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How Pregnant Behati Prinsloo Is Reacting to Husband Adam Levine’s “Inappropriate Behavior”

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Behati Prinsloo

While Behati Prinsloo has yet to publicly address Adam Levine’s alleged affair, a source exclusively told E! News where she stands with her husband of eight years.

It hasn’t been rainbows and butterflies for Behati Prinsloo and Adam Levine‘s marriage in recent days.

The Victoria’s Secret model, 34, and the Maroon 5 star, 43, made headlines this week after the singer was accused of and later denied having a year-long affair with Instagram model Sumner Stroh.

While Prinsloo has yet to speak out publicly about the affair allegation, a friend of the couple is sharing insight into her current state. “Behati is upset but she does believe him that there was no physical affair,” the insider exclusively tells E! News. “They have been together this entire time. She feels they are happily married and is shocked to find out what was going on behind her back.”

The source adds that while there are “no excuses for his inappropriate behavior,” Levine maintains “it was nothing physical.”

“He’s disappointed in himself and upset that he has hurt his family like this,” the insider adds. “It’s a wake-up call and has made him realize that he has a lot to work on.”

As the “She Will Be Loved” wrote in his Instagram Story denial on Sept. 20, “I used poor judgment in speaking with anyone other than my wife in ANY kind of flirtatious manner. I did not have an affair, nevertheless, I crossed the line during a regrettable period of my life.”

Levine and Prinsloo, who tied the knot in 2014, are parents to kids Dusty Rose, 5, and Gio Grace, 4, and are currently expecting their third child together. “In certain instances it became inappropriate; I have addressed that and taken proactive steps to remedy this with my family,” Levine added of his past behavior. “My wife and my family is all I care about in this world.”

Adam Levine, Behatin PrinslooCaliRosa Tequila

As Levine continues to make headlines, one of his past interviews is raising eyebrows. Back in 2009, Levine was featured in an article for Cosmopolitan‘s “Fun Fearless Males,” during which he was asked why guys cheat.

“Instinctively, monogamy is not in our genetic makeup,” he told the outlet at the time. “People cheat. I have cheated. And you know what? There is nothing worse than the feeling of doing it.”

Bitcoin Prices Are Rising. Traders Shouldn’t Expect Eye-Popping Crypto Gains Soon. Bitcoin Prices Are Rising. Traders Shouldn’t Expect Eye-Popping Crypto Gains Soon.

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Bitcoin

Bitcoin and other digital assets were mixed on Thursday as cryptocurrency traders—like their counterparts in the stock market—digested the latest monetary policy decision from the Federal Reserve.

The price of Bitcoin climbed 2% to above $19,200. While the largest crypto has left behind its recent bottom below $18,500—reached in a deep selloff Monday—Bitcoin remains outside of the $20,000 to $25,000 range in which it has largely traded since a mid-June rout knocked it down from $30,000.

Macro pressures continue to dominate the market, with the focus being on Wednesday’s Fed’s decision to raise interest rates by a supersize 75 basis points, or three-quarters of a percentage point, for the third time since June. 

While the hike was in line with market expectations, sentiment has been dampened by signals that the Fed will remain resolute in its mission to tame inflation at a multidecade high and that rates may go higher for longer, raising the risk of recession.

Cryptos should in theory trade independently of mainstream finance, but have shown themselves to be correlated to other risk-sensitive assets like stocks, and similarly vulnerable to shifts in the macro picture. The Fed’s aggressive shift in tightening financial conditions has seen digital assets suffer steep losses in 2022 alongside deep declines in the Dow Jones Industrial Average and S&P 500.

Coinbase Tested Group to Speculate on Crypto

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Crypto

The company completed a $100 million transaction before ending the effort. It says that it hasn’t engaged in proprietary trading.

Coinbase Global Inc. has been searching for new ways to make money. One business it flirted with was controversial: using its own money to speculate on cryptocurrencies. Last year, Coinbase—which operates a large cryptocurrency exchange that handles bitcoin and other digital coins—hired at least four senior Wall Street traders and launched a group to generate profit, in part, by using the company’s cash to trade and “stake,” or lock up, cryptocurrencies, according to people close to the matter. The activity was described as “proprietary” trading by the people at the company.

