/tech/news/twitter-sorry-for-data-breach-involving-business-clients/articleshow/76543588.cms">Twitter</a>, <a href="https://www.businessinsider.in/tech/news/over-100-million-debit-and-credit-card-users-data-has-been-leaked-online-from-payments-processor-juspay-amazon-and-swiggy/articleshow/80096472.cms">Amazon</a> and the big tech giants of today. <cmsannotation type="cmsannotation" annotationid="The shift to Web 3.0" comment="subhead" text="The shift to Web 3.0">The shift to Web 3.0</cmsannotation> The pandemic of 2020 accelerated every building block of Web 3.0. Starting from making it viable for large groups of people to hangout together online for long time periods — a social and workplace requirement — to the resulting large virtual economies of scale, aspects of Web 3.0 led many companies to accelerate their <a href="https://www.businessinsider.in/tech/news/how-the-importance-of-digital-has-changed-post-pandemic/articleshow/87363470.cms">digital transformation</a> plans. However, the hunger for schooling and <a href="https://www.businessinsider.in/thelife/news/zerodha-nithin-kamath-says-its-time-to-pack-up-and-move-from-indias-large-cities-and-permanently-work-from-home/articleshow/82230947.cms">working from</a> any physical location, also led to popularity of decentralised digital communities and virtual worlds that mesh with the real world, especially those which were previously unheard of from the blockchain space. Looking forward to Web 3.0 has begun a scramble for both, identifying and defining the future of the web. During the era of Web 1.0, Netscape connected users to the online world. During 2.0, Facebook sparked a revolution by connecting people to online communities. Now, during the nascent stages of Web 3.0, platforms like Decentraland are creating community owned virtual worlds. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="The birth of the creator economy — why developers favour Web 3.0 and tech giants are trying to keep up" comment="subhead" text="The birth of the creator economy — why developers favour Web 3.0 and tech giants are trying to keep up">The birth of the creator economy — why developers favour Web 3.0 and tech giants are trying to keep up</cmsannotation> This year, Microsoft, Meta — Facebook’s new name, which many have speculated is Zuckerberg’s comical attempt to shed the bad press associated with the social network — and Apple have<a href="https://medium.com/building-the-metaverse/clash-of-the-metaverse-titans-microsoft-meta-and-apple-ce505b010376"> all announced</a> their interest in the metaverse. Rather than get disrupted by other players, these tech giants are attempting to disrupt themselves with the shift in <a href="https://www.growth.gs.com/content/dam/GSGrowth/pdf/GS-Growth-Equity.pdf">how users spend their free time</a>. Millennials and the generations that have come after, spend less time watching TV, preferring social media and video games instead. With convergence of social lives and gaming, the revenue of virtual gaming worlds is expected to grow to $400 billion in 2025, according to <a href="https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK%E2%80%93Invest_BigIdeas_2021.pdf">Ark Invest’s</a> estimates. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7942287"></div>]]></cdata></div> Moreover, game developers<a href="https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK%E2%80%93Invest_BigIdeas_2021.pdf"> are seeing a trend</a> where players are moving away from paying to buy a game — also called premium games — towards free games that are monetised over the course of play. Games like Fortnite and PlayerUnknown’s Battlegrounds (PUBG) are two of the most popular games in the online universe today. While the games themselves are free, players spend money on in-game items to improve gameplay and ‘bragging rights’ — enhancing their social status within the virtual world. And, that’s where the idea of play-to-earn (P2E) emerges, which is enabled by Web 3.0’s open crypto metaverse networks. P2E means that players can monetise the time and effort they spend in building digital assets within a metaverse. Players can own their creations as non-fungible tokens (NFT). These NFTs can then either be traded within the game or sold to other players in exchange for token than can be exchanged for fiat money, like the US dollar or the rupee. The two most powerful platforms driving that change right now are Decentraland and <a href="https://www.businessinsider.in/cryptocurrency/news/axie-infinity-players-in-the-philippines-may-have-to-start-paying-tax-on-trading-pets/articleshow/85618940.cms">Axie Infinity</a>. Even games like MIR4, which have been <a href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-mir4-is-all-the-rage-despite-mostly-negative-reviews/articleshow/85799785.cms">criticised</a> for their tokenomics and game-play in general, have thousands of users because of the earning potential — <a href="https://www.businessinsider.in/investment/news/axie-infinity-has-an-inflation-problem-and-without-more-players-its-going-to-be-a-tough-fix/articleshow/87840750.cms">however small.