Start Up No.2332: bitcoin hits a new high, the AI translator cometh, how ChatGPT is killing Chegg, needing nuclear, and more


Getting two child seats into the back of a normal car is fine – but three isn’t. A study suggests that limits family sizes. CC-licensed photo by Oregon Department of Transportation on Flickr.

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A selection of 9 links for you. Strapped up. I’m @charlesarthur on Twitter. On Threads: charles_arthur. On Mastodon: https://newsie.social/@charlesarthur. Observations and links welcome.


Bitcoin hits record high as Trump vows to end crypto crackdown • Ars Technica

Ashley Belanger:

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Bitcoin hit a new record high late Monday, its value peaking at $89,623 as investors quickly moved to cash in on expectations that Donald Trump will end a White House crackdown that intensified last year on crypto.

While the trading rally has now paused, analysts predict that bitcoin’s value will only continue rising following Trump’s win—perhaps even reaching $100,000 by the end of 2024, CNBC reported.

Bitcoin wasn’t the only winner emerging from the post-election crypto trading. Crypto exchanges like Coinbase also experienced surges in the market, and one of the biggest winners, CNBC reported, was dogecoin, a cryptocurrency linked to Elon Musk, who campaigned for Trump and may join his administration. Dogecoin’s value is up 135% since Trump’s win.

On the campaign trail, Trump began wooing the cryptocurrency industry, seeking donations and votes by promising to make the US the “crypto capital of the planet,” Fortune reported. He announced the launch of his own crypto platform, World Liberty Financial (WLFI), and vowed to “fire” Gary Gensler—the Securities and Commission Exchange (SEC) chair leading the US crypto crackdown—on “day one” in office, Al Jazeera reported.

Whether Trump can actually fire Gensler is still up in the air, The Washington Post reported. It seems more likely that Trump may demote Gensler, The Post reported, since people familiar with the matter suggested that “fully outing” the current SEC chair “could trigger a novel and complicated legal battle over the president’s authorities.” So far, Gensler has made no indications that he will step down once Trump takes office, although The Post noted that wouldn’t be considered unusual.

Sources told The Post that Trump is considering “a mix of current regulators, former federal officials, and financial industry executives,” for leadership positions, “many of whom have publicly expressed pro-crypto views.”

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It’s like digital herpes. You think you’ve got rid of it, and that it’s vanished, but no, it just keeps coming back, bigger than ever.
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‘It gets more and more confused’: can AI replace translators? • The Guardian

Kezza MacDonald:

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Dutch publisher Veen Bosch & Keuning’s announcement that it would use AI translation for commercial fiction has outraged both authors and translators – despite attempts to reassure them with promises that no books will be translated in this way without careful checking and that authors will have to give consent.

“A translator translates more than just words, we build bridges between cultures, taking into account the target readership every step of the way,” says Michele Hutchison, winner of 2020’s International Booker prize for her translation of Lucas Rijneveld’s The Discomfort of Evening. “We smuggle in subtle clues to help the reader understand particular cultural elements or traditions. We convey rhythm, poetry, wordplay, metaphor. We research the precise terminology for say agricultural machinery, even in a novel.”

Translators and authors have also pointed out that AI translation requires very careful checking and editing – ideally by someone who knows both languages. At that point, that person may as well be translating the text themselves. Cultural sensitivity is a particular concern, as AI has been known to produce things that are wildly inappropriate.

“Last year a reader flagged some issues in a French edition of one of my books,” says Juno Dawson, author of the Her Majesty’s Royal Coven series. “The translator had used a slightly outdated term to describe a trans person. We were able to change the term before publication. It’s these nuances I suspect AI would miss, meaning that AI generated content would then require stringent editing anyway.”

There are however some scenarios in which machine translation could arguably help the creators of cultural works. For writers working in minority languages, for instance, whose works are not currently translated into English or other languages at all, an AI-assisted translation could bring them to the attention of many more readers. And in video games, localisation can be one of the bigger costs for smaller independent developers, especially those for whom English is not a native language.

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How ChatGPT brought down an online education giant • WSJ

Miles Kruppa:

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Most companies are starting to figure out how artificial intelligence will change the way they do business. Chegg is trying to avoid becoming its first major victim.

