July 2015 Six Months Change June 2015 Ended June 2014 18: Fill & Download for Free

Regarding the delay in delivering the coup de grace, regulators are unlikely to allow a medical testing lab to operate and deliver test results that could jeopardize patient health. Let’s recall several news reports mentioned that bowing to regulatory pressure, Theranos had stopped using its proprietary Edison instruments already back in June 2015. We aren't privy to the behind-the-scenes back and forth between the regulators and Theranos but everything that's steadily dripped out over the last few months suggests the regulators are pulling the strings and Theranos appears to be in the throes of a slow death by a thousand cuts.However, does this story end with Theranos shutting down? Was Theranos alone responsible for this shameful and sorry state of affairs? No, like any morality play worth its weight in gold, Theranos merely personifies the prevailing morals. Several usual suspects were and are involved in creating and sustaining the parasitic feeding frenzy that Theranos represents, a frenzy that persists to this day. Such involvement epitomizes a serious erosion of standards and ethics in professions ranging from technology journalism to corporate governance to law to academics.Parlous State Of Technology JournalismTheranos hype timeline: Zero Hedge blog has a helpful list of some 97 or so unique, largely laudatory, intensely hyped, largely credulous puff pieces about Theranos in the media (1). Starting with the San Francisco Business Times on August 30, 2013 to MarketWatch on October 12, 2015, the sources run the gamut from what pretends to be technology journalism to mainstream media to storied names in literary magazines.So what? Well, where's the skepticism that's supposed to personify professional journalism? No tough questions, lack of even cursory attempts to vet the technology by seeking input from experts in the field, a rare exception being the April 25, 2015, Business Insider story by Kevin Loria, which actually did do all of this (2).Theranos shuts down and we'll just forget there seems little difference between technology journalism and PR when it comes to covering Silicon Valley darlings, shall we? Oh goody, that means the next Theranos is inevitably just around the corner.Parlous State Of US Corporate BoardsIn the wake of the 1st WSJ (Wall Street Journal) expose back in October 2015, Theranos reorganized its board amidst much fanfare (3). With things only headed steadily downhill ever since, Theranos added new heavyweight Board members in May 2016 (see excerpt below from 4).'Along with the announcement of what Theranos described as Mr. Balwani’s retirement, the company also said it had made three new additions to its board that it said would bring “a wealth of scientific, medical and executive leadership to the company.”The three new directors are Fabrizio Bonanni, a 14-year veteran of Amgen Inc., former Wells Fargo & Co. Chief Executive Richard M. Kovacevich, and William Foege, a former director of the Centers for Disease Control and Prevention.Mr. Kovacevich and Dr. Foege used to be on Theranos’s board until a previous board reshuffle last October, following The Wall Street Journal’s front-page articles raising questions about Theranos’s technology and operations. They spent the past six months on a board of counselors along with former Theranos board members George Shultz and Henry Kissinger.During his tenure at Amgen, Dr. Bonanni served as senior vice president of quality and compliance and corporate compliance officer, Theranos said.“Dr. Bonanni’s leadership and guidance in operations, quality and compliance is exceptional, and we are fortunate to add his experience to our team both on the board and to work with us internally,” Ms. Holmes said in a news release about the new appointments.'Wait, what? Isn't this akin to rowing up to board the Titanic as it's sinking fast? How does this make any sense? In what world? And what have the board members added back in October 2015 been up to? Obviously it means the reputations and future prospects of those who joined then and are joining now at this late stage will stay secure in the future or least that's the calculation at play. What does it say about current US start-up corporate culture that something that should be ethically abhorrent is instead a fait accompli? That as far as Silicon Valley start-up boards are concerned, accountability is just a word sitting unused in the dictionary, gathering dust and maybe even weight, and that apparently is just as it should be.Let’s not forget when it comes to the business of science, industry has long sneered at academia (see excerpt below from 5, emphasis mine)“[Nonprofits are] unable to stop a project – in industry you have to be able to make these decisions. This is the disciplining power of money, which a lot of other incentives don’t have.”Ah, the mythical disciplining power of money! But with the Wall Street and auto bailouts in our rearview mirror, in this kleptocratic post-Great Recession world, it's usually someone else's money at stake. In such circumstances poof through the window vanishes the disciplining power of money.Theranos shuts down and we'll just forget that corporate boards of medical technology companies have any duties beyond ensuring their funds safekeeping and potential profits, shall we? Risking the lives of patients? Meh.Parlous State Of US Legal EthicsWhat's a little conflict of interest when one's legal counsel is one of the most high-powered and successful in the entire US? David Boies was Theranos' outside counsel. He apparently joined its board a couple of weeks after, not before but after, the first of WSJ’s damaging exposes on Theranos (6, see excerpt below from 3).'The members of the old board that will remain on the new governing board are Ms. Holmes; the company’s chief operating officer, Sunny Balwani; the construction executive Riley P. Bechtel; and James N. Mattis, a retired Marine Corps general. The fifth member of the governing board will be David Boies, a noted