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Ice Lounge Media

The fintech industry is on a tear. Popular consumer services like Robinhood to Coinbase and Revolut have managed to attract millions of customers, but the most interesting trend right now is embedded finance.

Tech companies that don’t necessarily provide financial services can embed services from fintech companies directly in their products. At the same time, fintech companies can find a new distribution channel by providing financial products outside of their main product. They don’t necessarily need a consumer product anymore.

At TechCrunch Disrupt, we talked about this trend and the most important changes in the fintech industry with three experts — Hope Cochran, a managing director at Madrona Venture Group (and former King CFO), Ruth Foxe Blader, a partner at Anthemis, and John Locke, a partner at Accel.

Banking as a service: Every tech company is potentially a fintech company

We started the conversation by talking about banking as a service. For entrepreneurs hoping to launch a fintech company, there are many regulatory requirements and it can take a while to set up the infrastructure.

“If the intention is to offer something else and it happens that you need fintech infrastructure, then it makes no sense to build it yourself,” Cochran said. “They should utilize the banking-as-a-service model. But maybe their intention is to create a true fintech and the secret sauce is to build it.”

Even in the latter case, it doesn’t mean that founders shouldn’t consider banking as a service for the very beginning of their company, as it can serve as a bridge before switching to their own infrastructure.

“But the problem with building it yourself is that it takes years to get it out there and get through the regulatory hurdles and you can’t see if your product and idea are actually working. So if you want to get to market much faster and iterate and see if you’ve hit upon something that will work on the market, I think banking as a service is a really important tool,” Cochran said.

Locke doubled down on that idea and described banking as a service as a massive opportunity for an entire wave of entrepreneurs, but if you don’t launch your product fast enough, another entrepreneur will find a way to enter the market more quickly.

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US President Donald Trump tweeted today that he’ll leave Walter Reed National Military Medical Center at 6:30 p.m. after a three-day stay.

The question now: With the campaign in full swing, will Trump remain isolated in the White House as government scientists advise, or will he exempt himself from the rules?

According to the Centers for Disease Control and Prevention, a covid-19 patient should remain in “isolation” until he or she has met all of the following criteria:

  • At least 10 days have passed since symptom onset
  • At least 24 hours have passed since resolution of fever without the use of fever-reducing medications
  • Other symptoms have improved

Isolation means minimum contact with anyone else—and in Trump’s case that would mean no in-person meetings, no donor events, and no rallies, for at least another week. The reason is simple: doctors think people recovering from covid-19 could continue shedding the virus and infecting others for some time.

“Yes, he should isolate,” says Walid Gellad, a professor of medicine, health policy, and management at the University of Pittsburgh.

If Trump follows scientific advice, he’ll have to stay largely alone until at least October 12, just three weeks before the general election. If he doesn’t, the president could be open to accusations that he’s putting others at risk.

Mark Meadows, his chief of staff, told Fox News that the president “is ready to get back to a normal working schedule.” The President later tweeted “Will be back on the Campaign Trail soon!!!”

But even 10 days away from the campaign trail might not be enough to eliminate risk to other people. The World Health Organization says isolation in symptomatic patients should last at least 13 days and mandates at least three entirely symptom-free days before normal activities resume.

Another criterion sometimes used for ending isolation is two negative PCR tests, taken one day apart. It’s not known whether Trump has yet tested negative.

“Remember, ‘isolation’ does not mean ‘locked down,’ ” says Carlos del Rio, executive associate dean of Emory University School of Medicine. “The president will need to follow the CDC guidance on coming out of isolation, [but] he can be isolated at home or in the hospital. Isolation simply means that you separate the ill person.”

The White House is equipped to provide medical care and private space, but isolation is still easier to achieve in a hospital, where doctors and nurses working on covid wards wear masks, goggles, and fluid-proof gowns.

“One reason to stay in the hospital would be to ensure proper isolation and control of who and how people come into contact with him, which presumably would be much less feasible at the White House,” says Gellad. “They could ‘send him to stay in his room,’ but [I] doubt that would happen.”