</a> By contrast, a Web 2.0 based closed corporate metaverse doesn’t support the P2E model. For example, players may slowly collect digital assets in Fortnite or Grand Theft Auto, and use them for playing, but they cannot sell them in-game to earn money. According to Bloomberg Intelligence, the market opportunity for the metaverse can reach $800 billion by 2024. <div type="image" title="figure5" msid="87959856" hostid="261" caption="&amp;lt;p&amp;gt;Game in the metaverse are both open and provide earning potential&amp;lt;/p&amp;gt;"></div> Currently, Web 3.0 virtual worlds are estimated to have gained 50,000 users which leaves plenty of room for growth – crypto users globally are estimated at 220 million. Chasing that growth was $1.8 billion of funds<a href="https://docsend.com/view/t2c92yuefkmwnajf"> raised in 2021 Q3</a> alone, towards the segments of Web 3.0-NFT-blockchain gaming, out of a total of $8.2 billion raised by all crypto in the same quarter. A shift to P2E is a leap of faith and challenging, because keeping digital assets locked into the game can be good commercially for the company, while allowing conversion of in-game wealth into real money in player pockets leaves the game open to reduction of value in the future. For this reason, the Web 3.0 P2E trailblazers tend to be relatively new companies who started with little to lose. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7942448"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Examples of Web 3.0’s value are already emerging" comment="subhead" text="Examples of Web 3.0’s value are already emerging">Examples of Web 3.0’s value are already emerging</cmsannotation> Even as efforts are ongoing to bring benefits of the metaverse to virtual education and office, this year saw it shining in other areas that could bring an experience home to a person. In a high-value opportunity,<a href="https://www.theartnewspaper.com/2021/06/07/crypto-crazed-sothebys-launches-first-virtual-gallery-in-digital-metaverse-decentraland"> Sotheby’s</a> is present on Decentraland now as a virtual art gallery where digital NFT art can be showcased by owners, and auctioned to bidders. Audiences can attend large-format events safely with virtual music venues, such as the concert that rapper Snoop Dogg recently threw in his mansion recreated on The Sandbox metaverse. Employees can collaborate and hang out together at their digital office, like the metaverse HQ setup by crypto exchange Binance. Advertisers such as<a href="https://www.exchange4media.com/digital-news/metaverse-a-new-terrain-for-brands-to-play-digital-marketing-game-116666.html"> Coke and Dell</a> have metaverse advertising campaigns too, fostering brand awareness of game players for a price, using digital billboards and other methods involving NFTs. Casinos have gone virtual too, such as the<a href="https://finance.yahoo.com/news/atari-casino-launches-virtual-party-133000509.html"> Atari Casino</a> on Decentraland where players can win in-game currency (MANA) and sell it on crypto exchanges for cash. <cmsannotation type="cmsannotation" annotationid="The ‘metaverse’ is about more than just gaming" comment="subhead" text="The ‘metaverse’ is about more than just gaming">The ‘metaverse’ is about more than just gaming</cmsannotation> Going beyond virtual presence and experiences, being at the crossroads of Web 3.0, crypto and metaverse allows for much wider applications. Self-sovereign identity You could have a digital counterpart to an Aadhaar, birth certificate or driving license, but present it virtually while having full control over who gets to see your data and when. It could also be used for credit scoring. Decentralised cloud If you were wary of cloud storage due to privacy, how about a solution like Filecoin whose data storage infrastructure is decentralised for an extra layer of safety? While using this data in your virtual meetings virtually accessing this storage in your virtual office, services like Livepeer allow for decentralised video transcoding for your virtual office. Decentralised governance Web 3.0 metaverse users can collectively decide on the rules of their virtual space, with the help of frameworks, staking value, voting and auditing. In a community of like-minded users then, there would be no de-platforming or cancellation from centralised corporations. Sovereign virtual goods The Web 3.0 metaverse could allow for NFTs to ‘travel’ between virtual worlds, for display at virtual museums or for sale. It could even be used for physically redeemable NFTs, such as purchasing a digital work of art for use virtually while you have the physical art piece secured in your locker. Decentralised finance DeFi allows a metaverse’s economy to expand beyond simple payment transactions in a digital currency. For instance, lending platforms allow for loans upon virtual land, and decentralised exchanges (DEX) allow players to trade one in-game item for another or for currency instead. While those described above have already cropped up, there may be other killer applications for Web 3.0 that are just a gleam in the eye of a developer who is about to take the metaverse world by storm. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/the-metaverse-may-change-the-way-you-earn-money-shop-or-even-chill-with-friends-in-the-future/slidelist/86677906.cms">The metaverse may change the way you earn money, shop or even chill with friends in the future</a>

Facebook, Microsoft and others look towards the $1 trillion dollar ‘metaverse’ opportunity — but that contradicts the base philosophy behind Web 3.0