The online education company was for many years the go-to source for students who wanted help with their homework, or a potential tool for plagiarism. The shift to virtual learning during the pandemic sent subscriptions and its stock price to record highs.

Then came ChatGPT. Suddenly students had a free alternative to the answers Chegg spent years developing with thousands of contractors in India. Instead of “Chegging” the solution, they began canceling their subscriptions and plugging questions into chatbots.

Since ChatGPT’s launch, Chegg has lost more than half a million subscribers who pay up to $19.95 a month for prewritten answers to textbook questions and on-demand help from experts. Its stock is down 99% from early 2021, erasing some $14.5bn of market value. Bond traders have doubts the company will continue bringing in enough cash to pay its debts.

Though Chegg has built its own AI products, the company is struggling to convince customers and investors it still has value in a market upended by ChatGPT.

“It’s free, it’s instant, and you don’t really have to worry if the problem is there or not,” Jonah Tang, an MBA candidate at Point Loma Nazarene University in San Diego, said of the advantages of using ChatGPT for homework help over Chegg.

A survey of college students by investment bank Needham found 30% intended to use Chegg this semester, down from 38% in the spring, and 62% planned to use ChatGPT, up from 43%.

“My concern is that the headwinds to Chegg’s top-line aren’t temporary—they’re more structural in nature,” said Needham analyst Ryan MacDonald.

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This is going to require an almighty pivot, or else they’re ruined.
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Taylor Swift fans are leaving X for Bluesky after Trump’s election • WIRED

Vittoria Elliott:

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Following the us presidential election, Swifties, the name for Taylor Swift’s fans, are fleeing X for Bluesky. X’s owner, billionaire Elon Musk, was one of Donald Trump’s biggest backers, funnelling over $100m into the Trump-supporting America PAC; stumping for the candidate on the campaign trail; and boosting Trump’s messaging on X. Musk also helped Trump tap into a distinctly right-wing male audience. Swifties, who have built a robust community on the platform formerly known as Twitter, took notice. By Thursday, less than 48 hours after Trump won the presidency, they were starting to flock from the platform for good.

“I love the idea of building a new community here and would love not to have to support Elon in any way,” says Justin, who goes by @justin-the-baron.swifties.social on Bluesky and asked to use only his first name for fear of harassment. “Elon is of course a big Trump supporter, which doesn’t align with Taylor’s values or the values of Swifties.”

Though there are Swifties on all sides of the political spectrum, the community prides itself on being a positive and accepting space. After Kamala Harris was announced as the Democratic nominee for president, Swifties began to mobilize to support her. In September, Swift herself endorsed Harris. In an Instagram post announcing her support, Swift cited AI-generated images of herself and her fans that had been used by Trump to imply she’d endorsed him.

…Irene Kim, an organizer with Swifties for Kamala, says that the outpouring of misogyny following the election pushed her and many other Swift fans to abandon X and seek refuge on Bluesky. Though research has found that hate speech and disinformation increased after Musk took over the platform, the election of Trump seems to have supercharged it. A report from the Institute for Strategic Dialogue found that in the 24 hours following Trump’s electoral victory, phrases like “Your body, my choice,” parroting the election night rhetoric of white supremacist Nick Fuentes, rose 4,600% on X.

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Yes, car seat laws reduce the birth rate • Mises Institute

Ryan McMaken:

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Opponents of the Trump campaign had fun in September with some year-old comments from vice-presidential candidate J.D. Vance. Apparently, in a Senate hearing during March 2023, Vance stated that car seat laws have an impact on the number of children parents feel they can afford. As quoted in the Ohio media site cleveland.com:

“I think there’s evidence that some of the things that we’re doing to parents is driving down the number of children that American families are having,” he said. “In particular, there’s evidence that the car seat rules that we’ve imposed — which of course, I want kids to drive in car seats — have driven down the number of babies born in this country by over 100,000.”

Anti-Trump activists got to work mocking the idea, and some suggested that Vance must have simply made these numbers up. 

Most of the mockery was based on the idea that a $100 or $200 dollar car seat is surely not the deciding factor in whether or not to have another child.  This claim may seem perfectly plausible to anyone who has never had children or has only had one or two small children at any given time. Anyone who has actually considered having a third child, however, knows that the cost of the car seat itself is not what dissuades parents from having an additional child. 