Earlier this year, the team completed a $100 million transaction that the group viewed as a test trade of the new effort, according to the people. The transaction came after Coinbase executives testified to members of Congress last year that the company didn’t buy and sell digital currencies for its own account.

The monthslong effort to launch the Coinbase Risk Solutions group underscores how Coinbase, which has seen its shares tumble about 70% over the past year, has entertained more aggressive strategies as it tries to develop new businesses.

Coinbase says some at the company examined pursuing proprietary trading but decided against it.

“Our statements to Congress accurately reflect our actual business activities,” a Coinbase spokeswoman said. “Coinbase does not, and has never, had a proprietary trading business. Any insinuation that we misled Congress is a willful misrepresentation of the facts.” 

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The biggest U.S. cryptocurrency exchange, Coinbase has entertained aggressive strategies as it tries to develop new businesses.PHOTO: PHOTO: SHANNON STAPLETON/REUTERS

The Coinbase spokeswoman added that “Coinbase Risk Solutions was established to facilitate client-driven crypto transactions,” and “conflict of interest mitigation tools and policies” were in place in the group.There are no regulations preventing firms like Coinbase from trading digital currencies alongside their clients.

In the past, investment banks operated proprietary trading groups that were active in stock and bond markets, while also doing “agency” trading, or trading solely on behalf of customers.

Rules on banks restricting speculative trading imposed in 2010 were eased somewhat a few years ago, and Coinbase was never subject to these restrictions. Still, regulators and politicians have long worried that speculative activity by firms like Coinbase in nascent crypto markets could harm clients. When a financial firm invests money for its clients at the same time it invests its own money in the market, it can lead to risks and potential conflicts of interest with clients. For example, a firm buyingor selling the same investments could drive up or down the price of theseinvestments, hurting the clients.  

In July of last year, Coinbase established the Risk Solutions unit to trade crypto for clients. The group also made plans to begin making trades with Coinbase’s cash, among other strategies, according to the people close to the matter.

The team built sophisticated trading systems to enable this trading, according to the people. Coinbase Chief Financial Officer Alesia Haas was involved in creation of the unit, which was led by Brett Tejpaul, Coinbase’s head of institutional sales, trading, custody and prime services, the people said. Employees were discouraged from sharing information about the new trading business or discussing it in internal communications, the people said.

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Coinbase Chief Financial Officer Alesia Haas, seen at a House committee hearing in December, helped create the Coinbase Risk Solutions unit.PHOTO: PHOTO: ROD LAMKEY/ZUMA PRESS

Neither Ms. Haas nor Mr. Tejpaul responded to a request for comment.

In December, five months after the creation of the Coinbase Risk Solutions unit, Ms. Haas testified before Congress that “Coinbase is an agency-only platform. We do not engage in proprietary trading on our platform.”

When questioned by Rep. Alexandria Ocasio-Cortez (D, N.Y.), Ms. Haas reiterated that Coinbase doesn’t do proprietary trading.

Later, the company clarified its activities to Rep. Maxine Waters (D., Calif.) by saying that “Coinbase does, from time to time, purchase cryptocurrency as principal for specific purposes that we do not view as proprietary trading because its purpose is not for Coinbase to benefit from increases in value of the cryptocurrency being traded.”

Earlier this year, after the testimony before Congress, Coinbase’s Risk Solutions group completed its first, sizable transaction. It raised money for the transaction by guaranteeing a $100 million “structured note” that was sold to firm Invesco Ltd. at a fixed-rate of 4.01%, according to people close to the matter. Coinbase used the $100 million to profit in cryptocurrency markets, according to the people.

An Invesco spokeswoman confirmed the transaction and said the investment firm had “no direct exposure to cryptocurrency” as part of the debt deal, adding that “this is no longer an active position for us.”

The deal was profitable for Coinbase, the people said, and Mr. Tejpaul praised the executives who worked on the transaction in internal communications and expressed eagerness to make additional such transactions, the people said. 

The trade occurred after the crypto market started to fall from its all-time high, eating into Coinbase’s business.