lawyer who has been the company’s outside legal adviser.'Note as well the interesting nugget of Riley Bechtel's presence on Theranos' board as recently as October 2015. Mind you, an extensive recent Fortune exclusive on Bechtel (7) points out that he'd stepped down as Bechtel CEO in 2013 following a Parkinson's diagnosis.'In late 2013 his father, Riley Bechtel, who had served for 24 years as CEO, retired four years early at 61 after being diagnosed with Parkinson’s disease. Since then, Bill Dudley, a 35- year veteran of Bechtel, has been CEO.'Obvious modus operandi to stack the board with influential names to attract and retain investor support. So what if it's likely their health conditions may preclude due diligence and capability to adequately discharge their duties? Evidently Silicon Valley start-up boards expect to be held to a lower standard and expect to get away with it (8, 9, 10).Also pertinent, Boies' staying on as outside legal counsel after joining Theranos' board creates a serious conflict of interest (see excerpt below from 11)'That Mr. Boies is representing an embattled client is nothing new. But this time, the lawyer has raised the ante by becoming a director of Theranos.Let’s stop here and note that this has the potential to blow up. Mr. Boies is taking on two different roles at Theranos. A lawyer represents a client — here Theranos — while a director, even at a privately held company like Theranos, represents the company’s investors.Depending on what unfolds at Theranos, Mr. Boies may be put in a position where he either has to protect the company (as its lawyer) or the shareholders (as a director).I asked one of my colleagues, Jo-Ellen Pozner, a professor at the Haas School of Business at the University of California, Berkeley, who specializes in business ethics, about this potential conflict. She was skeptical of Mr. Boies’s dual role.“I have a hard time believing that an experienced litigator can adequately represent investors — one of the primary responsibilities of a director — while being attentive to potential legal strategies, which might cause him to privilege the interests of management,” she told me. “It just seems a difficult line to walk.”No doubt Theranos waived the conflict in lots of documented forms. And the American Bar Association does allow this type of dual role. But just because a conflict is allowed doesn’t mean it will not lead to problems.If the technology of Theranos turns out to be not what it claims, investors would almost certainly seek to sue the chief executive, Ms. Holmes, and the company, as well as the board that allowed this to happen.This gets complicated for Mr. Boies, because Theranos is a corporate governance disaster.'Theranos shuts down and we'll just forget about the need for legal ethics when it comes to how Silicon Valley darlings are run, shall we?Parlous State Of US AcademicsBack when the world was subjected to only treacly sweet flattery posing as news articles about Theranos, Stanford University Chemical Engineering professor, Channing Robertson appeared as Elizabeth Holmes' indulgent, avuncular mentor (see excerpt below from 12).'Theranos senior technical adviser Channing Robertson admits, "I do worry, because I've never seen a person with this kind of drive who doesn't miss or skip a beat." Robertson frequently checks in on Holmes, who seems nothing more than bemused by his concern. "She just turns around with a big, wide smile and says, 'Life is great. Everything is fine,'" he says.'Mentioned as Theranos' senior technical adviser in 2015, he's made clear in interviews that he was involved in confidential aspects of its technology from the earliest stages (see excerpt below from 13).'Theranos, which is privately held, is both a hardware company and a medical company, and for many years it has operated with a stealth common to many Silicon Valley startups. “For a long time, I couldn’t even tell my wife what I was working on,” Channing Robertson, a chemical-engineering professor at Stanford and the company’s first board member, told me.'Theranos' proprietary technology apparently failing at even the most basic of routine blood tests begs obvious questions. What did this senior technical advisor know about these problems and when did he know them (see excerpt below from 14)?'"I was there when it was invented. I was in the laboratory, putting the screws in the first instruments," Stanford professor emeritus and technologist Channing Robertson said.Robertson is Holmes' former mentor and has been working with Theranos for 13 years."I expect we'll be under the microscope and we'll be scrutinized. We welcome that. We're not afraid of it. Because we know what we've done works," Robertson said.'Also relevant, Robertson left Theranos' board in July 2013 after retiring from Stanford (see excerpt below from 15).'The company in July disclosed a makeover of its board of directors, with former Secretary of State George Shultz, Holmes and Theranos President and COO Ramesh “Sunny” Balwani as the only holdovers.Among those who left are Robert Shapiro, the former chairman of drug company Pharmacia Corp. , venture capitalist Pete Thomas of Redwood City’s ATA Ventures — another early Theranos investor — and Channing Robertson, the recently retired Stanford chemical engineering professor who encouraged Holmes to start her company.'However, he apparently stayed on as a Theranos executive (see excerpt below from 16).'Though she now faces harsh criticism from the outside, she is still surrounded largely by true believers. Her younger brother, Christian Holmes V, is an executive at Theranos, as is her former Stanford professor, Channing Robertson“I truly was astonished,” Mr. Robertson said. She had come up with an idea for a drug-delivery system that would be able to detect drug levels in the blood and wirelessly transmit those results.