The administration has been eager to show Trump in charge and at work, distributing photos of him at a big desk while in the hospital.

So it’s easy to imagine the White House disregarding isolation recommendations, just as it dispensed with wearing masks. The building is now the center of a super-cluster of coronavirus cases that’s affecting a widening circle of staff, advisors, Republican officials, and journalists.

After he tested positive on Thursday, Trump’s doctors threw the most powerful drugs they had at him, including an advanced antibody drug still in trials and a steroid usually reserved for the most severe covid-19 cases.

By Sunday, Trump was already breaking quarantine by jumping into a motorcade to wave to supporters gathered outside the hospital. Today he tweeted, “I will be leaving the great Walter Reed Medical Center today at 6:30 P.M. Feeling really good! Don’t be afraid of Covid. Don’t let it dominate your life.”

Outside observers can’t say whether Trump is returning to the White House because he’s actually recovering quickly or eager to project strength for the public. Conflicting statements from the administration and Trump’s doctors have added to doubts about when the president first tested positive, when he began feeling ill, how serious his illness is, and whether the White House moved quickly enough to stop his schedule of appearances.

If the White House and his doctors strictly do adhere to CDC recommendations, however, it could provide a clue to the actual timeline. “If they tell us when those 10 days [of isolation] end, that also means they tell us when symptoms really started,” Gellad says.

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Space exploration is a long-term endeavor. It takes many years and boatloads of money to get a single spacecraft off the ground and out of Earth’s atmosphere. Getting it to destinations outside the planet’s orbit is even trickier. And if the plan is to send humans along for the ride, you can expect development to take longer than most US presidential terms.

That’s a problem, given that the executive office is in charge of shaping the US space program and its overall goals: when different administrations have different ideas on what to prioritize, the space program faces whiplash that creates chaos and slows projects down. In just this century, NASA has seen its focus shift from the moon to Mars and back to the moon. In 2005, President Bush said we were gearing up to go to the moon with the Constellation program. In 2010, President Obama said we were headed to Mars. In 2017, President Trump decided it was actually the moon again.

With less than a month to go until an election that could lead to a new administration under Joe Biden, the space community is bracing itself for yet another possible pivot. The circumstances once again highlight the need to stabilize the US space program so it has the support it needs to pursue projects and achieve goals, secure that they won’t be abruptly upended by the whims of a new president. 

The next four years are critical. Under Artemis, NASA’s program to return humans to the moon, we’re seeing the development of technologies like lunar spacesuits, lunar habitation modules, landers, rovers, Gateway (a lunar space station designed to enable human exploration in deep space), and tons of other new technologies meant to make moon missions work. Only some would be immediately suitable for a Martian environment, and others that are adaptable would need time to redevelop and test. A new shift would be a disruption worse than any NASA has faced in recent memory.

The Biden campaign has released almost no details about space policies—hardly a surprise given all the calamities affecting the country at the moment. “So we’re completely left to speculate here,” says Casey Dreier, a space policy expert with the Planetary Society. “Nothing is technically off the table.” 

Biden was vice president under Obama, so one might reason he’d want to see NASA shift its focus back to Mars. But the Democratic Party platform released during the party’s convention in August stated: “We support NASA’s work to return Americans to the moon and go beyond to Mars, taking the next step in exploring our solar system.”

With this explicit endorsement for a crewed mission to the moon, it seems highly unlikely that a Biden administration would cancel Artemis. And at this point, it might not be able to even if it wanted. “A lot of hard work has been done to build a coalition and orient NASA toward this goal,” says Dreier. When Bush’s Constellation program was nixed, it was still in a very early stage of development, marred by many technical and logistical problems. With Artemis “you don’t have a ton of similar problems,” says Dreier. The Orion deep-space capsule and the Space Launch System (the biggest rocket ever to be built by humans) originated under the Obama-era Journey to Mars program, but they are much more mature in their development at this point, and they fit neatly into a lunar exploration program.