Happy Friday, readers. The <a href="https://www.businessinsider.com/elizabeth-holmes-theranos-trial-defense-rests-closing-arguments-december-16-2021-12">defense has rested</a> in Elizabeth Holmes' fraud trial, and we have an inside look at an attachment that turns <a href="https://www.businessinsider.com/photos-tesla-cybertruck-camper-van-cyberlandrs-tiny-homes-on-wheeks-2021-8">the Tesla Cybertruck into an RV.</a>Let's get to it. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://www.businessinsider.com/elizabeth-holmes-trial-theranos-fraud-defense-last-ditch-testimony-2021-12"></a>1. The Elizabeth Holmes trial: The defense tells two last-ditch whoppers. The defense in the Theranos founder's fraud trial rested Wednesday after she testified for seven days, the last of which she spent working to portray herself as a <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword> visionary — not a fraud. <ul><li>In the last line of questioning, focused on what she told investors and partners about the company's technology, Holmes said she was talking about what the company "could do a year from now, five years from now, 10 years from now."</li><li>In other words, she wasn't talking about what Theranos could actually do — she was painting a picture of what the company might yet do. </li><li>If the jury believes her, she'll walk free later this month. If it doesn't, her spectacular rise and fall will land her in prison. <a href="https://www.businessinsider.com/elizabeth-holmes-trial-theranos-fraud-defense-last-ditch-testimony-2021-12">Inside the last day of Holmes' testimony.</a></li></ul>Closing arguments are scheduled for next week, starting on Dec. 16. <a href="https://www.businessinsider.com/elizabeth-holmes-theranos-trial-defense-rests-closing-arguments-december-16-2021-12">Here's what you need to know.</a><a href="https://www.businessinsider.com/google-promises-employees-1600-cash-bonus-after-office-return-delayed-2021-12"></a><div type="image" title="Alphabet CEO Sundar Pichai" height="1333" width="1778" msid="88208175" hostid="261"></div>2. Google promised employees an extra $1,600 cash bonus after delaying its return to office. With the emergence of the Omicron variant pushing <a href="https://www.businessinsider.com/google-delays-return-us-offices-past-january-10-uncertainty-omicron-2021-12">Google's return to office plan</a> past its original target of Jan. 10, 2022, the company has guaranteed a cash bonus later this month. <a href="https://www.businessinsider.com/google-promises-employees-1600-cash-bonus-after-office-return-delayed-2021-12">What we know so far. </a>3. Better doubled severance pay for laid-off employees. According to an email viewed by Insider, the company is bumping severance from four weeks to 60 days, just as class-action lawyers mobilize to sue the startup for not giving notice of mass layoffs. <a href="https://www.businessinsider.com/better-ups-severance-for-laid-off-workers-as-class-action-lawsuits-loom-2021-12">More on the increased compensation.</a>4. In other Better news… One former employee is setting up a career fair for the hundreds of fired workers — and Microsoft and Robinhood are among the companies lining up to recruit them: <a href="https://www.businessinsider.com/better-com-employees-fired-over-zoom-job-fair-microsoft-robinhood-2021-12">"900 people on the market ... it's a dream."</a>5. WhatsApp just launched a cryptocurrency payments pilot. The pilot will let certain people in the US send and receive crypto using Novi, Meta's digital wallet, according to The Verge. <a href="https://www.theverge.com/2021/12/9/22825766/whatsapp-novi-digital-payments-us-pilot-paxos-stablecoin?scrolla=5eb6d68b7fedc32c19ef33b4">This is what you need to know.</a>6. Facebook won't bring commerce to the metaverse until at least 2023. While Facebook parent Meta sees buying and selling physical and digital products as a "big part" of its metaverse vision, leaked documents show it considers metaverse commerce a distant opportunity. <a href="https://www.businessinsider.com/facebook-meta-commerce-shopping-metaverse-priorities-2021-12">Everything we learned from the internal memo.</a>7. SpaceX launched a $214 million NASA satellite into orbit. The satellite was designed to examine some of the most fascinating objects in the cosmos, from black holes to dead stars. <a href="https://www.businessinsider.com/spacex-launches-nasa-ixpe-satellite-black-holes-dead-stars-2021-12">Here's what it'll be doing on its mission.</a>8. Amazon has two secret projects to mitigate the problems caused by the big cloud outage. Project Buckeye has been running for years but was lacking in executive backing, according to one insider. <a href="https://www.businessinsider.com/amazon-projects-mitigate-outage-prone-aws-cloud-region-buckeye-holiday-2021-12?r=US&amp;IR=T">Read more about the secret projects here.</a>9. If you didn't reserve an electric F-150 Lightning already, you're in for a long wait. Ford stopped accepting reservations for the EV on Wednesday, and already has nearly 200,000 reservations — which could take years to fulfill. <a href="https://www.businessinsider.com/ford-f150-lightning-electric-truck-reservations-closed-production-release-date-2021-12">More on the wait for an electric F-150.</a>10. A $50,000 camper can turn the Tesla Cybertruck into a tiny home on wheels. An artificial intelligence and software company is making CyberLandrs, camper attachments for Tesla Cybertrucks — and even though the first trucks haven't even been delivered yet, it has hit $100 million in preorders. <a href="https://www.businessinsider.com/photos-tesla-cybertruck-camper-van-cyberlandrs-tiny-homes-on-wheeks-2021-8">Check out the CyberLandr.</a>The latest people moves in tech:<ul><li>Venmo's former CFO joined <a href="https://www.businessinsider.com/fast-snags-former-venmo-cfo-robert-mitchell-2021-12">online checkout startup Fast.</a></li><li>A Meta VP quit after 11 years to join Goop investor <a href="https://www.businessinsider.com/meta-workplace-facebook-exec-julien-codorniou-leaves-for-vc-2021-12">Felix Capital</a>.</li><li>Facebook (now Meta) has seen 18 executive departures this year. <a href="https://www.businessinsider.com/top-facebook-executives-who-have-left-this-year-meta-2021-12">Here are all the execs who have left.</a></li><li>Three of Better's top execs resigned <a href="https://www.businessinsider.com/better-marketing-communications-pr-executives-resign-after-layoffs-2021-12">after mass layoffs.</a></li><li>Stitch Fix's chief product officer <a href="https://www.businessinsider.com/stitch-fix-chief-product-officer-departs-amid-analyst-growth-questions-2021-12">is out.</a></li><li>These are the seven most important execs who left Cisco in 2021 and <a href="https://www.businessinsider.com/cisco-leadership-who-joined-quit-poached-2021-12">10 power players who joined.</a></li></ul>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

