Saturday, May 21

Month: December 2021

Squid Game Token Cryptocurrency Scam: What Went Wrong?
All Posts, Technology

Squid Game Token Cryptocurrency Scam: What Went Wrong?

By: Neelesh Raj As a result of the popularity of the South Korean Netflix series Squid Game, the developers of a cryptocurrency named after the Squid Game token made off with nearly $7 million. According to its website, which has now been deleted, the coin marketed itself as a "play-to-earn cryptocurrency," which encouraged investors to risk their hard-earned money into a currency which they actually could not sell. Many investors put in lots of money, in which one of them would exit as the winner of the contest, starting with 456 squid coins (roughly $6.3k) to play in the first game and up to $210,000 to play in the final round.  The term used to describe such a scam is known as a “rug pull,” which happens when the promoter of a digital token draws in buyers, abruptly halts tr...
How does inflation influence different sectors?
All Posts, Economy and Government

How does inflation influence different sectors?

By: Ke Tang OverviewInflation in October is rising more than expected. According to the US Bureau of LaborStatistics, the consumer price index in October has increased 0.9% and pushed the year-over-year increase to 6.2%, hitting a 30-year high. In comparison, the consumer price index inSeptember has risen 0.4% on the month and 5.4% on the year. 1 The rise of inflation exceedspeople's expectations and will increase people’s costs for living. However, it is not necessarilythat inflation will influence everyone equally. Depending on an individual’s consumption basket,the impact on one’s cost of living will be different because different products have experiencedvarious levels of inflation. Furthermore, those in the lower-income status will be influenced themost as they are most vulnerable...
Biden’s Pick for Fed Chairman
All Posts, Economy and Government

Biden’s Pick for Fed Chairman

By: Marvi Ali The Federal Reserve System, or the Fed, is the central bank and monetary authority of theUnited States. Founded in the aftermaths of the Panic of 1907 and a series of financial crises, theFed was tasked with the major responsibilities of conducting national monetary policy,supervising and regulating the banking system, and ensuring financial stability. There are threemain components of the Fed: the Regional Banks, the Board of Governors, and the Federal OpenMarket Committee. One of the seven governors from the Board of Governors is appointed as theChairman of the Fed by the President of the United States and then confirmed by the US Senate.The Fed Chair serves as a spokesperson and representative for the rest of the Board and chairsboth the Board of Governors and the Fede...
Avoiding Surveillance Capitalism: Corporate Social Responsibility in Tech Companies
All Posts, Technology

Avoiding Surveillance Capitalism: Corporate Social Responsibility in Tech Companies

By: Eric Wang With advancements in internet technology, mass distribution of information has become accessible to people worldwide. Accompanying these improvements, information technology corporations also developed marketing and promotion tools to attract more growth in user rates and page views. However, customers are impacted dramatically due to their disadvantages in protecting themselves from the overwhelming information flow's harm. One study conducted by researchers at Yale University shows that the spread of biased news and information is altering the public's perspectives on large-scale civic issues, including climate change and environmental protection. Hence, the independent organizations formed by expertise in the IT field should be established to monitor Silicon Valley com...
COVID-19 Impact on November 2021 Economy
All Posts, Economy and Government

COVID-19 Impact on November 2021 Economy

By: Mi Nguyen It has been almost two years since the COVID-19 virus was detected and the world is going deepinto quarantine and isolation to battle the immense spread of the virus. By this point, wearingmasks indoors and showing vaccination cards at restaurants has become the new normal already.As we become so used to living with the virus, we tend to forget that COVID-19 is still there,and it still has a huge impact on our current economy. Examining the report from S&P Global Ratings, we can see that although the economy is slowlyrecovering from the initial impact of COVID-19, the road to full pre-pandemic recovery is stillshaky due to surges of COVID cases in different countries along with new variants beingdiscovered. For instance, in the US, although key emerging markets, li...
Pulling the Rug on Squid Game
All Posts, Technology

Pulling the Rug on Squid Game

By: Lexi Blakes This past September, Netflix’s hit series Squid Game debuted at No. 1 with over 3 billion minutes viewed in its first week of streaming, easily gaining the title of “most popular show in 2021”. Squid Game is a Korean television series that acts as an allegory to greed, capitalism, and the prison of debt. The show explores the extent to which money has power in our lives and how shamelessly society’s wealthiest exploit others. Viewed in more than 142 million households globally, its viewership made it 7-times more popular than the most-watched episode of “Game of Thrones”, breaking boundaries of achievement for entertainment.  In recent weeks, Squid Game’s message of how money corrupts is clearer than ever. The creators of a new cryptocurrency scam, called the “S...