Rather, the realities of car seats and car-seat laws mean that a third child adds significant costs and obstacles in the form of a necessarily larger car. As anyone who has three small children knows, it is difficult to fit three car seats in the back seat or an ordinary car. This is why so many people with more than two children end up buying a minivan—which is more costly than a small sedan. The third row of seats is often necessary to accommodate a third car seat. Or, in some cases, the problem may be addressed with a large vehicle, such as a costly full-size SUV, that is sufficiently wide to accommodate a third car seat. 

Anyone who isn’t wealthy and who owns small cars has encountered this problem. When it comes to having a third child, it often becomes necessary to purchase a larger, more expensive car. This is about much more than the cost of a single car seat. 

This has been known for years among more honest researchers. For example, a 2020 study by business professors Jordan Nickerson and David Solomon plainly notes this challenge of finding a back seat in a vehicle that accommodates three car seats. 

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Not what you’d expect, is it. But the study does suggest the effect is real. (Car seats are mandatory up to the age of eight in many states.)
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Apple explains why the M4 Mac mini power button is located on the bottom • 9to5Mac

Chance Miller:

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As part of its dramatic redesign, Apple moved the power button on the M4 Mac mini from the back of the machine to the bottom. In a new interview, Apple executives Greg Joswiak and John Ternus addressed this surprisingly controversial decision.

In an interview posted to Chinese video sharing website Bilibili and spotted by ITHome, Ternus and Joswiak explained that the dramatically smaller form factor of the Mac mini forced Apple to find a new position for the power button.

Ternus and Joswiak said (translated):

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Well, we’ve shrunk the size of it so much, right? It’s equivalent to half the size of the previous generation. So we needed to put the power button in the most appropriate spot because it’s so small. It’s convenient to press. Just tuck your finger in there and hit the button.

In fact, the most important thing is you pretty much never use the power button on your Mac. I don’t even remember the last time I turned on a Mac.

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“The most appropriate spot”? I think he meant “most convenient for our manufacturing” – it’s on the plastic part, rather than having to drill into the aluminium.
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New York Times tech guild ends strike • The New York Times

Katie Robertson:

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The Times Tech Guild, which represents more than 600 tech workers at The New York Times, announced on Monday that it had ended its weeklong strike despite not reaching a deal on a contract.

The union has been on strike since Nov. 4 and has regularly picketed outside The Times’s Manhattan headquarters. The strike was planned to coincide with Election Day, when readership interest is high.

The Times Tech Guild workers, which include software developers, designers and data analysts, will return to their jobs on Tuesday.

Kathy Zhang, the unit chair of the union and a senior analytics manager at The Times, said the strike “showed that we have the full support of subscribers and allies across the country going forward.” She said the union would continue to fight for a fair contract.

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Coded Wordle and Connections and all the rest of the games so well they didn’t fall over like you hoped, eh? And the Guild’s demand to (lest we forget) get a veto over which letters to the editor are published seems likely to vanish too. Tech strikes are hard to make stick when you’ve built the products already.
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Don’t switch off clean power • Notes on Growth

Sam Dumitriu:

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Britain used to be a nuclear superpower. In 1932, the atom was first split in Britain. In 1956, Britain opened the world’s first full-scale commercial nuclear reactor. Less than ten years later, it had built 21 more. As late as 1965, Britain had more nuclear reactors than the rest of the world combined.

Yet Britain hasn’t completed a new nuclear power station in almost 30 years and most of our remaining fleet is set to be taken offline in the next few years. Only Sizewell B, which opened in 1995, is planned to stay online past 2028. Assuming one unit at Hinkley Point C has not been completed by 2029, and Sizewell B will close for two months, then Britain will have no nuclear power whatsoever on the grid. For the first time in more than 70 years, the sun will set on British nuclear power.

For energy security, household bills, and net zero, this situation must be avoided. We can and should extend the life of our existing fleet of Advanced Gas-cooled Reactors (AGRs) to avoid it happening.

