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What happens to cryptocurrency if net neutrality dies for real?

(FINANCE) Every cryptocurrency relies on a free and open internet, so if net neutrality in America dies, what happens to crypto?

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cryptocurrency and net neutrality

Net neutrality may bite the dust thanks to the FCC’s December 14th vote. While most of us are lamenting what this means for the internet as a whole, specific implications continue to arise.

If the Restoring Internet Freedom Order remains unchallenged, net neutrality may end up in a shallow grave. This spells disaster for equal access to sites and speeds, and will also likely impact the cryptocurrency market.

Cryptocurrency thrives on a free, untethered market. Though technically unregulated, checks and balances are in place to keep networks secure and equally accessible.

In the absence of net neutrality, Internet Service Providers (ISPs) can basically do whatever they want. Stripping Title II protection as outlined in the Communications Act means the internet will no longer count as a regulated utility like water and electricity.

These protections prevented ISPs from blocking legal sites and content, and didn’t allow for favoring the speed of internet traffic. Without this classification, the internet will be considered part of the free market.

If an ISP wants to severely throttle the speed of a site, or even cut off access entirely, they can. Shutting down entire exchanges could lead to the resurgence of Silk Road-type law evading black markets.

Cutting off access may also lead to disasters like the scandal of Mt. Gox, a Tokyo-based Bitcoin exchange that filed for bankruptcy in 2014. Hundreds of thousands of its customers’ Bitcoin were lost or stolen, leading to plenty of fun lawsuits.

ISPs could also go the route of prioritizing some platforms by offering faster access, better security, and speedier transactions. Smaller exchanges may suffer from throttled speed.

Established ISP monopolies may opt to choose a preferred Bitcoin exchange platform and shut down competitors in the area by throttling speed or completely blocking sites.

This would severely limit investors’ options, further encouraging black market activity.

Theoretically, ISPs could even start issuing their own cryptocurrency and offer discounts on internet packages to customers using their currency.

Although these potential changes are taking place in the U.S., the global crypto market will be affected.

Legislation modification in the U.S. certainly won’t decrease demand for cryptocurrency. Let’s just cross our fingers for all those counter-suits and challenges to the FCC’s ruling and hope this is a bad dystopic dream.

Lindsay is an editor for The American Genius with a Communication Studies degree and English minor from Southwestern University. Lindsay is interested in social interactions across and through various media, particularly television, and will gladly hyper-analyze cartoons and comics with anyone, cats included.

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1 Comment

1 Comment

  1. Darrell Birkey

    January 3, 2018 at 12:02 am

    Net neutrality was only here for two year and cryptocurrencies have been around much longer. ISP’s make money by providing service not blocking service. With new coming technologies especially wireless and satellite tech, if one ISP were to do what you fear, customers would flee other ISP’s.

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Business Finance

How small companies can compete with free shipping

(BUSINESS FINANCE) When running a smaller shop online, how can you compete with free shipping from giants like Amazon that can afford it?

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shipping boxes

It’s hard enough for small businesses to compete with big retailers. But online shops also have to consider the additional cost of shipping. With stores like Amazon and Walmart.com offering very cheap or even free shipping, how is a smaller shop to compete?

Shopify, an e-commerce platform for online shops and point-of-sale-systems, posed this question to Thea Earl, product manager for Shopify Shipping. On the AskShopify blog, she offered some tips for managing shipping costs.

First, Earl points out that while “free shipping is an excellent marketing tool,” if you can’t afford to offer free shipping, it helps to offer a “really clear flat rate.”

Customers who think they’re getting a good deal may balk if they’re surprised by an exorbitant cost to ship. If you can consistently offer a flat rate, and let the customer know right off the bat, they’ll “know what to expect when they hit checkout” and won’t get sticker shock at the last minute, causing cart abandonment.

If you want to offer free or very cheap shipping, consider raising the prices of your products, even by a dollar or so, to help cover delivery costs. Note the ratio between the profit margin and the cost to ship.

Perhaps for highly profitable items, you can afford to absorb the shipping costs, while slightly raising the prices of less profitable products to offset the balance.

Lastly, Earl realizes that small business owners have no control over whether or not a carrier raises its prices to ship.

You do, however, have control over the packaging. Be smart about the types of packaging you use. Measure products and buy envelopes and boxes that are just the right size to save money on weight.