Welcome back to <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">10 Things in Politics</a>. <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">Sign up here to receive this newsletter</a>. Plus, download Insider's app for news on the go - click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>. Send tips to <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a>.Here's what we're talking about:<ul><li><a href="https://www.businessinsider.com/google-amazon-microsoft-ice-cbp-third-party-contracts-cloud-2021-10?IR=C">Google, Amazon, and Microsoft have taken advantage of a commonly used but little-known tool to quietly enter dozens of contracts with ICE and CBP</a></li><li><a href="https://www.businessinsider.com/facebook-whistleblower-leadership-put-profits-before-people-prepared-remarks-report-2021-10">The Facebook whistleblower is set to testify before Congress</a></li><li><a href="https://www.businessinsider.com/meet-the-newest-supreme-court-clerks-2021-9">These 37 millennials are the new Supreme Court clerks</a></li></ul>With Phil Rosen.1. INSIDER INVESTIGATION: Amazon, Google, and Microsoft have repeatedly used a common tactic to sidestep public scrutiny and work with US immigration agencies, an Insider investigation found. This work also illustrates the long reach of tech companies into the immigration system.Here are the details from Insider's investigation:How intermediaries are side-stepping public scrutiny: Take Amazon and its AWS cloud technology: Insider obtained documents showing that AWS is already used in several Immigration and Customs Enforcement databases and programs that are otherwise not mentioned in public procurement records. Third-party companies sold AWS to ICE, but experts say Amazon would still be aware of what's going on.<ul><li>Some contracts are for professional tools like Google Workspace: The AWS contracts in question are related to important ICE databases. For instance, AWS is used to support ICE's Investigative Case Management system (ICE's main law-enforcement database) and Student and Exchange Visitor Program Portal (which stores information on student visitors to the US).</li></ul>This business raises questions about some of the companies' previous pledges: Google, in particular, said after several employee protests that it would not work on immigration-enforcement contracts with ICE or CBP.<ul><li>But …: Google was involved in at least four contracts with CBP, all through third-party contractors, when Google Cloud CEO Thomas Kurian told employees the company's tech wouldn't be used for immigration enforcement at the southern border. (Google declined to comment on the record.)</li></ul><a href="https://www.businessinsider.com/google-amazon-microsoft-ice-cbp-third-party-contracts-cloud-2021-10?IR=C">Read more about Insider's investigation</a>, including how employees of the companies are reacting to what my colleague dug up.2. Biden says he can't guarantee there won't be a debt default: President Joe Biden told reporters it's up to Senate Minority Leader Mitch McConnell on whether the US breached the debt ceiling in less than two weeks. McConnell has insisted that since Democrats control Congress they alone should be responsible for raising the debt ceiling. Republicans are set to block a debt-ceiling vote on Wednesday for this reason. Senate Majority Leader Chuck Schumer is insisting the issue must be resolved "by the end of this week." <a href="https://www.washingtonpost.com/us-policy/2021/10/04/biden-schumer-debt-ceiling/">More on the economic brinksmanship just days away from catastrophe</a>.3. Facebook whistleblower is set to testify before Congress: The former product manager Frances Haugen is expected to tell lawmakers that Facebook's products "<a href="https://www.businessinsider.com/facebook-whistleblower-leadership-put-profits-before-people-prepared-remarks-report-2021-10">harm children, stoke division</a>," and "<a href="https://www.businessinsider.com/facebook-whistleblower-leadership-put-profits-before-people-prepared-remarks-report-2021-10">weaken our democracy</a>." Her appearance comes just days after she revealed on "60 Minutes" that she was the main source behind the internal documents The Wall Street Journal used in a series about problems inside Facebook. <a href="https://www.cnet.com/news/facebook-whistleblower-to-testify-before-congress-how-to-watch/">Here's how you can watch it</a>.<div type="image" title="Supreme Court" height="2682" width="4022" msid="86780235" hostid="261"></div>4. These 37 millennials are the new Supreme Court clerks: Of this year's 37 Supreme Court clerks, nearly a third graduated from Yale Law School. Others come from the University of Chicago Law School and Harvard Law School. At least seven clerks were in The Federalist Society, reflecting the court's conservative majority. And three clerks are graduates of Hillsdale College, a small conservative school in Michigan. <a href="https://www.businessinsider.com/meet-the-newest-supreme-court-clerks-2021-9">Read more about the clerks who are set to be the most powerful lawyers, judges, and politicians in the US</a>.5. Francis Collins is resigning as NIH head: Collins, a 71-year-old physician, has served at the National Institutes of Health for nearly three decades and has led the agency for 12 years. His departure had been planned for