Still, that doesn’t mean Artemis would stay totally intact under Joe Biden. The 2024 deadline to return to the moon seems very unrealistic for even the most vocal lunar exploration advocates. SLS is still unfinished. Gateway won’t be ready for human habitation until after 2024. NASA still doesn’t know what lander would actually ferry its astronauts to the lunar surface, with several different companies vying to have their proposed concepts selected. The winner would have less than four years to build and prepare the technology for a 2024 moon landing. 

What we might see from a Biden administration is not so much a shift away from the moon as a decision to push the timeline back a few years, with a more specific eye toward Mars later on. The Democratic leadership for the House Science Committee wanted to propose exactly that. In January the committee put forward a bill for the 2020 NASA Authorization Act that would reschedule an Artemis crewed landing for no later than 2028. It would direct NASA to develop its own lunar lander instead of using one built and developed privately, and would require the lander to run through at least two flight tests before being used for a human mission, putting NASA back into a classic aerospace development process and limiting the role of public-private partnerships for Artemis. It would also call for a less extensive exploration program, deemphasizing activities like lunar resource mining in favor of activities that would enable missions to Mars. The bill calls for NASA to follow up with a crewed Mars orbit mission as early as 2033. 

“Let me be crystal clear: this bill is not about rejecting the Artemis program or delaying humans on the moon until 2028,” Congresswoman Kendra Horn, chair of the subcommittee and lead sponsor of the bill, said in January. “NASA can still work to safely get there sooner.” Horn was arguing for a more “fiscally responsible approach” to getting NASA back to the moon given the lack of many specific details that are needed for a crewed landing. She also sought to provide more specific wording tying a lunar exploration program to a bigger effort to make a Mars journey possible. 

The bill is not without criticism, especially since it doesn’t really put forward any new funding to explicitly enable a Mars mission so soon after a 2028 lunar landing. 

“After years of me and so many others urging NASA to get out of [low Earth orbit] and go back to the moon and this time to stay, it would be too much to bear to now watch at close range it being ruined by a Mars fantasy, probably while other nations make a lunar land rush,” former NASA engineer and current National Space Council User Advisory Group member Homer Hickam commented online in January. And NASA administrator Jim Bridenstine has raised concerns that shrinking the role of public-private partnerships would restrict the sort of flexibility that could actually allow NASA to find technologies necessary for returning to the moon and going to Mars. 

In spite of those disagreements, the bill shows that “fundamentally, the moon seems to be accepted by both Democratic and Republican apparatuses for being a step toward Mars,” Dreier says. For a couple of years after Trump was elected, there was a sense that Mars was a Democratic destination and the moon was a Republican one. Being pro-Mars or pro-moon felt like a partisan issue.

That’s not the case anymore. “I’ve been surprised at how quickly the moon became accepted by even pro-Mars folks,” says Dreier. “It may have been an acknowledgment of the political realities.” Many now seem to concede that Obama’s ambitious direct-to-Mars plan was inadequately prepared or funded. A moon program can build momentum that could be applied later to Mars.

As usual, money is the issue. The lack of secure, long-term funding means NASA has never been able to plan well in advance how to run a proposed program for deep-space exploration. “The policy decision on how much money to give to the space program has been inconsistent with the ambitions stated for the space program,” says John Logsdon, a space policy expert at George Washington University. “We’ve consistently underfunded our space goals. What we’ve been wanting to do since Apollo, in my view, is wanting a program that we’re not willing to pay for.” 

But the solution isn’t rocket science. “The trick is to get everybody to recognize what the overarching long-term goals are, and think about what programs contribute to those,” says James Vedda, a policy analyst at the Aerospace Corporation. “If you agree on what the endgame should be, that will bring more stability to the US space program.”

NASA’s budget is subject to instability year after year, in spite of the fact that its programs require several years’ worth of work. “Even five years is short-term,” says Vedda. Creating multi-year appropriations that provide funding for more than just a single fiscal year could help those programs survive changes in government. To keep Congress from feeling overwhelmed, Vedda suggests splitting NASA’s budget between year-to-year items checked annually, and long-term programs that are revisited once every two years or so.

