Entrepreneurship Is Not What Your Think — It's 100% About Serving Others
This was back in the 1990s before anyone even knew what the Internet was, and when blogs were called âbulletin boardsâ and blogging was âjournaling. … Entrepreneurship is actually the action of giving to others and serving others, and then extracting …
Celebrity Dirty Laundry
Social Media Addict LeAnn Rimes Uses Blogging As Therapy
Celebrity Dirty Laundry
Though LeAnn's addicted to social media, she found blogging as a source of therapy. How does that work when someone loves the fame and attention so much? It seems like blogging should be the last thing on LeAnn's mind. But, she swears by it because …
Have you ever wished you could afford to travel more?
Maybe youve dreamed of spending spring in the south of France or Christmas in London.
Or if youre like me, youve craved learning Spanish in Argentina or trekking Machu Picchu in Peru.
Youve found yourself searching flight prices and Airbnb accommodations and have even come dangerously close to booking.
Well, until you remember your bank account.
Yeah, Ive been there.
But in February, I quit my job and booked a one-way ticket to Portugal.
I spent several weeks wandering Europe with a friend.
I devoured pizza in Naples, partied at the Nice Carnival in France and wandered the picturesque streets of Barcelona until my feet bled.
Most people react to this by saying something like, “Youre so lucky!” or I wish I could do that!
But do you want to know something funny?
The people who say these things can do the exact same thing.
Im not special.
I wasnt born rich, I didnt win the lottery and I dont have any advantages you dont possess.
In fact, I have a mortgage.
I paid for a wedding last year.
I live in one of the most expensive places in the Western hemisphere.
If I can travel whenever I want, you can, too.
You just have to conquer your money, quit that job and book a ticket.Continue reading
The trader was in deep trouble. A millennial who had only recently been allowed to set foot on a Wall Street floor, he made bad bets, and in a panic to recoup his losses, hed blown through risk limits, losing $4.9 million in a single afternoon.
It wasnt a career-ending day. The trader was taking part in a simulation run by Andrew Lo, an MIT finance professor. The goal: find out if top performers can be identified based on how they respond to market volatility. Lo had been invited into the New York-based global investment bankhe wouldnt say which oneafter giving a talk to its executives. So in 2014, unknown to the outside world, he rigged a conference room with monitors to create a lab where 57 stock and bond traders lent their bodies to science.
Banks have already set up big-data teams to harvest insights from the terabytes of customer information they possess. Now theyre looking inward to see whether they can improve operations and limit losses in their biggest cost center: employees. Companies including JPMorgan Chase and Bank of America have had discussions with tech companies about systems that monitor worker emotions to boost performance and compliance, according to executives at the banks who didnt want to be identified speaking about the matter.
As machines encroach on humans role in the markets, technology offers a way to even the fight. The devices Lo usedwristwatch sensors that measure pulse and perspirationcould warn traders to step away from their desks when their emotions run wild. They could also be used to screen hires to find those whose physiology is best suited to risk-takingwhat interested the bank that allowed the MIT study.
The most promising application, and the one with the most profound privacy issues, would be for keeping tabs on employees, Lo says. Risk managers could use it to spot problems brewing on a specific desk, such as unauthorized trading, before too much damage is done. Imagine if all your traders were required to wear wristwatches that monitor their physiology, and you had a dashboard that tells you in real time who is freaking out, Lo says. The technology exists, as does the motivationone bad trade can cost $100 millionbut youre talking about a significant privacy intrusion.
Emotional surveillance has an undeniably dystopian vibe, like a finance version of George Orwells 1984, but its not science fiction. Banks are already signing up for services that incorporate it into their analysis of behavior. A startup founded by MIT graduates called Humanyze has created a sensor-laden badge that transmits data on speech, activity, and stress patterns.
Microphones and proximity sensors on the gadgets help employers understand what high-performing teams are doing differently from laggards. The Boston-based company is close to announcing a deal with a bank thats moving some employees to new offices, according to Chief Executive Officer Ben Waber. The bank wants to use Humanyze badges to determine seating locations for traders, asset managers, and support staff to improve productivity, he says.
Another startup, Behavox, uses machine-learning programs to scan employee communications and trading records. Emotional analysis of telephone conversations is a part of a workers overall behavioral picture, according to founder Erkin Adylov, a former Goldman Sachs research analyst. When a worker deviates from established patternsshouting at someone hes trading with when previous conversations were calmit could be a sign further scrutiny is warranted. Emotion recognition and mapping in phone calls is increasingly something that banks really want from us, says Adylov, whose company is based in London. All the things you do as a human are driven by emotions.
Emotions are reflexes that developed to drive behavior, scientists say, improving our prospects of seizing opportunity and surviving risk. Theyre accompanied by measurable physiological changes such as increased blood pressure, sweating, and a pounding heart. Their role in investing has been established since at least the time of economist Benjamin Graham, the father of value investing. More recently, John Coates, a University of Cambridge neuroscientist and former derivatives trader, has studied how financial risk takers decisions are influenced by biology. His experiments, chronicled in a 2012 book, The Hour Between Dog and Wolf, show that hormones such as testosterone and cortisol play a part in exacerbating booms and busts.