“It had never even occurred to me,” Mr. Robertson said, adding that he considers being Ms. Holmes’s mentor akin to teaching Beethoven to play piano or teaching science to Einstein.'As the above media snippets incontrovertibly show, Channing Robertson personifies the close ties between Stanford University and Theranos. Lab testing academic heavyweights have vociferously emphasized that independently vetted peer-reviewed publications are the gold standard for verifying new medical technologies. With none forthcoming even till date, Theranos obviously doesn't believe in hewing to long-established and universally accepted scientific norms. Given Robertson's close association with Theranos, should we conclude academics from elite universities like Stanford also abjure the scientific peer-review process when it suits their convenience?Theranos shuts down and we'll just forget that be it academia or industry, scientists need to adhere to strict scientific norms and standards, shall we? So what if it's medical technology that directly impacts patients' lives?Since the name Theranos is an ostentatious combination of the Greek words, 'therapy' and 'diagnosis', the last words belong appropriately enough to the Greek, John Ioannidis, who, Cassandra-like, raised doubts back when there was nothing but a Theranos love-fest (17). One year later, with nothing but disaster writ large, Theranos is starting to more closely resemble 'Thanatos' (death) (see excerpt below from 18),'Hopefully, the name Theranos does stand for well thought-out and useful therapy and diagnosis and does not represent the harms suggested by another similar Greek word, thanatos (death).'Bibliography1. Elizabeth Holmes Admits Theranos' "Technology" Is A Fraud: Restates, Voids Years Of Test Results. Zero Hedge, Tyler Durden, May 19, 2016.2. Scientists are skeptical about the secret blood test that has made Elizabeth Holmes a billionaire. Business Insider, Kevin Loria, April 25, 2015.3. Theranos, Facing Criticism, Says It Has Changed Board Structure. The New York Times, Andrew Pollack, October 28, 2015.4. Theranos Executive Sunny Balwani to Depart Amid Regulatory Probes. The Wall Street Journal, John Carreyrou, May 11, 2016.5. Wilson, Paul, Sarah Post, and Smita Srinivas. "R&D models: lessons from vaccine history." Available at SSRN 1099495 (2007). R&D Models: Lessons from Vaccine History6. Why Theranos Founder Elizabeth Holmes Has Only Two Choices. Inc., Kimberly Weisul, Oct 29, 2015.7. Meet the Private Company That Has Changed the Face of the World. Fortune, Shawn Tully, June 1, 2016.8. What Makes Great Boards Great. Harvard Business Review, Jeffrey A. Sonnenfeld, September 2002.9. Carl Icahn’s criticism of eBay’s board highlights Silicon Valley’s systemic issues. The Washington Post, Vivek Wadhwa, February 24, 2014.10. Theranos teaches Silicon Valley a hard lesson about accountability. The Washington Post, Jeffrey A. Sonnenfeld, May 23, 2016.11. David Boies’s Dual Roles at Theranos Set Up Conflict. The New York Times, February 2, 2016.12. How Playing the Long Game Made Elizabeth Holmes a Billionaire. Inc, Kimberly Weisul, October 2015.13. Blood, Simpler - The New Yorker. The New Yorker, Ken Auletta, December 15, 2014.14. Why biotech company Theranos is under review by two federal regulators. CBS News, March 9, 2016.15. Theranos: The biggest biotech you’ve never heard of - San Francisco Business Times. San Francisco Business Times, Ron Leuty, August 30, 2013.16. Theranos Founder Faces a Test of Technology, and Reputation. The New York Times, Reed Abelson and Julie Creswell, December 19, 2015.17. Ioannidis, John PA. "Stealth research: is biomedical innovation happening outside the peer-reviewed literature?." JAMA 313.7 (2015): 663-664. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.685.1043&rep=rep1&type=pdf18. Ioannidis, John PA. "Stealth Research and Theranos: Reflections and Update 1 Year Later." JAMA (2016). Stealth Research—Reflections and UpdateThanks for the R2A, Terrence Yang.

I've received an A2A for this but I must admit, I'm not someone who can make any valid conclusions on this issue.What I can contribute is the articles I had read and collected overtime so people can skim through the headlines or read and make up their own mind.There are a few things I believe:1. This controversy partly has its roots in history even before these two joined office, they were bound to clash because both of their existence depends on eliminating the other.2. The history is more important than the present events.3. Its a long story and not the whole of it is really relevant, so I've divided the answer in following sections:- A little bit of history (Who is Najeeb Jung, Who is Kejriwal plus whats happening in Delhi) - Up to 2013- A little more of history, laying the ground for Kejriwal vs. Jung (There have always been differences in the ways in which Kejriwal works and the ways in which Jung works, its evident from the time Kejriwal was first elected, to Kejriwal's resignation. BJP coming to power and threatening Jung's position while starting a major Reshuffle in Delhi's administration and weakening it in the process) - 2014- This year before the official Kejriwal vs. Jung (What is interesting about this year is the hidden role of the center to retain control and the work of the elected government in improving administration. For example: it is ironic how Modi was elevated to a top position in the party surpassing many old experienced leaders but Home Ministry finds it difficult to surpass senior IAS officers to appoint a junior officer that Kejriwal recommended to the post of his Chief Secretary) - 2015- Kejriwal vs. Jung is now official (What is relevant here is the timeline of events that are discussed about in April that lead up to the events of May and June causing the famous tussle between the LG & CM)- Conclusion - While Najeeb Jung is clearly upset over the fact that a CM who he does not report to should take an interest in what comes under his jurisdiction, AAP is upset because it needs to have more control over issues to fulfill the promises it made and ensure Delhi is not reverted to a full fledged UT as the Narendra Modi government seems to want.Details:A little bit of history1. Who is Najeeb Jung?For those of you who may not know him, he was born in 1951 