Former FDIC Chair: Why we shouldn’t ban bitcoin

From: Yahoo Finance

Sheila Bair

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Since the beginning of commerce, humans have assigned value to things of no readily-apparent intrinsic worth. Particularly in the case of mediums of exchange, aka currency, we assign value simply because those with whom we transact do so as well. Whether it is the cowry shells of ancient India or the thin green pieces of paper many of us still carry in our wallets today, worth depends more on psychology than physical attributes.

US FERC eyes mandatory reporting of certain cybersecurity incidents

From: Platts

Responding to a gap identified in the reporting of cybersecurity incidents, the US Federal Energy Regulatory Commission Thursday proposed broadening mandatory reporting requirements to include incidents that attempt to compromise the grid.

Under the current critical infrastructure protection reliability standard at issue, reporting is limited to incidents that compromise or disrupt at least one reliability task. As such, no incidents were reported in 2015 or 2016, likely understating “the true scope of cyber-related threats facing the bulk electric system,” Margaret Scott, a staffer in FERC’s Office of Electric Reliability, told the commission Thursday at its open meeting.

DHS plans to step up cyber agreements with private companies

From: FCW

By Derek B. Johnson

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According to a DHS cybersecurity official with direct knowledge of the developing policy, the department is looking to increase the use of proactive memorandums of agreement with Section 9 entities in advance of a specific incident.

Voluntary agreements would pre-clear the department to provide incident response services, monitor networks when threat indicators pop up, block malicious traffic and deploy resources to assist those entities in the event of a cyberattack. The official requested anonymity in order to speak candidly.

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Bitcoin’s Rise May Reflect a Monumental Transfer of Trust From Human Institutions Backed By Gov’t To Systems Reliant on Well-Tested Code

From: New York Times via Slashdot

Tim Wu, a law professor at Columbia, writing for the New York Times:Yet as Bitcoin continues to grow, there’s reason to think something deeper and more important is going on. Bitcoin’s rise may reflect, for better or worse, a monumental transfer of social trust: away from human institutions backed by government and to systems reliant on well-tested computer code. It is a trend that transcends finance: In our fear of human error, we are putting an increasingly deep faith in technology (Editor’s note: the link may be paywalled). What gives the Bitcoin bubble significance is that, like ’90s tech, it is part of something much larger than itself. More and more we are losing faith in humans and depending instead on machines. The transformation is more obvious outside of finance. We trust in computers to fly airplanes, help surgeons cut into our bodies and simplify daily tasks, like finding our way home. In this respect, finance is actually behind: Where we no longer feel we can trust people, we let computer code take over. . . .

Will Artificial Intelligence Become Its Own Regulator?

Editor’s Note: Artificial Intelligence will be regulated. The only question is who will be the regulators? Since AI is already playing a growing role in regulation, the answer is self-evident.

From: The Hill | Opinion

Artificial intelligence doesn’t require burdensome regulation

BY MATT CARROLL, OPINION CONTRIBUTOR

One of the most important issues that Congress will face in 2018 is how and when to regulate our growing dependence on artificial intelligence (AI). During the U.S. National Governors Association summer meetings, Elon Musk urged the group to push forward with regulation “before it’s too late,” stating that AI was an “existential threat to humanity.”