The volunteers in Los study were given a $3 million risk limit and told to make money in markets including oil, gold, stocks, currencies, and Treasuries. They came from across the banks fixed-income and equity desks and ranged from junior employees to veterans with 15 years of experience. Top traders have a signature response to volatility, says Lo, who plans to publish his findings by next year. Rather than being devoid of feeling, they are emotional athletes. Their bodies swiftly respond to stressful situations and relax when calm returns, leaving them primed for the next challenge. The top performer made $1.1 million in a couple of hours of trading.
Those who fared less well, like the trader who lost almost $5 million, were hounded by their mistakes and remained emotionally charged, as measured by their heart rate and other markers such as cortisol levels, even after the volatility subsided. Los findings suggest theres a sweet spot for emotional engagement: too much, and youre overly aggressive or fearful; too little, and you arent involved enough to care. Veteran traders had more controlled responses, suggesting that training and experience count.
There are other ways to infer emotional states. Researchers led by Kellogg School of Management professor Brian Uzzi pored over 1.2 million instant messages sent by day traders over a two-year period. They found that, as in Los study, having too much or too little emotion made for poor trades. Uzzi, whose study was published this year, says hes working with two hedge funds to design a product based on the research.
As younger traders accustomed to biometric devices like the Fitbit enter the industry, applications designed to boost performance and monitor employees will become commonplace, says Lo, who expects it to be widespread in less than 10 years. The more data we have, the more were able to characterize the emotional state of the individual, he says. Everybody will have to have these kinds of analytics.
With Laura J. Keller
The bottom line: Banks are exploring the use of data gleaned from body sensors, e-mail, and phone calls to identify top traders and limit losses.Continue reading
6 clever ways to make an extra $600 this month
You won't make money immediately, but with a little time and patience, you can build an income-generating blog. Once you stop telling yourself that you can't earn money blogging and start doing the work â you'd be surprised at what you accomplish!
Bleeding Cool News (blog)
We'll Be Live-Blogging The Twin Peaks Premiere
Bleeding Cool News (blog)
It's been 26 years since Mark Frost and David Lynch's surreal serial drama Twin Peaks last had a new episode on television. That's so long ago that MTV was still playing music videos from time to time. We' only had one President Bush, and anything you …
Twin Peaks season 3 episode 1 live blog: it is happening again…Radio Times
What happens when you go from bassist to banker and punk rocker to priest?
We very much believed in the philosophy of punk heres a chord, heres a second, heres a third, now go and form a band. Id never touched a bass guitar until our first rehearsal, but that didnt matter. It was all about the energy and the enthusiasm.
We were probably from the more intellectual wing of punk and were very much involved in the Rock Against Racism campaign. Our name came from Margaret Thatcher, whod made an infamous comment about how Britain was in danger of being swamped by an alien culture. We interpreted that to mean that if you werent white, Anglo-Saxon, middle-class, Protestant, maybe you didnt fit in.
The reason we split up was quite classic. The drummer and I were both students at the London School of Economics. We had our finals coming up, but got an offer of a 20-gig tour with another band. Our singer insists it was The Specials, but Im not so sure. However, our Pakistani roots reasserted themselves and we decided wed better concentrate on passing our finals.
I loved what the band did, but I knew I wasnt going to make a living from it. After getting my masters degree, I started working for BP as an economist. I didnt know much about finance it was quite an arcane, closed industry but when Thatcher liberalised and deregulated large parts of the British economy, she set off a revolution in financial services. It seemed an obvious move to make, from oil into finance, so I joined Merrill Lynch, where I spent 21 years.Continue reading
How Turkey's Instagram bloggers are cashing in
We use social media to bring viewers to our blog. For travel, it's indispensable to exist in Google searches. We have to exist on social media and it has to be just as important as the blog. At the moment, that is how you make the money. But in the …
LeAnn Rimes uses blogging as a form of therapy
"It's been very, very therapeutic for me to be able to write in a different way than, you know, to my music," she told MindBodyGreen of her blog, going on to explain that she finds blogging to be a different process to songwriting. "When I'm writing …
As our desktop computers, laptops, mobile devices, etc. stand idly by for a huge portion of the day, the need for computing resources is growing at a fast pace. Large IoT ecosystems, machine learning and deep learning algorithms and other sophisticated solutions being deployed in every domain and industry are raising the demand for stronger cloud servers and more bandwidth to address the minute needs of enterprises and businesses.
So how can we make a more economic and efficient use of all the computing power thats going to waste? Blockchain, the distributed ledger thats gaining traction across various domains, might have the answer to the dilemma by providing a platform that enables participants to lend and borrow computing resources and make money in the process.
There is a growing demand for computing power from industries and scientific communities to run large applications and process huge volumes of data, says Gilles Fedak, co-founder of iEx.ec, a distributed cloud computing platform.
Fedak names several domains, such as product simulation, deep learning and 3D rendering, where demand for expensive computing resources and High-Performance Computing (HPC) is rising.
