The biggest tech failures of 2022
The impact of these technologies can be measured by the number of people affected. More than a billion people in China are now exposed to the virus for the first time; 335 million people on Twitter are watching Musk’s antics; and fentanyl has killed 70,000 people in the US. In each of these messes, there are important lessons about why technology fails. Continue reading.
Night falls with the money earned
Imagine a world in which you can create new coins and others will pay you, real money to get some. Let’s call what they are buying crypto tokens. But since there are so many types of tokens and they are difficult to buy and sell, imagine that an entrepreneur creates a private stock market to trade them. Let’s call it a “crypto exchange”. Because tokens have no intrinsic value and other exchanges have run out of value, you must ensure that your tokens are extremely secure and well-managed.
That is the concept behind FTX Trading, a cryptocurrency exchange started by Sam Bankman-Fried, a young man in his 20s who touts the sophisticated technology as a “management tool.” automated risk management” 24/7 checks every 30 seconds to see if the depositor has enough real money to pay. cover their cryptocurrency gambles. The technology will ensure “complete transparency”.
However, behind the surface, FTX seems to be just an old-fashioned embezzlement. According to US investigators, Bankman-Fried took customer funds and used it to buy luxury homes, make political donations, and amass large sums of illiquid crypto tokens. . It all came crashing down in November. John Ray, appointed to oversee the bankrupt company, said that FTX’s technology was “not complicated at all”. Nor is it intentional fraud: “This is just taking customer money and using it for your own purposes.”
Bankman-Fried, an MIT graduate student whose parents were both Stanford University law professors, was arrested in the Bahamas in December and faces multiple charges of conspiracy, fraud and money laundering.
To learn more about crypto promoters, we recommend if the Wolf of Wall Street talks about cryptocurrenciesa satirical video by Joma Tech.
From medicine to murder
How fentanyl became a killer
Back in 1953, Belgian doctor and chemist Paul Janssen set out to create the strongest painkiller he could. He believes he can improve on morphine, designing a molecule that is 100 times more powerful but in a short time. His discovery, the synthetic opioid fentanyl, would become the most widely used pain reliever in surgery.
Today, fentanyl is setting grim records—it is involved in the accidental deaths of about 70,000 people each year in the United States, or about two-thirds of all drug overdose deaths. It’s the leading cause of death in American adults under the age of 50, killing more people than car accidents, guns, and covids combined.