a while, Politico reports. The White House has increasingly used Collins in its pandemic plan to talk about vaccines and its booster strategy. <a href="https://www.politico.com/news/2021/10/04/francis-collins-nih-step-down-515114">More on the news</a>.6. Facebook says it has identified the cause of its widespread outage: The social-media giant attributed the massive ​​global outage that took its services and internal communications tools offline for several hours <a href="https://www.businessinsider.com/facebook-explains-cause-of-widespread-outage-in-blog-post-2021-10">to a "faulty configuration change" to its routers</a>. Facebook said it had "no evidence that user data was compromised as a result of this downtime." <a href="https://www.businessinsider.com/facebook-instagram-whatsapp-messenger-are-down-in-a-major-outage-2021-10">Here's a breakdown of what happened</a>.<a href="https://www.bloomberg.com/news/articles/2021-10-04/zuckerberg-loses-7-billion-in-hours-as-facebook-plunges">CEO Mark Zuckerberg lost more than $6 billion</a> as shares in the company tanked.7. Biden kicks off efforts to tout his spending plan: Biden is traveling to Michigan today to talk up his $3.5 trillion social-spending plan after weeks of Democratic infighting over the size and scope of the president's proposal, the Associated Press reports. Biden has already signaled that a final deal will most likely cut trillions off of the top number. <a href="https://apnews.com/article/joe-biden-congress-nancy-pelosi-michigan-bills-548bcd8ad570e5d71ca2c9cff5fdb64d">The White House is eager to change the subject and to get back to the transformational details - such as how the bill would change America's safety net</a>.<ul><li>A reminder: <a href="https://www.businessinsider.com/whats-in-democrats-35-trillion-infrastructure-economic-plan-2021-9">Here's what's in the $3.5 trillion plan, at least for now</a>.</li></ul>8. Attorney general pledges DOJ will address threats against school officials: Attorney General Merrick Garland directed the FBI and US attorneys' offices to meet with officials throughout the country to address increasing harassment, intimidation, and threats of violence against school-board members, teachers, and workers. The rising threats and sometimes even violence <a href="https://www.businessinsider.com/national-school-board-association-requests-bidens-help-with-threats-2021-10">at school-board meetings</a> is usually centered on COVID-19 policies. <a href="https://www.businessinsider.com/ag-merrick-garland-threats-school-officials-teachers-fear-for-safety-2021-10">More on what the federal government is doing</a>.9. Fed may release its long-awaited paper on central-bank digital currencies soon: Federal Reserve Chair Jerome Powell has said such currencies could eliminate the need for so-called stablecoins, though an expert told Insider these would complement, rather than compete with, private cryptos. <a href="https://markets.businessinsider.com/news/currencies/bank-america-bofa-digital-assets-cryptocurrency-report-debut-transformative-blockchain-2021-10">Bank of America described</a> the transformative potential of digital assets as "difficult to overstate," and movement by the Fed may be coming within days. <a href="https://markets.businessinsider.com/news/currencies/central-bank-digital-currency-cbdc-federal-reserve-digital-dollar-cryptocurrency-2021-10">Here's what to look out for</a>.<div type="image" title="william shatner" height="1325" width="2000" msid="86780237" hostid="261"></div>10. William Shatner plans to boldly go where none of his costars have gone before: After decades of playing Captain Kirk, Shatner plans to travel to space in Blue Origin's second space-tourism launch. <a href="https://www.businessinsider.com/star-trek-william-shatner-fly-space-jeff-bezos-blue-origin-2021-10">The trip, scheduled for next week, is set to make Shatner, 90, the oldest person to travel into space</a>.Today's trivia question: Monday marked the anniversary of the start of the construction of Mount Rushmore. While not publicly accessible, what is located behind Lincoln's head that somewhat fulfills one of Gutzon Borglum's original plans? Email your answer and a suggested question to me at <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a>.<ul><li>Yesterday's answer: Justice Neil Gorsuch is the first former Supreme Court clerk <a href="https://www.scotusblog.com/2017/01/judge-neil-gorsuch-colorado-native-washington-d-c-insider/">to serve on the high court alongside his former boss</a>. Gorsuch clerked for Justice Anthony Kennedy. The pair briefly served together before Kennedy retired.</li></ul>

10 Things in Politics: Big Tech's private partnerships with ICE

<ul class="summary-list"><li>As <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> sores, the matrix of computers that run its software now uses as much <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> as Sweden.</li><li>Rising value incentivizes bitcoin "miners" to compete with each to discover new tokens.</li><li>"I don't think the bitcoin industry is doing itself any favors by refusing even to accept that bitcoin's energy use is a problem."