The biggest challenge for supercomputing is the demand to compress time, says Jerry Cuomo, vice president of Blockchain for Business at IBM. Business processes must now be completed at a significantly faster pace than before. The result is that the demand for computing power is increasing exponentially.
David Snsteb, founder of IOTA, a distributed ledger for IoT, also underlines the need to achieve real-time computation and overcome the lag caused by current cloud-based models. The biggest problem for computation overall is that the devices generating data are not located close-by to the data centers that perform the analytics, he says.
Compute resource sharing platforms such as SETI@home have existed for years. But they still depend on central brokers to distribute and manage tasks, which can make things complicated.
One of the fields where centralized and cloud-based computing falls short is the Internet of Things, Snsteb says. As IoT grows, the need for distributed computing becomes an absolute necessity, he says. Latency in round-trips, network congestion, signal collisions and geographical distances are some of the challenges faced when processing data produced at edge devices in the cloud. Devices need to be able to trade computational resources with each other in real time so that the computational load can be distributed, he says.
Some of the emerging lines of software will not be supported by centralized architectures at all, iEx.ecs Fedak says, such as decentralized applications (DApps), which, among others, will power fog computing, distributed AI and parallel stream processing. This class of application is extremely challenging because theyre both data and compute-intensive, and they dont cope well with centralized infrastructure, Fedak says.
Incentivizing resource sharing is also a problem with centralized models.
If you look at the last 10-20 years of progress in virtualization, its obvious that setting up any kind of environment in a data center or on an individual computer has become much easier, says Julian Zawistowski ,co-founder and CEO of distributed computing platform Golem. But when it comes to actually renting the hardware, it still tends to be painful: comparing the offerings of different providers is complicated, and it takes quite a bit of time and expertise to figure out the best solution for a given task.
The issue with getting payment involved is that you need to check whether the participants are actually performing the work and also integrate payment so that the provider of the compute capacity knows that running the computations is going to be worth its time, says Preston Byrne, COO at Monax. This is easy when youre dealing with trusted entities such as the Amazon Web Services HPC platform, but not so when youre dealing with nodes that vary in hardware and power.
A distributed network of computers managed by blockchain and smart contracts can create a shared economy where anyone with a computer can borrow idle computing power and make a side income.
The peer-to-peer nature of the blockchain and distributed ledgers will also help move computation closer to where the data is being generated, and avoid bottleneck round-trips to cloud servers.
Byrne suggests that while not being a computation platform itself, the blockchain can potentially create a marketplace application that attacks the specific problem of linking buyers and sellers of compute time and allowing them to pay themselves in cryptocurrency without needing an intermediary like AWS.
IOTAs Snsteb further elaborates on Byrnes point and says that distributed ledgers shine in renting out computation in the fog, i.e. at the edge of the network. IOTA has developed a distributed ledger based on Tangle, a scalable design that gets rid of the blocks and introduces a Directed Acyclic Graph (DAG) that reduces transaction times and removes fees, which according to Snsteb creates the backbone for an outsourced distributed on-demand computational trade model for M2M environments.
Golem, which recently raised $8.6 million in Initial Coin Offering (ICO), has created a peer-to-peer computation sharing platform on the Ethereum blockchain, which it dubs Airbnb for computers. Golem enables application owners and individual users to rent the computing resources of other users and pay for it directly in cryptocurrency.
According to Eddy Azar, Growth Hacker at Golem, the platform has the potential to reduce costs and increase speed in domains such as scientific research, machine learning and graphics rendering, while making it possible for anyone with an average or better computer to share resources and make a side income.
After submitting tasks to the Golem network, requestors are matched with providers based on prices, reputations and machine performance registered on the ledger. Resources are then sent to the provider for processing and are sent back after the task is completed. The provider is paid if the results pass verification tests. A users reputation is built-up based on their success in completing tasks and making payments.
Developers can use Golems open-source code and task API to create program that uses the network and put it on Golems application registry, which Azar likens to an app store, and make it available for others to use and, if the developer so chooses, pay for.
iEx.ec is another distributed computing platform, which uses the Ethereum blockchain to create a market network for applications, data, and computing resources, including HPC ones, says Julien Branger, the companys Community Outreach Officer. It means that everyone will be able to offer their computing resources through smart contract deployed on the blockchain.
The platform uses Desktop Grid or Volunteer Computing to collect underutilized computing resources to execute very large parallel applications at a fraction of the cost of a traditional supercomputer. This is the model used in distributed computing platforms like SETI@Home, Folding@home and disributed.net.
The iEx.ec team hopes the combination will provide inexpensive, scalable and on-demand access CPU, GPU, data sets, storage and other resources.
Blockchain makes a big difference, iEx.ecs Fedak believes. Because the blockchain allows for a decentralized infrastructure, it can bring the data closer to their producers and consumers, he says, whereas with centralized cloud computing, data-centers tend to be located in remote areas.
The demand for computation will continue to grow as we move forward. Whether cloud servers will scale up to meet the requirements in resources, costs and speed is yet to be seen. In the meantime, the blockchain proposes an alternative that can open up new possibilities and succeed where previous technologies have failed.