and has done his post graduation in History from Delhi University and later did MA in Social Policy and Planning from London School of Economics, UK. He had joined Indian Administrative Services (IAS) in 1973 and served in Madhya Pradesh government and at several key positions for 22 years.Jung's real break came in 1984 when Madhavrao Scindia became the railway minister in the Rajiv Gandhi government. Scindia asked Jung and another officer, Asif Ibrahim (director, Intelligence Bureau), to become part of his immediate personal staff.Scindia did a lot of modernization of the railways but it was Jung who ran his office.In early 1990s, When Scindia became minister for civil aviation in PV Narasimha Rao's tenure, Jung was no longer available: he had become joint secretary (exploration) in the ministry of petroleum and natural gas. This is when the privatization of the Panna-Mukta oil fields (The Second Enron Scam: The Saga of Mukta-Panna Oil Fields By Prabir Purkayastha) took place and the contracts were given to a consortium. It was here that Jung came into contact with business houses.He then quit the civil services and went on to work with one of the private companies part of the same consortium.He also did a stint at the Asian Development Bank in the mid-1990s. His interest in energy took him to Oxford where he did a PhD in energy research.A corporate outlook helped: he worked as director (energy research) with the Reliance India-funded Observer Research Foundation, having worked in London earlier with Reliance Global Management Services.He returned in 2008-09 and, after doing this and that, was appointed vice-chancellor of the Jamia Millia University by then human resources minister, Kapil Sibal, overlooking the claim of Mushir ul Hasan, already in situ.Jung ran the university with an iron hand, sacked many students and also some teachers. To friends he said new ideas were needed on how to run universities and make them more productive. Jung also faced immense criticism from the University’s students and teachers for removing tenured professors, making senior positions contractual in an attempt to curb dissent and granting a minority status to a University famed for its non-denominational character.2. Who is Kejriwal? (Plus what is happening in Delhi)We all know him so I'll be very brief hereWhat exactly happened between the years 2010 - 2011In 2010, Kejriwal was protesting against corruption in the Commonwealth Games.Meanwhile in Delhi, Tejendra Khanna had completed three years as L-G Delhi when the CWG ended. Many were wanting him out including Sheila Dikshit and P. Chidambaram among the politicians.In 2011, Kejriwal joined several other activists, including Anna Hazare and Kiran Bedi, to form the India Against Corruption (IAC) group.Meanwhile in Delhi, March 2011 the then L-G had sent a nine-page report to the President on allegations of financial irregularities in the CWG scam against him.2011 also saw the discussion of the controversial splitting of MCD, a move supported by both Congress and BJP. The idea here was of course to weaken the administration and question the need for an elected government in Delhi.In Mar 2011, BJP to boycott meet on plan to split MCD - The Times of India. We had sought a change in the terms of reference. Why should it only look at MCD? There should be simultaneous dialogue on DDA, police and law and order. But since the terms of reference have not been amended, we have decided not to join the committee.In May 2011, Sheila Dixit's Delhi govt decides to split MCD into three parts, this was perceived as a smart manoeuvre to negate the BJP influence by ‘helping’ the Congress to get control of some part of the old municipality.In Nov 2011, Delhi Mayor Writes to Sonia Against MCD Split Opposing the proposed MCD split, Delhi Mayor Rajni Abbi shot off a letter to Congress chief Sonia Gandhi appealing to her to rise above party politics and "help realise the dreams of Rajiv Gandhi" by not supporting the demand of Chief Minister Sheila Dikshit. In her letter to Gandhi, the BJP leader said the demand for trifurcation will not only weaken the local self government but will also be harmful in the long run for Delhiites.In April 2012, BJP strikes gold in MCD elections, Cong stunned - The Times of IndiaIn November 2012, Kejriwal formally launched the Aam Aadmi Party.2013At the beginning of the year 2013, one thing was clear. Sheila Dixit's image was ruined already and Congress had realized they were going to have to let go of Delhi. Then LG Khanna had also come under criticism following the December 16 gang-rape of a 23-year-old girl, he also did not have a very cordial relationship with the Chief Minister as both were at loggerheads on range of issues.So, just five months before the national capital goes to assembly polls, probably as the last attempt by Congress to save their position in Delhi:On July 1, 2013 Dr. Najeeb Jung was named the Lieutenant Governor of Delhi by President of India. The first muslim to become Delhi's Governor. A lesser known newbie with a so called passion for service and no family connections in politics (kind of person Congress vice-president Rahul Gandhi was looking for), Jung had said he had no apprehensions about his new job, "I have no thoughts. Life is a flowing river and it continues to flow" when he was appointed. In the media though, he was hailed Najeeb Jung: The man who may run Delhi.In November 2013 Sheila Dikshit failed to get full statehood for Delhi, says Harsh VardhanIn December 2013 the Delhi Legislative Assembly elections were also held.Lieutenant Governor Najeeb Jung has recommended the imposition of President's rule in Delhi among other options to break the deadlock over formation of a new government after assembly polls returned a hung verdict in the state.But in the same month, The Congress party had offered unconditional support to the AAP to form a government and Kejriwal formed government in Delhi.A Little more of History, laying the ground for Kejriwal vs. JungJan 2014: Arvind Kejriwal as Delhi CM demanded the suspension of three police personnel and sat on dharna outside Rail Bhawan. Jung then played a somewhat constructive role, holding dialogues and appealing to Kejriwal to call off the protest. During the dharna, the LG also sent home-cooked parathas for Kejriwal.