</li></ul>As bitcoin surges to unprecedented value, the sprawling matrix of computers around the world that run its software is now consuming as much energy a year as Sweden, <a href="https://cbeci.org/cbeci/comparisons">the latest calculations</a> suggest.The higher the price, the more electricity this network uses. Iran was recently rocked by power outages that were<a href="https://www.washingtonpost.com/world/2021/01/16/massive-blackouts-have-hit-iran-government-is-blaming-bitcoin/"> partly blamed on bitcoin</a>. Bill Gates recently <a href="https://www.nytimes.com/2021/03/09/business/dealbook/bill-gates-bitcoin.html">warned bitcoin</a> was "not a great climate thing." U.S. Treasury Secretary Janet Yellan has called its energy use "staggering."Conceived to defy central banks in the fallout of the financial crisis, bitcoin started life so counter-cultural that <a href="https://www.businessinsider.com/bitcoin-history-cryptocurrency-satoshi-nakamoto-2017-12">no one really knows who created it</a>.It has soared from around $10,000 through most of last year to around $58,000 now, thanks to<a href="https://edition.cnn.com/2021/03/02/investing/gold-bitcoin-inflation/index.html"> investors who fear</a> traditional currencies are set to lose value,<a href="https://markets.businessinsider.com/currencies/news/crypto-investors-holding-record-amounts-digital-assets-coinshares-says-2021-3-1030237733"> an influx of traders</a> who speculate on the future price, and Elon Musk<a href="https://www.forbes.com/sites/billybambrough/2021/03/24/elon-musk-reveals-tesla-will-increase-bitcoin-holdings-boosting-the-price/?sh=66ea4da27c5b"> who tweets that you can use it to buy Teslas</a>. It is now seriously talked of <a href="https://www.morganstanley.com/im/en-ch/intermediary-investor/insights/articles/why-crypto-is-coming-out-of-the-shadows.html">as a potential new global reserve currency</a>.But as<a href="https://markets.businessinsider.com/currencies/news/bitcoin-morgan-stanley-funds-tip-of-the-iceberg-jmp-cryptocurrencies-2021-3-1030225589"> Wall Street banks roll out bitcoin services</a>, they may find its environmental costs hard to balance with shareholders and customers who are increasingly conscious. Experts tell Insider that bitcoin faces a Catch-22.Like the cryptocurrency itself, bitcoin's community is decentralized, defiant, and nebulous. No one can simply tell it to heed growing calls to reduce its carbon footprint.Alex de Vries, a Dutch economist who created the<a href="https://digiconomist.net/bitcoin-energy-consumption/"> Bitcoin Energy Consumption Index</a>, estimates the electricity used has doubled since 2017 to between 78 terawatt hours (TWh) and 101 TWh a year. More than half of bitcoin miners<a href="https://spectrum.ieee.org/computing/networks/why-the-biggest-bitcoin-mines-are-in-china"> in China</a>, where most use coal. Bitcoin has no physical form. "Mining" refers to its network of computers finding new tokens by having them solve complex calculations.<div type="image" title="Hardware at the SberBit cryptocurrency mining equipment facility in Moscow, Russia, in 2017" height="3242" width="4864" msid="81781867" hostid="261"></div>New tokens these calculations uncover are a reward to the miners for using their computing power and electricity to secure the network against hacks and record transactions on bitcoin's decentralized ledger, known as the blockchain.As the price climbs, those running the vast networks of computers dedicated to solving these calculations can sell them and direct more computing power toward the network, creating a cyclical effect as they compete with other miners to find new bitcoin first.SEE ALSO: <a href="https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-mining-climate-environment-cyrptocurrencies-foundry-2021-3-1030229621">Bitcoin mining can be a 'bridge' to a renewable energy future by supporting green projects, a leading North American miner says</a>De Vries thinks bitcoin's energy use will continue to climb as the prices rises and miners buy more hardware.He forecasts the network could soon consume a staggering 200 TWh, as much energy as all data centers globally and equivalent roughly to London.He said potential investors may be put off by bitcoin's eye-watering energy use, adding, "I think this will be a major problem for bitcoin."But for bitcoin advocates, the fact it allows people to make transactions semi-anonymously and without third-party approval, outweigh the environmental costs.Nic Carter, a bitcoin investor and partner at crypto-focused venture capital firm Castle Island Ventures, told Insider its energy use was "not a new debate.""The costs of the dollar system are harder to comprehend but they are extremely real," he added. <div type="image" title="Bitcoin reading" height="2652" width="3974" msid="81781871" hostid="261"></div>He said that if investors conscious of environmental impact refused to buy bitcoin "because it consumes energy - like every other utility on the planet - they are just doing themselves and their investors a disservice."<a href="https://www.businesswire.com/news/home/20201208005461/en">Twitter chief executive Jack Dorsey said late last year</a> that cryptocurrencies "will eventually be powered completely by clean power, eliminating its carbon footprint and driving adoption of renewables globally ... Published estimates indicate bitcoin already consumes a significant amount of clean energy."Bitcoin miners, incentivized to use renewable energy<a href="https://hbr.org/2018/11/making-cryptocurrency-more-environmentally-sustainable"> by government subsidies</a>, have sought sustainable ways of fueling their computers.One German company set up a mining facility<a href="https://www.forbes.com/sites/billybambrough/2018/11/09/bitcoin-mining-in-a-mine-without-breaking-the-bank-or-the-planet/?sh=4b2d144b3575"> under the fjords of Norway</a>, using hydroelectricity to power its machines and the freezing water to cool them.But estimates of how much bitcoin's overall energy use is green vary hugely.In a<a href="https://coinshares.com/research/bitcoin-mining-network-june-2019"> 2019 study</a>, cryptocurrency asset management firm CoinShares' analysis concluded the bitcoin network gets up to 74% of its electricity from renewables. But in a survey by Cambridge University's