There have been numerous proposals over the decades to make reforms like these. “And they always get shot down,” says Vedda. People in Congress, he says, are afraid of losing control and oversight of the agency through multi-year budgets. As a result, NASA personnel are left in a precarious situation of figuring out how to make programs like Artemis work without proper financial and political security.

Whether it’s Biden or Trump in the White House next year, neither the moon nor Mars will be achievable anytime soon unless the US space program is firmly insulated from partisan debates and changing administrations. “Of course the space community would love that—wouldn’t anybody,” says Logsdon. “But that’s not the way the system works.” Not yet, anyway. 

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The news: President Donald Trump has started receiving the steroid drug dexamethasone, which is usually reserved for patients with severe cases of covid-19. A study in June found that it significantly cut the chances that seriously ill patients died from the coronavirus. The World Health Organization recommends it only for patients with “severe and critical covid-19.”

Extra oxygen: At a news conference yesterday his doctors also announced that Trump had required extra oxygen after his bloood oxygen levels fell. He is also receiving a five-day course of remdesivir, which evidence suggests can shorten hospital stays and save lives for covid-19 patients. However, in the news conference yesterday his doctors said he was able to get out of the hospital bed and walk, and they claimed he may be discharged on Monday. Later that day Trump briefly left the hospital to wave at supporters from his armored Chevrolet Suburban. That decision was described as “insanity” by a doctor at Walter Reed Hospital, where Trump is being treated, because it may have put hospital staff members and Secret Service agents at risk.

Be careful reading too much into it all: Given that he is 74 and overweight, the president is at higher risk for serious illness. But we don’t know whether doctors are prescribing the cocktail of drugs on the basis of their own medical assessment or whether Trump has directed them to do so. On Friday Trump was given a dose of an unapproved, experimental, cutting-edge antibody treatment not available to other Americans. It’s being developed by Regeneron and is designed to mimic a powerful immune response in order to ward off a serious case of covid-19. Scientists have not studied the impact that using all these drugs at once could have on their effectiveness.

How did Trump get covid-19 in the first place? It’s impossible to know for sure, because it can take anywhere from two to 14 days to test positive after being exposed to the coronavirus. The prevailing theory has been that Trump caught covid-19 from his aide Hope Hicks, but evidence is emerging that a White House ceremony on September 26 could have been a “superspreading” event: at least seven of the people who attended tested positive. It’s unclear if Trump has infected others, but it is entirely possible given his busy schedule of campaign rallies, the debate, and fundraising events.

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Day by day, the evidence is mounting that Facebook is bad for society. Last week Channel 4 News in London tracked down Black Americans in Wisconsin who were targeted by President Trump’s 2016 campaign with negative advertising about Hillary Clinton—“deterrence” operations to suppress their vote.

A few weeks ago, meanwhile, I was included in a discussion organized by the Computer History Museum, called Decoding the Election. A fellow panelist, Hillary Clinton’s former campaign manager Robby Mook, described how Facebook worked closely with the Trump campaign. Mook refused to have Facebook staff embedded inside Clinton’s campaign because it did not seem ethical, while Trump’s team welcomed the opportunity to have an insider turn the knobs on the social network’s targeted advertising. 

Taken together, these two pieces of information are damning for the future of American democracy; Trump’s team openly marked 3.5 million Black Americans for deterrence in their data set, while Facebook’s own staff aided voter suppression efforts. As Siva Vaidhyanathan, the author of Anti-Social Media, has said for years: “The problem with Facebook is Facebook.”

While research and reports from academics, civil society, and the media have long made these claims, regulation has not yet come to pass. But at the end of September, Facebook’s former director of monetization, Tim Kendall, gave testimony before Congress that suggested a new way to look at the site’s deleterious effects on democracy. He outlined Facebook’s twin objectives: making itself profitable and trying to control a growing mess of misinformation and conspiracy. Kendall compared social media to the tobacco industry. Both have focused on increasing the capacity for addiction. “Allowing for misinformation, conspiracy theories, and fake news to flourish were like Big Tobacco’s bronchodilators, which allowed the cigarette smoke to cover more surface area of the lungs,” he said. 