(We don't know for sure if Kejriwal ate the parathas - Pun intended!)Next month..Feb 3: Chaired by Chief Minister Arvind Kejriwal, Delhi cabinet cleared the draft of the Jan Lokpal bill.Feb 6: Solicitor General Mohan Parasaran writes to Lt. Governor Najeeb Jung terming the Jan Lokpal Bill “unconstitutional”.Feb 7: Unfazed by solicitor general’s opinion, Kejriwal said he will write to Jung on plans to enact the Jan Lokpal bill without the centre’s concurrence.Feb 10: Kejriwal met Jung and discussed various issues relating to the Jan Lokpal bill. In a statement, the Lt. Governor’s office said to avoid any dispute in the matter and to obtain full clarity, Jung has referred the issue to the law ministry for a “final opinion”.Feb 12: Union law ministry upheld Jung’s stance that centre’s nod is mandatory for introducing the Jan Lokpal bill.Feb 13: Despite law ministry’s ruling, Kejriwal decides to introduce the bill in the assembly on the first day of the special session. However, the bill could not be introduced because of repeated disruptions in the house, which finally had to be adjourned.Feb 14: Kejriwal and his cabinet ministers resigned after the bill could not be introduced. While 42 legislators - including from the Bharatiya Janata Party, the Congress, the JD-U and an Independent - voted against its introduction, 27 AAP lawmakers were for it.Feb 17: Based on the report of the Delhi Lt Governor Najeeb Jung and the recommendation of the Union Cabinet on April 15, the President has accepted the resignation of Mr. Kejriwal and also approved the imposition of President’s rule while keeping the Legislative Assembly in suspended animation.Mar 14: Addressing the 91st Annual Convocation of University of Delhi, Jung noted that the country had been blessed with great leaders and thinkers, it was now a task of the youth to build the future of the country and for that they should not only dream big but achieve them as well.Apr 14: Hold election in Delhi, Prashant Bhushan urges Lt Governor Najeeb Jung | Latest News & Updates at Daily News & AnalysisMay 14: BJP wins Lok Sabha elections. Some news reports stated Sheila Dikshit and Najeeb Jung among 18 state governors who may lose post | Latest News & Updates at Daily News & Analysis and Kejriwal Meets Najeeb JungHarsh Vardhan demands full statehood for Delhi, from the new Prime Minister | Latest News & Updates at Daily News & AnalysisJune 14: Delhi saw power cuts while Piyush Goyal asks Najeeb Jung for plan to permanently end Delhi's power woes | Latest News & Updates at Daily News & Analysisand Arvind Kejriwal meets Lt Governor Najeeb Jung over over e-rickshaw issuesJuly 14: The LG, who is in charge of administration of the Capital since February 14, said in an interview to a daily newspaper that he would call for elections the moment he was convinced that there was no possibility of any government being formed. Stating that elections were an expensive process, Jung had said that the city had been through two elections in the past six months and another election would stop the normal administration from functioning. A state can be under President's rule for up to two years, with extensions every six months.Meanwhile at Delhi administration, IAS Officers in Delhi government reshuffled | Latest News & Updates at Daily News & Analysis23 July 2014: Meanwhile at the center, Home Ministry and Centre issued a notification which favors to minimize the power of ACB of Delhi government.Aug 14: Govt formation efforts not over yet: Najeeb Jungand AAP accuses Central Government of minimising ACB's powersMeanwhile in Delhi's Admin departments, over 200 IAS officers get reshuffled.Chief Secretary D M Spolia, who was removed from the post when the Aam Aadmi Party came to power in the capital and was reappointed to the post in August replacing S K Srivastava. Of the 30 important departments, 12 departments have remained without their heads for more than a month now—Finance, Home, General Administration, Tourism, Planning, IT, Power, Social Welfare, Revenue, Higher Education, New Delhi Municipal Council and Chief Electoral Office.Such transfers have increased in frequency over the last six months and have just created confusion in the mind of the officer.Sep 14: Delhi L-G Najeeb Jung seeks permission from President to invite BJP to form government in DelhiOct 14: Meanwhile Delhi Administration sees a major reshuffle of IAS officers:Principal Secretary (Services) Shakuntala Gamlin has been given the additional charge of New Delhi Municipal Council Chairperson as current Chairman Jalaj Srivastava is going abroad for special training. Srivastava has been empanelled to the rank of Additional Secretary.Gamlin is likely to take charge on October 25. She has also been given the additional responsibility of General Administration after 1983-batch IAS officer Lalmalsawma, who was heading General Administration besides being the Principal Secretary of Social Welfare and Women and Child Development Department has been transferred to Mizoram.Environment Department Secretary Sanjiv Kumar will hold additional charge of Social Welfare and Women and Child Development Department.A 1984-batch officer, Arvind Ray has been holding the additional charge of Home Department after its head Archna Arora, a 1983 batch IAS officer, retired on September 30. Ray is the Principal Secretary (SC/ST/OBC/Minorities), and Chairman and MD of Delhi State Financial Development Corporation.S S Yadav, who heads Food and Supply Department as well as Directorate of Information and Publicity, holds the additional charge of the Tourism Department.While an IAS officer has been assigned to head two or three departments in Delhi administration, many officers serving outside the city are reluctant to join the administration that is witnessing “political uncertainty”.Nov 14: Delhi set