Judge Business School <a href="https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/3rd-global-cryptoasset-benchmarking-study/">the same year</a>, only 39% of miners said that their power came from renewables.Renewables aren't the only way to use less energy.Ethereum, the second largest cryptocurrency after bitcoin, has a total value of $200 billion compared to bitcoin's $1 trillion market capitalization and soared over the last year. Its energy demands spiked to 30 TWh per year, up from 7 TWh 12 months ago, according to de Vries' <a href="https://digiconomist.net/ethereum-energy-consumption/">calculations</a>.It sought to cut its energy use by moving to a "proof-of-stake" algorithm, where, instead of miners who create new tokens as a reward for securing the blockchain, "stalkers" hold existing tokens and can commit - or stake - them to the network, generating new tokens and helping to validate transactions.But De Vries said fixing bitcoin's energy dilemma this way would be impossible without fundamental changes to bitcoin. Its miners and developers could vote for such a change but fundamental alterations to bitcoin's core software are broadly unpopular.One proposal to make bitcoin better suited to small payments in 2017 caused such a schism that a group of miners decided to "fork" the blockchain and create <a href="https://www.businessinsider.com/bitcoin-cash-price-soaring-2017-9">a rival cryptocurrency called bitcoin cash.</a>Frances Coppola, an author on banking, finance, and economics, told Insider bitcoin needed to evolve if it is to solve the problem."I don't think the bitcoin industry is doing itself any favors by refusing even to accept that bitcoin's energy use is a problem, let alone do anything about it," she added.De Vries added that, if traders, miners and advocates cannot address its environmental impact, government action "seems like an inevitable outcome."Bitcoin may be set up to be distanced from authorities but, as hundreds of thousands dream of following its<a href="https://www.forbes.com/sites/michaeldelcastillo/2021/01/11/bitcoins-recent-surge-creates-new-billionaires/?sh=6caf0243416c"> early investors into the ranks of the world's richest</a>, it is attracting the type of attention governments cannot ignore.India has proposed <a href="https://www.reuters.com/article/uk-india-cryptocurrency-ban-idUSKBN2B60QP">fining anyone who trades or owns bitcoin</a>, As U.S. Treasury Secretary Yellan condemned its energy use, she also warned investors it was<a href="https://www.cnbc.com/2021/02/22/yellen-sounds-warning-about-extremely-inefficient-bitcoin.html"> "extremely inefficient"</a> and "often for illicit finance."But De Vries added that, whatever happened, bitcoin would likely survive in some form.He said it would "continue to exist as long as some people think it has value ... It may just not be the same market value as it has today."

Bitcoin uses as much energy as Sweden and is on course to use even more. Experts say that's a 'major problem' for its future.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Stephen Lam </div></div></div><ul><li>Cboe Global Markets' <a href="http://markets.businessinsider.com/currencies/BTC-USD">bitcoin</a> futures product launches Sunday. </li><li>Cboe is basing its bitcoin futures contract on pricing on Gemini, the cryptocurrency exchange founded by the Winklevoss twins. </li><li>Bitcoin futures will allow investors to bet on the future price of the red-hot cryptocurrency.</li><li>But a number of concerns hang over Gemini including low volumes on the exchange and system outages. </li></ul> All eyes will be on Cboe Global Markets on Sunday when it launches futures contracts for bitcoin.The Chicago-based derivatives market is the first established exchange to roll-out futures for the red-hot digital currency. Futures are contracts that will let investors bet on the coin's future price. While bitcoin enthusiasts are excited about the attention - and big money - a new futures market could bring to the digital coin, concerns hang over Gemini, the cryptocurrency exchange Cboe is working with to launch the contracts. Founded in 2015 by Tyler and Cameron Winklevoss, who <a href="http://uk.businessinsider.com/bitcoin-price-november-4-winklevoss-twins-first-bitcoin-billionaires-2017-12">reportedly own a billion dollars of bitcoin, </a>Gemini is one of the best-connected firms in the cryptocurrency space. But Gemini is still small, and trading in its price-setting auction is thin enough that it could be manipulated, according to critics. Cboe will be basing the price of its futures on this auction, which means any sudden shift in the set price could make the difference between a contract that is a money maker or a money loser. Then there's the fact that Gemini has suffered outages when demand for bitcoin skyrockets.Gemini tracks the overall market pretty closely with an average difference of just 0.01%, according to Cboe. The product was designed with one exchange to make it easier for traders to hedge their holdings of the underlying asset. And Cboe would rely on a backup index based on data from six exchanges if Gemini were to crash.Gemini did not respond to an email seeking comment. <h2>Smallest among rivals</h2>Gemini is much smaller than many of its rivals in the bitcoin-trading space. Ranked fourteenth globally by 24-hour trading volumes, the exchange sees only 1.4% of trading in the entire bitcoin market, according to data from CoinMarketCap. <div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="CoinMarketCap" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5a285dd0f914c347018b8619-960/screen shot 2017-12-06 at 41416 pm.png"></a>CoinMarketCap</div></div></div>Its size is concerning to some trading