The news: China’s intensifying crackdown has sent cryptocurrency prices tumbling. China has been upping its regulatory squeeze on cryptocurrencies for some time, but it now looks likely that over 90% of Bitcoin mining capacity in the country will shut down, according to a report in the Global Times, which is published by the Chinese state. Last Friday, authorities in the southwestern province of Sichuan ordered crypto miners in the region to cease operating.
Yesterday, China’s central bank announced it was ordering banks to crack down on cryptocurrency trading.
The effects: On the same day, Bitcoin’s price dropped to $31,333—it’s fallen by 20% in the last week—amid increasing uncertainty about its future. Other cryptocurrencies also tumbled, and the entire market has dropped in value by 12% over the past couple of days, according to the cryptocurrency exchange platform CoinBase. These events are having an impact on hardware prices, too. Chinese consumers seeking to purchase graphics cards, which are critical components for Bitcoin mining, have found sharply lower prices in the past day or so. Some prices had plunged by as much as 66%, according to the South China Morning Post.
Why now: China sees cryptocurrencies, which are decentralized and unregulated, as a threat. Its central bank said they have “disrupted the normal order of the economy” and “increase the risks of illegal cross-border transfers of assets and illegal activities such as money laundering.” It is planning to become the first country to launch its own official digital currency, the e-yuan.
Another alternative: Bitcoin mining won’t cease because of China’s crackdown. Instead, operators will relocate elsewhere. Texas has been touted as a place that could benefit from the new restrictions in China, thanks to its relatively lax regulatory environment and cheap electricity.
This story was first published in our daily newsletter, The Download. Sign up to get the most significant goings-on in tech delivered to your inbox, every morning.
How do I know if egg freezing is for me?
The tool is currently being trialed in a group of research volunteers and is not yet widely available. But I’m hoping it represents a move toward more transparency and openness about the real costs and benefits of egg freezing. Yes, it is a remarkable technology that can help people become parents. But it might not be the best option for everyone.
Read more from Tech Review’s archive
Anna Louie Sussman had her eggs frozen in Italy and Spain because services in New York were too expensive. Luckily, there are specialized couriers ready to take frozen sex cells on international journeys, she wrote.
Michele Harrison was 41 when she froze 21 of her eggs. By the time she wanted to use them, two years later, only one was viable. Although she did have a baby, her case demonstrates that egg freezing is no guarantee of parenthood, wrote Bonnie Rochman.
What happens if someone dies with eggs in storage? Frozen eggs and sperm can still be used to create new life, but it’s tricky to work out who can make the decision, as I wrote in a previous edition of The Checkup.
Meanwhile, the race is on to create lab-made eggs and sperm. These cells, which might be made from a person’s blood or skin cells, could potentially solve a lot of fertility problems—should they ever prove safe, as I wrote in a feature for last year’s magazine issue on gender.
Researchers are also working on ways to mature eggs from transgender men in the lab, which could allow them to store and use their eggs without having to pause gender-affirming medical care or go through other potentially distressing procedures, as I wrote last year.
From around the web
The World Health Organization is set to decide whether covid still represents a “public health emergency of international concern.” It will probably decide to keep this status, because of the current outbreak in China. (STAT)
Researchers want to study the brains, genes, and other biological features of incarcerated people to find ways to stop them from reoffending. Others warn that this approach is based on shoddy science and racist ideas. (Undark)
A watermark for chatbots can expose text written by an AI
For example, since OpenAI’s chatbot ChatGPT was launched in November, students have already started cheating by using it to write essays for them. News website CNET has used ChatGPT to write articles, only to have to issue corrections amid accusations of plagiarism. Building the watermarking approach into such systems before they’re released could help address such problems.
In studies, these watermarks have already been used to identify AI-generated text with near certainty. Researchers at the University of Maryland, for example, were able to spot text created by Meta’s open-source language model, OPT-6.7B, using a detection algorithm they built. The work is described in a paper that’s yet to be peer-reviewed, and the code will be available for free around February 15.
AI language models work by predicting and generating one word at a time. After each word, the watermarking algorithm randomly divides the language model’s vocabulary into words on a “greenlist” and a “redlist” and then prompts the model to choose words on the greenlist.
The more greenlisted words in a passage, the more likely it is that the text was generated by a machine. Text written by a person tends to contain a more random mix of words. For example, for the word “beautiful,” the watermarking algorithm could classify the word “flower” as green and “orchid” as red. The AI model with the watermarking algorithm would be more likely to use the word “flower” than “orchid,” explains Tom Goldstein, an assistant professor at the University of Maryland, who was involved in the research.
The Download: watermarking AI text, and freezing eggs
That’s why the team behind a new decision-making tool hope it will help to clear up some of the misconceptions around the procedure—and give would-be parents a much-needed insight into its real costs, benefits, and potential pitfalls. Read the full story.
This story is from The Checkup, MIT Technology Review’s weekly newsletter giving you the inside track on all things health and biotech. Sign up to receive it in your inbox every Thursday.
I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology.
1 Elon Musk held a surprise meeting with US political leaders
Allegedly in the interest of ensuring Twitter is “fair to both parties.” (Insider $)
+ Kanye West’s presidential campaign advisors have been booted off Twitter. (Rolling Stone $)
+ Twitter’s trust and safety head is Musk’s biggest champion. (Bloomberg $)
2 We’re treating covid like flu now
Annual covid shots are the next logical step. (The Atlantic $)
3 The worst thing about Sam Bankman-Fried’s spell in jail?
Being cut off from the internet. (Forbes $)
+ Most crypto criminals use just five exchanges. (Wired $)
+ Collapsed crypto firmFTX has objected to a new investigation request. (Reuters)
4 Israel’s tech sector is rising up against its government
Tech workers fear its hardline policies will harm startups. (FT $)
5 It’s possible to power the world solely using renewable energy
At least, according to Stanford academic Mark Jacobson. (The Guardian)
+ Tech bros love the environment these days. (Slate $)
+ How new versions of solar, wind, and batteries could help the grid. (MIT Technology Review)
6 Generative AI is wildly expensive to run
And that’s why promising startups like OpenAI need to hitch their wagons to the likes of Microsoft. (Bloomberg $)
+ How Microsoft benefits from the ChatGPT hype. (Vox)
+ BuzzFeed is planning to make quizzes supercharged by OpenAI. (WSJ $)
+ Generative AI is changing everything. But what’s left when the hype is gone? (MIT Technology Review)
7 It’s hard not to blame self-driving cars for accidents
Even when it’s not technically their fault. (WSJ $)
8 What it’s like to swap Google for TikTok
It’s great for food suggestions and hacks, but hopeless for anything work-related. (Wired $)
+ The platform really wants to stay operational in the US. (Vox)
+ TikTok is mired in an eyelash controversy. (Rolling Stone $)
9 CRISPR gene editing kits are available to buy online
But there’s no guarantee these experiments will actually work. (Motherboard)
+ Next up for CRISPR: Gene editing for the masses? (MIT Technology Review)
10 Tech workers are livestreaming their layoffs
It’s a candid window into how these notoriously secretive companies treat their staff. (The Information $)