Coinbase subsequently soured on the idea of doing proprietary trading. In recent months, a number of senior traders who had been hired to help run the business have left the company, the people said.

Analysts say Coinbase executives are trying to balance a need to maintain the company’s reputation for safety while diversifying its existing business and finding new areas of growth. Coinbase derives nearly all its revenue from trading by individual investors—and lost $1.1 billion in the second quarter on the back of the crypto market crash.

“They don’t want the public to perceive them as taking unnecessary risk…retail investors are concerned about the stability of a trading platform,” says Mark Palmer, an analyst at BTIG. “But it’s crucially important that the company diversify because they remain overly dependent on transactions from retail customers.”

The company is expanding its business in other ways. Earlier this month, BlackRock, the world’s largest money manager, announced a partnership with Coinbase. BlackRock’s institutional clients who also own digital assets on Coinbase will now be able to use Aladdin, the asset manager’s suite of software tools, to manage their portfolios and conduct risk analysis on investment decisions.

European Union Project to Fight Fakes Succeeds By Being Open, Founder Says

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European Union

A publicly backed blockchain project to stop counterfeit goods from entering the European Union is trying to avoid mistakes of the past, its founder told CoinDesk.

Eonpass is the latest startup to try to find business applications for Web3 technology that can grow to real-world scale.

Galvanized by official backing from the European Union, its founder believes the company can succeed where others have failed, with open-source technology meaning anyone can join forces to stop the influx of counterfeit goods.

Distributed ledgers, which in principle offer an immutable record of provenance that can’t be altered, should be a good way to verify supply chains. But Eonpass’ leadership is well aware of the problems that have previously bedeviled the sector known as enterprise blockchain.

Eonpass has an advantage. In March, it won a competition run by the European Union’s intellectual property office, EUIPO. Alongside partners including consulting firm EY and freight forwarder Jet Air Service, Eonpass had the best model for using blockchain technology to detect fraudulent goods arriving at the border, according to EUIPO, a branch of the EU’s administration responsible for trademarks and similar issues.

That has put a spring in the step of Eonpass’ founder, Thomas Rossi.

“As a startup I have to be optimistic,” Rossi told CoinDesk in an online interview. “I took a lot of time to study why previous enterprise blockchains – I don’t want to say they failed, but they didn’t scale.”

EUIPO’s interest is clear: Counterfeiting costs.

A 2019 study by consultants at the Boston Consulting Group (BCG) put the global price tag of fake pharmaceuticals at between $75 billion and $200 billion, with phony electronic parts costing a further $100 billion. EUIPO itself says 6.8% of the EU’s imports from the rest of the world are fake, corresponding to around $134 billion per year. Plus there’s the nonfinancial cost of having unsafe drugs or children’s toys on the market.

Fighting this isn’t easy. Customs officers the world over have a stark choice of whether to trust easily forged paperwork or force individual pallets open to check. Banks stake significant volumes of trade finance on the outcome.

Opaque

Trade in conventional goods – like prescription drugs or electronics – “is a very opaque industry and there is no way to link one shipment to the originating brand owner that approves the content of the shipment and this destination,” Rossi said.

More innovative assets like non-fungible tokens, blockchain-powered assets which are supposedly used to prove an item’s ownership and authenticity, can still be faked: he cites the appearance of knock-off Hermès NFTs on OpenSea, and compares NFT platforms to a Wild West free of intellectual property rights.

Rossi – like BCG – believes blockchain can help, providing customs officers with an unfakeable attestation. While IBM’s product runs on the company’s own blockchain and cloud, Rossi’s will be adaptable enough to work with brands who might already have opted to use Ethereum rather than an alternative blockchain such as Polygon, he said.

“The most important function of blockchains is that they create a shared clock,” Rossi said. “So you cannot cheat on the chronological order of events.”

Existing blockchain products – he cites TradeLens, an initiative of computer giant IBM and shipping company Maersk – might have worked well for a small handful of well-resourced big businesses, but not for what he calls the “long tail” of numerous, smaller subcontractors.

IBM’s initiative is “not really open source, so there is no way to spin up a node and connect to a network,” Rossi said. “Maybe inside their closed system, everything works fine … but leaving the system or letting someone else from another system come in – that part is extremely difficult.”