for fresh polls, Union Cabinet approves dissolution of assembly | Latest News & Updates at Daily News & AnalysisHarsh Vardhan shunted to a low profile ministry, may not be BJP CM candidate for Delhi elections (remember he was the BJP guy publicly asking for full statehood!)As far as state administration is concerned:Nearly 60 per cent of the total budgetary allocation of Rs.16,700 crore, under the Plan head, remains un-utilised with only about a quarter of the current fiscal remaining. This while the expenditure under the non-Plan budget had crossed 60 per cent.Revenue collections declined by `3,000 crore in the current fiscal between April 14 and November 14.Of the 30 important departments, 12 were lying headless for the last three months which has led to the reshuffle of 14 IAS officers and eight Delhi, Andaman and Nicobar Islands Civil Service (DANICS) officers.The finance department was left lying almost headless after IAS officer MM Kutty joined Ministry of Environment and Forests.Shakuntala Gamlin, a 1984 batch IAS officer, who was already heading four departments, was temporarily given charge of the finance department.This year, before the official Kejriwal vs. JungJan 2015: Delhi sees more shuffles (Page on newindianexpress.com)Till Dec 2014, Shakuntala Gamlin was holding the charge of five departments. Now, Gamlin has been transferred to Power and Industries departments to replace IAS officer Arun Goyal was transferred to Mizoram in Oct 2014.Feb 2015: Exactly an year after he had resigned as Delhi Chief Minister, AAP Arvind Kejriwal took an oath as the CM again on February 14 at Ramlila Maidan after winning Delhi Elections.Kejriwal and Deputy CM Manish Sisodia had met Union Home Minister Rajnath Singh and requested him to appoint 1984 batch IAS officer Ramesh Negi as the chief secretary.The Home ministry rejected kejriwal's plea and appointed Sanjeev Nandan Sahai as the acting Chief Secretary of Delhi on February 28. (Sahai appointed as interim CS, Delhi after MHA's ‘No’ on Negi)March 2015: Home Minister Rajnath Singh approved the appointment of KK Sharma, currently serving as Chief Secretary of Delhi, to be the Delhi government’s top bureaucrat.April 2015:1 Apr 2015: Garbage piles up on Delhi roads, AAP-BJP continue fight2 Apr 2015: NGT orders Arvind Kejriwal-led govt to clean up garbage from Delhi streets04 Apr 2015: Page on dailypioneer.com5 Apr 2015: AAP to Relaunch Anti-Corruption Helpline in Delhi Today5 Apr 2015: Delhi Chief Secretary directs city administration to submit compliance of NGT orders | Latest News & Updates at Daily News & Analysis10 Apr 2015: Delhi farmers appeal to CM Arvind Kejriwal for conducting crop loss survey10 Apr 2015: Determined to make Delhi world-class city: Arvind Kejriwal11 Apr 2015: Delhi CM Arvind Kejriwal announces compensation for farmers11 Apr 2015: AAP-Led Delhi Government Now Wants CCTVs in Police Stations11 Apr 2015: CM Arvind Kejriwal writes to Bassi, demands a say in policing matters13 Apr 2015: Truckers seek Kejriwal's intervention over NGT ban17 Apr 2015: BJP asks Delhi LG Najeeb Jung to probe AAP govt's Delhi Dialogue Commission | Latest News & Updates at Daily News & Analysis18 Apr 2015: AAP govt's new anti-corruption branch makes first arrests20 Apr 2015: Janta Ka Budget: AAP begins experiment in direct democracy20 Apr 2015: Delhi CM Arvind Kejriwal suspends two NDMC employees for dereliction of duty23 Apr 2015: Farmer hangs himself at AAP rally28 Apr 2015: NGT Bans Burning of Waste in the Open in Delhi-NCR30 Apr 2015: Not obliged to send files to CM: JungMay 2015: This year, Kejriwal vs. Jung is now official01 May 2015: Arvind Kejriwal led AAP govt to enhance punishment for denial of minimum wages02 May 2015: Jung-Kejriwal faceoff: Don’t bother LG with all files, orders CM04 May 2015: Media conspiring to finish off Aam Aadmi Party, claims Kejriwal04 May 2015: Delhi L-G asserts his authority after Chief Minister order, launches Najeeb Jung against Arvind Kejriwal15 May 2015: Delhi Chief Secretary K K Sharma goes for 10-day leave.16 May 2015: Shakuntala Gamlin takes charge as Delhi chief secretary despite CM Arvind Kejriwal's directive19 May 2015: Delhi govt. replaces Principal Secretary Anindo Majumdar- Mr. Majumdar had cleared the appointment of Shakuntala Gamlin as acting CS for 10 days during the absence of K.K. Sharma25 May 2015: Delhi Chief Secretary K K Sharma resumes charge26 May 2015: Kejriwal vs Jung: Lt Governor must respect people’s mandate, says Delhi High Court- Anti-Corruption Bureau can act agianst Delhi Police: Arvind KejriwalJune 2015:1 Jun 2015: Shakuntala Gamlin writes to L-G Najeeb Jung: Minister Satyendra Jain putting pressure on me2 Jun 2015: Kejriwal-Jung Power Tussle Intensifies- Three inspectors and two sub-inspectors of Bihar Police have joined Delhi government's ACB after a request in this regard by the AAP government to Chief Minister Nitish Kumar's office. Reacting strongly to the decision, Jung's office virtually rejected the appointment of the five police officials from Bihar and reaffirmed that the ACB functions under his direct authority and control.8 Jun 2015: L-G Najeeb Jung appoints new chief of Delhi's Anti-Corruption Branch; AAP fumes9 Jun 2015: Kejriwal government rejects police commissioner appointed by L-G JungKejriwal government rejects police commissioner appointed by L-G Jung10 Jun 2015: Delhi govt moves to clip ACB chief MK Meena’s wings- This effectively means that MK Meena, who was appointed as joint commissioner in the ACB by lieutenant governor Najeeb Jung, will not able to take any key decisions on his own.19 Jun 2015: Complaint filed against Delhi ACB Chief Meena for alleged involvement in "20 lakh curtain purchase scam". - Janta Ka Reporter21 Jun 2015: Yogendra Yadav backs Arvind Kejriwal, says LG Najeeb Jung an agent of Centre for long - The Economic TimesConclusion: - Some of the politics behind Kejriwal vs. Jung has its roots in the age-old BJP vs. Congress battle and Delhi's age old status controversy, should Delhi be reverted to a UT or given full statehood?And some of it is an inevitable