What will take nuclear’s place on the grid? Some of the time, it will be renewables like wind and solar. Batteries charged at times of high wind or sun will pick up some of the slack too. But there are limits to intermittent renewables and the short-duration batteries they charge. When the sun isn’t shining and the wind isn’t blowing, our grid will more often than not fall back on expensive, carbon-emitting natural gas. The result will be higher emissions and higher electricity prices.

The planned phase-out of Britain’s remaining AGRs therefore threatens to derail the Government’s Clean Power by 2030 target. This is the finding of the now-Government-owned National Energy Systems Operator, or NESO’s new report into the feasibility of the Government’s “Clean Power by 2030” target.

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Xiaomi SU7 Ultra Prototype laps the Nürburgring in 6:46 minutes • Car and Driver

Jack Fitzgerald:

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Remember the other week when Ford’s CEO Jim Farley made a surprising announcement that not only has he been driving an electric Chinese sedan for the past six months, but he doesn’t want to give it up? That sedan was the production version of the standard Xiaomi SU7—the first car from Xiaomi, a Chinese consumer electronics brand. Xiaomi’s next step is the higher-performance SU7 Ultra, and a prototype version just lapped the Nürburgring Nordschleife in 6:46.87 minutes, which is hugely impressive, even though it doesn’t qualify for any production-car records.

A video released by the Nürburgring shows the Xiaomi prototype smashing the official lap records for production versions of four-door and electric cars. Not only is the electric sedan’s time remarkable, but the SU7 Ultra managed it while appearing to lose power around the 4:15-minute mark, as indicated by the onboard video.

Anything under seven minutes at the ‘Ring is an achievement worthy of praise, though the SU7 Ultra’s lap wasn’t considered an official production record attempt (the company intends to do that later) and instead falls into the Prototypes and Pre-Production vehicles list.

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Xiaomi really is becoming the anything manufacturer. Phones, fitness trackers, air purifiers.. and now cars. Apple must be envious. And this proof of the speed and maneouvrability of EVs is quite something.
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• Why do social networks drive us a little mad?
• Why does angry content seem to dominate what we see?
• How much of a role do algorithms play in affecting what we see and do online?
• What can we do about it?
• Did Facebook have any inkling of what was coming in Myanmar in 2016?

Read Social Warming, my latest book, and find answers – and more.


Errata, corrigenda and ai no corrida: none notified

5 thoughts on “Start Up No.2332: bitcoin hits a new high, the AI translator cometh, how ChatGPT is killing Chegg, needing nuclear, and more

  1. Is there any verification that there actually was a current Guild demand to “get a veto over which letters to the editor are published”? I saw claims to that effect, but never from the union side. In fact, what I see is:

    https://newsguild.org/newsletter-election-day-strike-at-the-new-york-times/

    “Just Cause: Just Cause protects workers, especially union members, from being targets of management’s at-will firings and discipline. …
    “Pay Equity: …”
    “Remote/hybrid worker protections: …”

    Zero about anything like such a veto.

    And denial of similar: https://x.com/MikeIsaac/status/1853533559920964010
    “but none of these items (which are mischaracterized) are on the table now nor have they been for a year or so”

    This is would hardly be the first time in history that management put out a misleading story which painted a union in a bad light.

  2. The problem with Nuclear power is that nobody can have faith that the true cost of dealing with the nuclear waste is factored in.

    Finland have a long-term deep geological storage facility but the US and UK, for example, do not and store the waste in surface or near surface ‘temporary’ sites for decades. The UK Government state that they hope to have geological storage by the 2050s but nothing more ‘concrete’ (pardon the pun) so how can the true cost ever be estimated?

    Further reading;

    https://thebulletin.org/2024/07/the-thorny-social-problem-of-permanent-nuclear-waste-storage/

    https://www.gov.uk/government/news/updated-approach-to-managing-nuclear-waste

    • Nuclear waste is essentially a solved problem. LLW and ILW are both essentially no risk – just have big water tanks. HLW takes more thought but vitrification is effective and there are deep stores all over. It’s not as if we’ve created radioactivity so sticking it deep in the ground (away from geological faults) is basically return to sender.

      • You’re missing the point – the UK does not have a geological storage facility and the government even state that they intend to have one in 25+ years time – so the option of returning to sender does not currently exist.

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