The comparison is more than metaphorical. It’s a framework for thinking about how public opinion needs to shift so that the true costs of misinformation can be measured and policy can be changed. 

Personal choices, public dangers

It might seem inevitable today, but regulating the tobacco industry was not an obvious choice to policymakers in the 1980s and 1990s, when they struggled with the notion that it was an individual’s choice to smoke. Instead, a broad public campaign to address the dangers of secondhand smoke is what finally broke the industry’s heavy reliance on the myth of smoking as a personal freedom. It wasn’t enough to suggest that smoking causes lung disease and cancer, because those were personal ailments—an individual’s choice. But secondhand smoke? That showed how those individual choices could harm other people.

Epidemiologists have long studied the ways in which smoking endangers public health, and detailed the increased costs from smoking cessation programs, public education, and enforcement of smoke-free spaces. To achieve policy change, researchers and advocates had to demonstrate that the cost of doing nothing was quantifiable in lost productivity, sick time, educational programs, supplementary insurance, and even hard infrastructure expenses such as ventilation and alarm systems. If these externalities hadn’t been acknowledged, perhaps we’d still be coughing in smoke-filled workplaces, planes, and restaurants. 

And, like secondhand smoke, misinformation damages the quality of public life. Every conspiracy theory, every propaganda or disinformation campaign, affects people—and the expense of not responding can grow exponentially over time. Since the 2016 US election, newsrooms, technology companies, civil society organizations, politicians, educators, and researchers have been working to quarantine the viral spread of misinformation. The true costs have been passed on to them, and to the everyday folks who rely on social media to get news and information.

false claim on social media

Take, for example, the recent falsehood that antifa activists are lighting the wildfires on the West Coast. This began with a small local rumor repeated by a police captain during a public meeting on Zoom. That rumor then began to spread through conspiracy networks on the web and social media. It reached critical mass days later after several right-wing influencers and blogs picked up the story. From there, different forms of media manipulation drove the narrative, including an antifa parody account claiming responsibility for the fires. Law enforcement had to correct the record and ask folks to stop calling in reports about antifa. By then, millions of people had been exposed to the misinformation, and several dozen newsrooms had had to debunk the story. 

The costs are very real. In Oregon, fears about “antifa” are emboldening militia groups and others to set up identity checkpoints, and some of these vigilantes are using Facebook and Twitter as infrastructure to track those who they deem suspicious. 

Online deception is now a multimillion-dollar global industry, and the emerging economy of misinformation is growing quickly. Silicon Valley corporations are largely profiting from it, while key political and social institutions are struggling to win back the public’s trust. If we aren’t prepared to confront the direct costs to democracy, understanding who pays what price for unchecked misinformation is one way to increase accountability.

Combating smoking required a focus on how it diminished the quality of life for nonsmokers, and a decision to tax the tobacco industry to raise the cost of doing business.

Now, I am not suggesting placing a tax on misinformation, which would have the otherwise unintended effect of sanctioning its proliferation. Taxing tobacco has stopped some from taking up the habit, but it has not prevented the public health risk. Only limiting the places people can smoke in public did that. Instead, technology companies must address the negative externalities of unchecked conspiracy theories and misinformation and redesign their products so that this content reaches fewer people. That is in their power, and choosing not to do so is a personal choice that their leaders make.

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Want to share your customers’ posts on Instagram? Wondering how to find and use their content without breaking Instagram’s Terms of Service? In this article, you’ll learn how to encourage people to create user-generated content (UGC), how to find UGC, and how to legally share it. To learn how to use user-generated content on Instagram, […]

The post How to Use User-Generated Content on Instagram appeared first on Social Media Examiner | Social Media Marketing.

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