Contacted by CoinDesk, a spokesperson for IBM said that TradeLens is “built on open standards” and “enables supply chain participants to securely and transparently share data with one another.”

The initiative has over 1000 organizations taking part and has already been used to transact over 5,500 electronic bills of lading, the legal documents used as receipts in international shipping, IBM said. The spokesperson cited the involvement of ports, authorities in six continents, and customs authorities in 16 countries, adding that TradeLens is “a neutral solution”, and that its platform can accept data from ocean carriers whether or not they are members.

Closed, proprietary systems have their advantages, notably allowing a tighter grip on revenues to recoup investment. Yet, grabbing even a sliver of the $10 trillion spent on global trade would be worthwhile. Rossi has a plan for that, too.

Early on, Rossi reckons he can make money by consulting for big business clients; later, by offering efficient data services for trade financers. He wants to move up from the three companies already testing to 10 by the end of next year, and 100 within a couple of years.

“I’ve already spoken with a couple of banks here in Italy. They’re really looking forward to having some more efficient way to handle the decisions that they make about the financing of value shipments,” he said. “The monetization comes after the network is as large as possible.”

Unlikely evangelist

Support from the EUIPO is helpful, Rossi says, not least for making potential luxury brand clients sit up and take notice. And the EU agency remains an evangelist for a system it thinks could help overworked border guards.

“Given the limited resources of enforcement officers, technologies such as blockchain could prove to be game-changing tools in the fight against trade in counterfeit products,” a spokesperson for the EUIPO told CoinDesk in a written interview. “Globally stakeholders are using various systems, which when operating are often disjointed, and this isolation is used by criminal networks to their advantage.”

Results of the proof of concept for Eonpass’ model will be presented early next year, with a basic product publicly available by the end of 2023, EUIPO says. The EU agency itself is creating a database to match brands to public keys, so customs agents can check declarations signed on the blockchain are valid. It’s also working with U.S. counterparts, and presented a paper to the World Intellectual Property Organization earlier in September.

The vision is an infrastructure “where any interested party (producers, consumers, transport services, etc.) can easily check the authenticity of a product and alert right-holders when an infringing product is detected,” said a leaked version of the paper, whose authenticity EUIPO has since confirmed.

All will be watching to see if, with EU backing, business-focused blockchain ideas can actually thrive in the wild.

Opera’s Crypto Browser to Add Support for Elrond After Roping In Eight Other Blockchains

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Crypto Browser

Web3 browser Opera will soon integrate scalable blockchain Elrond to its crypto browser, allowing users to access the network through its integrated Opera Wallet.

Opera, one of the original web browsers, has been building crypto products since 2018. It released a beta version of its specialist “Crypto Browser Project” in January.

In March, the Norwegian browser company added in-browser crypto wallet support for eight other blockchains, including Solana and Polygon.

Opera and other crypto-focussed browsers, like Brave, have been betting big on an explosion in Web3, which refers to the third generation of Internet services driven by blockchain. The increased Web3 integration will make it easier for users to interact with different decentralized finance (DeFi) and other on-chain ecosystems.

“The vision we share and the common goal of minimizing user onboarding friction into Web3 are the driving force behind this new collaboration,” Beniamin Mincu, CEO of Elrond, said.

Later this year, Opera will add support for Elrond’s dapps, blockchain applications that run without a central administrator, and its native token EGLD, Senior product manager of Opera Crypto Browser, Danny Yao told CoinDesk.

According to a press release shared with CoinDesk, Opera has over 300 million users. At press time, Opera refused to disclose its crypto users’ number.

It’s Billionaire Baby Season: Mark Zuckerberg Is Welcoming His Third Child

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Mark Zuckerberg

It seems like all the billionaires are having babies right now. First, Tesla CEO Elon Musk suddenly announces secret twins. Now it’s Meta CEO Mark Zuckerberg’s turn to bask in the baby glow.

Zuckerberg announced on Wednesday that he and his wife Priscilla Chan are expecting their third daughter next year. Zuckerberg wrote on Instagram, “Lots of love. Happy to share that Max and August are getting a new baby sister next year!”