firms which don't like the idea of an entire market for futures being based on data from one exchange with thin volumes. The logic is, since Gemini is so small, its activity can't paint an accurate picture of the broader crypto-market.Cboe's futures will be based on the auction price of bitcoin on the Gemini exchange. Settlements for the contracts, the payout a trader either receives or pays out for their bet, will be determined each day at 4:00 p.m. The first settlement is not set to occur until January. "I'm concerned that the Gemini auctions often have very low volume and the lack of liquidity may lead to the futures settling at a price that is not indicative of where bitcoin is trading on other venues, due to the localized supply/demand imbalance in the auction," Garrett See, the CEO of DV Chain, the cryptocurrency trading arm of Chicago-based DV Trading, told Business Insider. <h2>Market manipulation</h2>John Spallanzani, the chief macro strategist at GFI Group, told Business Insider Gemini's low volumes could be a problem because it could lead to market manipulation. "The lower the volumes, the easier to manipulate," he said. "Since the volume is low and [bitcoin] is unregulated it is conceivable.""The last thing we want is another Libor-type scandal," he added, referring to a scandal in which banks rigged the price of the London Interbank Offered Rate to benefit their positions in the derivatives market. Banks have been fined billions of dollars for manipulating the rate, which provided the base for a loan market worth a $300 billion."This is one exchange which comprises a relatively small amount of bitcoin dollar traded volumes globally," Greg Dwyer, the head of business development at BitMEX, a bitcoin derivatives exchange based in Hong Kong, said, referring to Gemini. "So there are concerns that there could be adverse price movements due to this illiquidity or some bad actors in the space trying to move the price at settlement."Such market manipulation would not easily get past regulators at the CFTC, the body that oversees futures in the US, according to Dwyer. It also wouldn't get by Cboe, which has information sharing in place and would watch for irregularities during the auction. As for Gemini, the exchange is required to know exactly the entities trading on the exchange during the auction because of Know-your-customer requirements by New York law. Crypto-insiders are also concerned about Cboe's futures product. I Am Nomad, a popular crypto-trader who declined to identify his identity for fear of reprisal from his employer, shared his criticism of Cboe's futures contracts in a recent Medium post. "The Gemini Exchange, while being a solid US-based exchange, makes up a very small percentage of the global volume," he wrote in a blog <a href="https://medium.com/@whalecalls">post</a>. "More importantly, the auction itself sometimes has days where it has low volume or doesn't complete at all."Dave Weisberger, CEO of CoinRoutes, told Business Insider Gemini's size is irrelevant. He said the design of Cboe's futures contracts embeds more certainty into the market. Here's Weisberger in a LinkedIn post: "Using a single point in time auction to create the settlement price at expiration, has advantages. It is more deterministic (investors long bitcoin and short futures can precisely manage their exposure at expiration), and harder to manipulate."Still, exchange clients appear to be concerned about Gemini's small command of the market. A person familiar with Nasdaq's futures contracts, which could launch as early as the second quarter of next year, told Business Insider clients of the exchange voiced their concerns about a product based on too few indexes. Nasdaq's bitcoin futures contract will track 50 indexes, whereas CME Group, Cboe's cross-town rival, is set to track four. <h2>Outages</h2><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Gemini</div></div></div>When volumes have increased on Gemini, the firm has faced challenges staying online. Earlier this month, the firm showed many users a "504 Gateway Time-out" message, which means its servers were not responding to requests. The company posted on its status page that "systems are currently experiencing degraded performance."The exchange also experienced outages lasting as long as 10 hours in August, according to reporting by Quartz. "This is not the first scaling challenge we've encountered, and it won't be the last," Gemini said in a blog post. "We're continuing to improve our performance and infrastructure monitoring so we can anticipate potential problems more quickly in the future."Outages in the crypto-world are commonplace, and Gemini is far from the only exchange dealing with such issues. See told Business Insider crypto-exchanges in a sense are still "websites" that lack "the industrial scale" of traditional exchanges. And with cryptocurrency volumes topping as much as $26 billion in a single trading day, exchanges and trading firms are under pressure to enhance their technology. <a href="http://www.businessinsider.com/what-is-blockchain-how-does-it-work-explainer-2017-11?r=article/">Read more about blockchain</a>, the technology powering bitcoin, <a href="http://www.businessinsider.com/what-is-blockchain-how-does-it-work-explainer-2017-11?r=article/">here</a>. Get the latest Bitcoin price<a href="http://markets.businessinsider.com/currencies/BTC-USD"> here.&gt;&gt;</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/economist-jim-rickards-bitcoin-versus-gold-price-manipulation-2017-12">Economist Jim Rickards on gold versus bitcoin - intrinsic value is meaningless for both but the bitcoin prices aren't real</a></h3> <div> </div> </div>

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