Paper and poly envelopes are lighter, and therefore usually cheaper than cardboard boxes. Also, Earl points out that most carriers have at least a few options for free packaging. Utilize these free options whenever you can.

And of course, you could always join a group like Shopify to take advantage of their bulk mailing partnerships with carriers like UPS, USPS, and DHL.

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Business Finance

Expense reports suck, but AI could make them less tedious

(BUSINESS FINANCE) Expense reports suck. There’s no other way to describe them. Here’s a way to make the process suck less. Thanks, robots!

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expense reporting expense reports fyle AI

A few years ago, I worked at a law firm doing clerk work during college breaks. One particular spring break, I found myself in a fluorescently lit office with zero décor, tracking expense reports. The whole break I sat there and wondered what I had done in a past life to deserve this nonsense.

All joking aside, expense reports are super boring. They just are. But, they are necessary to make sure that everything is on the up and up.

While going back and forth with my highlighter, crossing all of my T’s and dotting my I’s, I couldn’t help but think that there had to be a more efficient way to do this. Apparently robots were reading my mind, as there is an AI that now exists to expedite the expense report process.

Fyle is artificial intelligence powered expense tracking and reports. With everything from e-receipts to physical bills, Fyle’s technology tracks expenses and reports accurately in real time. This allows users to organize and manage all of their receipts and reports in a simple way.

Fyle comes with a pleathora of features, including: automatic data extraction, automatic policy enforcement, real-time expense visibility, dynamic approval system, custom approval hierarchy, third party APIs, trip authorization and requests, multi-country and multi-organization setup, and automatic account syncing.

With this, Fyle’s automatic reporting allows expensing to happen in one click, right within your email (via Fyle’s email plugin). Also, Fyle’s Policy engine determines expenses that require review and approval based on your expense policies.

For team friendly use, you can sync your corporate card transactions and auto match expenses that have been “Fyled”. You then receive real time visibility of receipts submitted against the transactions that were made. Fyle also allows for users to send in trip requests to receive authorization (equip with budgets, additional requests for flight, hotels, advances, etc.)

One important aspect of Fyle that can be an issue for a human is that it employs a method of duplicate detection. That way, every expense and report is one and done.

While this may be a helpful assistant in expense tracking and reporting, it’s always best to have a real set of eyes to check everything for accuracy.

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Business Finance

Free Bitcoin basic courses where no one will sell you any scams

(BUSINESS FINANCE) Bitcoin and other cryptocurrencies are booming, and it can be overwhelming, especially with all of the scams floating around. Here are some scam-free courses for free.

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free bitcoin classes

If you’re a regular reader here, you’ve probably gotten used to seeing news about Bitcoin, other cryptocurrencies, and blockchain just about every day. And if you’re anything like me, you may be scratching your head and feeling a little confused about it all.

Perhaps you’re thinking about investing in cryptocurrency, but need to know more. Or maybe you’re baffled by the basics, and just want to understand what it’s all about.

Fortunately, there are some opportunities to learn about Bitcoin for free – we’re talking about actual classes, not just a random Google search or two.

One of our faves is 10 Days of Bitcoin, which offers free email courses. The ten-day course syllabus includes overview classes like “The History of Bitcoin – A Unique (and Hard to Believe) Origin Story,” and “What is Bitcoin and What Makes It Different,” as well as classes with practical information for getting involved, such as “How to Get Your First Bitcoin, Safely and Securely,” and “Investing in ‘Initial Coin Offerings’ (or ICOs) and How to Avoid Scams.”

The course was created by John Saddington, a developer/entrepreneur who “desperately desires more people to become ‘tech literate’ and expand their own opportunities through software.” Saddington designed the class after having the same conversations over and over again with friends and family who asked him for explanations. The course is a great overview for folks who don’t really know much about the cryptocurrency and want a place to start learning.

For a more in-depth examination of the top dog of digital currencies, Princeton also has a series of 60 lectures, ranging from two to 28 minutes, that dives into the technicalities of cryptocurrency. These lectures are available on YouTube. In addition to a general overview, this series also looks at the “Mechanics of Bitcoin,” mining, and the “Future of Bitcoin.” It also places cryptocurrency in the context of “Community, Politics, and Regulation.”

With crypto on the rise, it may one day become part of regular course curriculums in high schools and colleges. Until then, there are opportunities online to learn about Bitcoin from reliable sources who aren’t out to sell anything, but simply want to help laypeople educate themselves.

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