The couple already have two daughters, Max and August, born in 2015 and 2017, respectively. Chan and Zuckerberg met at Harvard in 2003 at a frat party and have been married for a decade.

Facebook, which changed its name to Meta last year, has always been a sort of third wheel in Chan and Zuckerberg’s relationship. The couple got married one day after Facebook’s initial public offering in 2012. According to the Wall Street Journal, Chan made Zuckerberg take her on one date per week and required at least 100 minutes of time together and not spent at his company’s offices.

When Max, short for Maxima, was born, Zuckerberg and Chan wrote her an open letter and posted it on Facebook. In the letter, they announced the creation of the Chan Zuckerberg Initiative, which uses philanthropy and technology with an aim to eradicate disease and improve education. The new parents pledged to dedicate 99% of their Facebook shares, or about $45 billion at that time, to the initiative. The shares are worth considerably less now, given the 60% decline in Facebook’s stock value this year.

The couple continued the letter tradition when their daughter August was born. Unlike the first letter to Max, which was very long and serious, Zuckerberg and Chan’s letter to August seemed more lighthearted and personal.

“Even though headlines often focus on what’s wrong, we still believe these positive trends will win out. We’re optimists about your generation and the future,” they wrote to her.

While Max and August live fairy tale lives compared to the rest of us non-billionaires, Zuckerberg said in a 2019 interview with CBS that he and Chan don’t buy their daughters everything, and made a point to mention that the girls have chores. This was well-documented on Facebook that year, where Zuckerberg posted a video of the teeny girls rinsing dishes and loading the dishwasher.

New Chan-Zuckerberg baby, we may not know much about you, or even your name, but we gamble that we do know this much: You will also get a letter from your parents, and you will also have chores. Best of luck.

A 23-year-old, self-described ‘Crypto King’ reportedly had his Lamborghini, BMWs, and McLarens seized after investors sued him claiming he stole $35 million

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Crypto King

A 23-year-old Canadian who calls himself the “Crypto King” reportedly had $2 million worth of assets seized as he’s being sued over allegations he defrauded investors.

The seized assets of the man, Aiden Pleterski, include his Lamborghini, two McLarens, and two BMWs, CBC Toronto first reported.

Investors told the publication that at least $35 million given to Pleterski’s company, AP Private Equity Limited, went missing. Twenty-nine creditors have a bankruptcy proceeding against Pleterski, and say he owes them almost $13 million, including one 65-year-old woman who told CBC Toronto she invested $60,000 that she was keeping for her grandchildren’s education.

Norman Groot, founder of Investigation Counsel PC, told CBC Toronto that the bankruptcy proceeding against Pleterski, who started investing in cryptocurrency as a teenager, was one of the only ways investors could try to get their money back.

Pleterski has since had his assets and bank accounts frozen, according to the report.

Pleterski reportedly was renting a lakefront mansion in Burlington, Ontario that he spent $45,000 a month for, and previously paid for promotional articles about himself on websites like Forbes’s publication in Monaco, and far-right publication Daily Caller. 

A lawyer for Pleterski told CBC Toronto that Pleterski thinks the claims against him by former investors are “wildly exaggerated.”

“Shockingly, it seems that nobody bothered to consider what would happen if the cryptocurrency market plummeted or whether Aiden, as a very young man, was qualified to handle these types of investments,” Pleterski’s lawyer, Micheal Simaan, told CBC Toronto. He added that Pleterski is “co-operating with the bankruptcy process and is hopeful that it will work out in the most equitable fashion for everyone involved.” 

Insider reached out to Pleterski’s lawyer for additional comment but did not immediately hear back ahead of publication.

In a meeting with creditors, Pleterski reportedly told them he was “very unorganized,” and didn’t keep records of his investments. His trustee told creditors that Pleterski said he lost the money he had received between late 2021 and early 2022 “in a series of margin calls and bad trades,” CBC Toronto reported.

Right now, Pleterski doesn’t have a criminal charge against him, Gizmodo reports, but is facing the bankruptcy proceeding and two civil lawsuits.

Garena Free Fire MAX OB36 Update: New features and rewards on offer(September 2022)

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Free Fire MAX OB36 Update

Garena Free Fire MAX OB36 update is all set to be launched on September 21, 2022, and players cannot wait for this one.

The new update is expected to bring in tonnes of new features to give a new definition to the battle royale title.

The patch is expected to be rolled out soon. While the period, the servers will be unavailable due to maintenance.

Players in India will also not be able to access the game as the maintenance has begun. While the maintenance period, the players will see an error message every time they try to access the game.

On the Indian Server, the maintenance is already going on.

The maintenance started on September 21, at 9:30 am IST and will end at 5:10 pm IST.

Players to access the new update are recommended to get their games updated either from the Google Play Store or the Apple App Store based on their devices’ operating system.

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The game will be ready for access immediately after the servers are updated and maintenance is completed.

The OB36 with the new features is also expected to bring in many freebies through events for the Free Fire MAX players.

The players will also get the chance to win daily-login rewards with the update.

The possible rewards are:

  • 2x Diamond Royale Voucher and 2x Weapon Royale Voucher: Login 1 day
  • Futuristic Weapon Loot Crate: Login 2 days
  • Gold Royale Voucher: Login 3 days
  • Demolitionist Weapon Loot Crate: 4 days
  • Incubator Voucher: 5 days

American, Russians to blast off for ISS as war rages in Ukraine

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Russians
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AUS astronaut and two Russian cosmonauts are set to blast off to the International Space Station Wednesday on a Russian-operated flight despite soaring tensions between Moscow and Washington over Russia’s invasion of Ukraine.

NASA’s Frank Rubio and Russia’s Sergey Prokopyev and Dmitry Petelin are scheduled to take off from the Russia-leased Baikonur cosmodrome in Kazakhstan at 1354 GMT, according to Russian space agency Roscosmos.

Rubio will become the first US astronaut to travel to the ISS on a Russian Soyuz rocket since President Vladimir Putin sent troops into pro-Western Ukraine on February 24.

In response, Western capitals including Washington have hit Moscow with unprecedented sanctions and bilateral ties have sunk to new lows. 

However, space has managed to remain an outlier of cooperation between the two countries.

Following Rubio’s flight, Russia’s only active female cosmonaut Anna Kikina is expected to travel to the orbital station in early October aboard a SpaceX Crew Dragon. 

She will become only the fifth professional woman cosmonaut from Russia or the Soviet Union to fly to space, and the first Russian to fly aboard a spacecraft of SpaceX, the company of US billionaire Elon Musk.

With both flights set to go ahead, Russian cosmonauts and Western astronauts have sought to steer clear of the conflict that is raging back on Earth, especially when in orbit together.

A collaboration among the United States, Canada, Japan, the European Space Agency and Russia, the ISS is split into two sections: the US Orbital Segment, and the Russian Orbital Segment.

– Russia leaving ISS –

At present, the ISS depends on a Russian propulsion system to maintain its orbit, about 250 miles (400 kilometres) above sea level, with the US segment responsible for electricity and life support systems.

However, tensions in the space field have grown after Washington announced sanctions on Moscow’s aerospace industry — triggering warnings from Russia’s former space chief Dmitry Rogozin, an ardent supporter of the Ukraine war.

Rogozin’s recently appointed successor Yuri Borisov later confirmed Russia’s long-mooted move to leave the ISS after 2024 in favour of creating its own orbital station.

US space agency NASA called the decision an “unfortunate development” that would hinder the scientific work performed on the ISS. 

Space analysts say that the construction of a new orbital station could take more than a decade and Russia’s space industry — a point of national pride — would not be able to flourish under heavy sanctions. 

The ISS was launched in 1998 at a time of hope for US-Russia cooperation following their Space Race competition during the Cold War.

During that era, the Soviet space programme flourished. It boasted a number of accomplishments that included sending the first man into space in 1961 and launching the first satellite four years earlier.

But experts say Roscosmos is now a shadow of its former self and has in recent years suffered a series of setbacks, including corruption scandals and the loss of a number of satellites and other spacecraft.

Russia years-long monopoly on manned flights to the ISS is also gone, to SpaceX, along with millions of dollars in revenue. 

YouTube’s Next Move in the Race to Beat TikTok

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TikTok

YouTube is giving more creators more opportunities to make money in an apparent bid to compete with TikTok.

The Google-owned company announced at Tuesday’s “Made on YouTube” event that it’s lowering the bar for creators to make money on the platform by introducing revenue-sharing to Shorts, its TikTok-like video-sharing service where videos can be up to 60 seconds long. YouTube said it plans to give Shorts creators 45% of the revenue generated by the ads that play in between videos, starting in early 2023.

“Short video is clearly a really popular format. So it feels like every platform is kind of moving in the same direction,” says Mark Bergen, the author of Like, Comment, Subscribe: Inside YouTube’s Chaotic Rise to World Domination.

YouTube reportedly first announced these changes internally during an all-hands staff meeting on Sept. 15, with vice president of product management and creator products Amjad Hanif citing the development as “the largest expansion” that YouTube’s monetization program has undergone in several years. Tech industry experts say the move seems to indicate that YouTube is pushing to retain creator loyalty as Chinese-owned TikTok increases rapidly in popularity.

For its part, YouTube says that a monetization option for short-form content has always been part of its long-term plan. “The announcements we made today are first-of-its kind and establish a new model for the due and critical compensation for mobile-first, short-form video creators,” a YouTube spokesperson says. “This is a huge area of investment for us, and we look forward to seeing how it helps the community thrive and grow.”

The battle against TikTok

With over two billion monthly active users, YouTube is far and away the top performing online streaming platform. But TikTok’s popularity is becoming more and more clear. TikTok’s average monthly active users increased by 234% in the second quarter of 2022 compared to the same time period in 2019, while YouTube’s grew by only 29%, according to data from app metrics platform Sensor Tower.

“What TikTok has done is sort of take YouTube’s recommendation system and Facebook’s feed features that have been criticized for prioritizing engagement and addiction, and ball it all up into a really compelling service,” Bergen says.

TikTok has also gained a serious foothold among Gen Z users. A Pew Research survey published in August found that while YouTube is still the most popular social media platform among U.S. teens, TikTok is steadily gaining ground. The survey showed that 95% of U.S. teens use YouTube and 19% are on the platform “almost constantly” as compared to the 67% who use TikTok and 16% who use it “almost constantly.”

Instagram and Snapchat are next in the rankings, with 62% and 59% of teens saying they use the platforms, respectively.

“TikTok is the platform of choice for young people,” says Margaret O’Mara, a historian of the tech industry. “And that’s the growth market that all of these platforms have been chasing.”

YouTube’s strategy echoes recent updates that Facebook and Instagram parent Meta has made to its platforms to compete with TikTok. Since introducing Reels in 2020, Instagram has touted the short-form video feature as its answer to TikTok. But the company has experienced a number of setbacks in growing the service. The Wall Street Journal reported earlier this month that, according to internal Meta research, Instagram users cumulatively spend less than one-tenth of the time per day on Reels that TikTok users spend on TikTok.

According to the Journal, part of the reason for this is that Instagram has struggled to recruit people to make content. This is the exact problem that YouTube seems to be trying to hedge its bets against.

Lowering the bar for creators to earn money on the platform is a significant move that reflects how the ecosystem of social media influencers has grown and changed, says O’Mara.

“Even ten years ago, this whole world was different and YouTube could, in a way, act like an old Hollywood movie studio and have a stable of stars that it nurtured and showcased,” she says. “Now, the new creators who seem to be getting a lot of attention and a lot of traction very quickly are on TikTok. YouTube wants to be appealing to that set of creators.”

What YouTube’s announcement means for creators

Previously, YouTube creators only made money if they had at least 1,000 subscribers and audiences watched at least 4,000 hours of their videos. Now, creators with 1,000 subscribers and 10 million Shorts views over 90 days can also cash in on their content.

During Tuesday’s event, YouTube vice president of Americas Tara Walpert Levy said the company wants YouTube to be a “one-stop shop” for creators. “Our belief is that you should be able to make a living in any format,” she said.

TikTok has introduced competition to YouTube in a way it’s never really experienced, says Bergen. “That’s forced YouTube to pay more attention and give resources to creators in a way that it hasn’t before,” he says.

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