struggle between two different philosophies rather than a power-struggle that needs to be sorted by shifting the capital.On one side we have the bureaucrat trying to maintain Center's control over Delhi's administration, to save his own position (the point here is there will always be difference in opinion and there will always be a bureaucrat who has a job to save). He has worked in a certain manner for a considerable time and is used to seeing the big picture only (which today looks prettier than it did a few years back) and on the other side we have a young man, wanting to move at a very fast pace to clean up the debris that creates chaos in his immediate neighborhood, besides trying to save democracy in the state.Sources:Profile: Najeeb Jung, first Muslim to become Delhi’s Lt. GovernorNajeeb Jung's forefathers held positions of great powerArvind Kejriwal to form govt in Delhi, but can he deliver? - FirstpostSheila Dikshit and Najeeb Jung among 18 state governors who may lose post | Latest News & Updates at Daily News & Analysishttp://www.khaleejtimes.com/kt-article-display-1.asp?section=international&xfile=data/international/2014/February/international_February373.xmlYouth should ensure that poorest find a voice in society: Lt Governor Najeeb Jung | Latest News & Updates at Daily News & AnalysisA case to dismiss Delhi’s Lieutenant Governor Najeeb Jung | Latest News & Updates at Daily News & AnalysisAAP-Jung tussle started a year ago - The Times of IndiaHeadless at Helm in Delhi AdministrationPage on newindianexpress.comDeadlock over Delhi chief secretary as Kejriwal stands by Ramesh NegiPage on indianexpress.comChallenges for a Mega CityDelhi doesn’t need StatehoodOther Quora answers about the issues:Rohit Nigam (रोहित निगम)'s answer to Has Delhi developed under the leadership of Arvind Kejriwal?Vanita Ashar's answer to Why do people still support Arvind Kejriwal even when we can see clearly how inefficient he is in running a good government?Vanita Ashar's answer to What makes Arvind Kejriwal think that without paying lakh corporation employees civil amenities will improve in Delhi?Vanita Ashar's answer to What is the complete story behind the turmoil going on in the Aam Aadmi Party centering around Yogendra Yadav and Prashant Bhushan?Gourav Pathak's answer to Why are the IAS officers applying to be transferred from Delhi?Rohit Nigam (रोहित निगम)'s answer to New Delhi: Is it true that the municipal corporation of Delhi (MCD) is a very corrupt body? Are there any proofs or experiences to justify it?Rohit Nigam (रोहित निगम)'s answer to According to the AAP, Najeeb Jung was initially a congress agent and then a BJP agent. Is this true?***********************************

It’s impossible to spend much time in the cryptocurrency and blockchain world without hearing about Ethereum, or ETH for short. In this article, you’ll learn what Ethereum is, what makes it different and why it’s better than Bitcoin, at least for certain purposes.Guess the price directionBitcoin/TetherBTCUSDT33,743.81−2.71337493372733743.81UpDownWhat is the Ethereum cryptocurrency?Strictly speaking, Ethereum refers to an open-source software platform that is based on blockchain technology, enabling developers to create decentralised applications, or dApps. However, Ethereum is also used to refer to the Ether coin (ETH), a cryptocurrency built on the Ethereum platform. When someone talks about buying, trading or paying with Ethereum, they mean the Ether currency.Ethereum’s historyEthereum’s story starts with Vitalik Buterin, who became involved with Bitcoin as a 17-year-old programmer in 2011. Buterin became aware of Bitcoin’s shortcomings and created Ethereum as superior blockchain technology.I thought [people in the Bitcoin community] weren’t approaching the problem in the right way. I thought they were going after individual applications; they were trying to kind of explicitly support each [use case] in a sort of Swiss Army knife protocol.— Vitalik Buterin, Ethereum co-founder.A timeline of Ethereum’s early history:2013: Buterin released a white paper describing the basis for Ethereum.2014: Buterin and the other co-founders crowdfunded Ethereum through an ICO that raised more than $18 million.2015: The first live release of Ethereum, known as Frontier, was launched.What is Ethereum’s purpose?Ethereum is a blockchain technology platform designed to enable a large variety of functions. A popular comparison is if Bitcoin is e-mail, then Ethereum is the whole Internet.Ethereum is used for computer services that are based on dApps and smart contracts, which saves time and money by eliminating intermediaries, third-party brokers and inefficient monopolies like big companies or even government authorities.In essence, it follows the decentralised philosophy of Bitcoin but is applied to much more than just money.What is Ethereum written in?Given that the Ethereum Virtual Machine (EVM) functions as a ‘world computer’ with many nodes, it uses multiple programming languages, including C++, Python, Ruby, Go and Java. A specialised language called Solidity is used to write smart contracts in the Ethereum Virtual Machine.ETH’s hard forkIn 2016, $50 million worth of Ether was stolen by a hacker, an act that raised concerns about the platform’s security. The resulting controversy split the community, and Ethereum forked into two blockchains: Ethereum (ETH) and Ethereum Classic (ETC).ETH tokensEthereum has both the Ether (ETH) crypto coin and Ether tokens. The latter can function as a currency within the Ethereum Virtual Machine (EVM). ETH tokens are transferred within the EVM to execute smart contracts.What is a smart contract in Ethereum?A smart contract is a computer program that functions as a contract, i.e., it binds individuals and/or businesses to meet obligations.The smart contract’s code automatically executes the terms when tokens are deposited. The benefits include:Digital format: There’s no need to print or post paper, and it’s easily shareable.Autonomous operation: It cuts out intermediaries, there’s no back-and-forth.Trust: Information on a smart contract is encrypted and backed up on a shared ledger.Security: Encryption makes contract information incredibly difficult to steal.Speed: Automatic execution makes smart contracts faster.Cost: It saves on paper costs, lawyer fees, etc.Smart contracts act as multi-signature accounts, only executing if the specified percentage of parties agree.Smart contracts can be encoded on any blockchain, but developers working on Ethereum can programme smart contracts with a much broader range of instructions than what’s possible on Bitcoin. It allows Ethereum smart contracts to be more complex and versatile. They can serve as the base for a decentralised application or other autonomous functions on the blockchain.Why is Ethereum better than Bitcoin?ETH has several advantages over Bitcoin. It isn’t limited in the same way that BTC is. Ethereum uses the Ethash method for its mining algorithm. As a result, the block processing speed is faster.What is the difference between Bitcoin and Ethereum?BTCETHCoin Limit21 MillionNoneAlgorithmSHA-256EthashAvg block time10 minutes12 secondsHowever, Ethereum’s main advantage over Bitcoin is its functionality. Bitcoin can only record transactions. Ethereum powers apps that can be used for almost anything a programmer desires.What is an ETH wallet?An Ethereum wallet is where the private keys to access the cryptocurrency are stored. The StormGain crypto trading platform comes with a built-in ETH wallet, in which you can earn up to 10% annual interest on your currency.Cryptocurrency tradingEthereum is the crypto coin with the second-largest market share after Bitcoin. Ethereum also has the second-highest trading volume among cryptocurrencies. By using StormGain, traders can earn significant bonuses and rewards for trading Ethereum.The price history of ETH, in USD and BitcoinEthereum miningEthereum is currently mined via a proof-of-work algorithm. Much like Bitcoin, Ethereum miners dedicate their computing hardware to solving tasks that support the blockchain and receive ETH in return.What is a good hashrate for Ethereum mining?The frequency with which the ETH mining hardware can process hashes determines how likely it is to earn a reward.A hashrate of around 45.0 MH/s is considered suitable for a consumer GPU. However, the whole mining system may soon become irrelevant for Ethereum.What is Ethereum’s future?Ethereum will upgrade soon to version 2.0, a move planned for 2020. The main feature is a change from proof-of-work to proof-of-stake validation.Ethereum 1.0 is a couple of people’s scrappy attempt to build the world computer; Ethereum 2.0 [with PoS] will actually be the world computer — Vitalik ButerinThe current system is notoriously wasteful of energy. A proof-of-stake protocol will mean that users stake their ETH as collateral to verify a transaction (and claim the reward).On 18 August 2008, the domain name bitcoin.org was registered.[11] Later that year, on 31 October, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[12] was posted to a cryptography mailing list.[13] This paper detailed methods of using a peer-to-peer network to generate what was described as "a system for electronic transactions without relying on trust".[14][15][16] On 3 January 2009, the bitcoin network came into existence with Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins.[14][17] Embedded in the coinbase of this block was the text:The Times Jan/03/2009 Chancellor on brink of second bailout for banks.[18]The text refers to a headline in The Times published on 3 January 2009.[19] This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.[20]:18The first open source bitcoin client was released on 9 January 2009, hosted at SourceForge.[21][22]One of the first supporters, adopters, contributors to bitcoin and receiver of the first bitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day it was released, and received 10 bitcoins from Nakamoto in the world's first bitcoin transaction on 12 January 2009 (bloc 170).[23][24] Other early supporters were Wei Dai, creator of bitcoin predecessor b-money, and Nick Szabo, creator of bitcoin predecessor bit gold.[14]In the early days, Nakamoto is estimated to have mined 1 million bitcoins.[25] Before disappearing from any involvement in bitcoin, Nakamoto in a sense handed over the reins to developer Gavin Andresen, who then became the bitcoin lead developer at the Bitcoin Foundation, the 'anarchic' bitcoin community's closest thing to an official public face.[26]The value of the first bitcoin transactions were negotiated by individuals on the bitcoin forum with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John's.[14]On 6 August 2010, a major vulnerability in the bitcoin protocol was spotted. Transactions weren't properly verified before they were included in the transaction log or blockchain, which let users bypass bitcoin's economic restrictions and create an indefinite number of bitcoins.[27][28] On 15 August, the vulnerability was exploited; over 184 billion bitcoins were generated in a transaction, and sent to two addresses on the network. Within hours, the transaction was spotted and erased from the transaction log after the bug was fixed and the network forked to an updated version of the bitcoin protocol.[29] This was the only major security flaw found and exploited in bitcoin's history.[27][28][30]Satoshi Nakamoto[edit]Main article: Satoshi Nakamoto"Satoshi Nakamoto" is presumed to be a pseudonym for the person or people who designed the original bitcoin protocol in 2008 and launched the network in 2009. Nakamoto was responsible for creating the majority of the official bitcoin software and was active in making modifications and posting technical information on the bitcoin forum.[14] There has been much speculation as to the identity of Satoshi Nakamoto with suspects including Dai, Szabo, and Finney – and accompanying denials.[31][32] The possibility that Satoshi Nakamoto was a computer collective in the European financial sector has also been discussed.[33]Investigations into the real identity of Satoshi Nakamoto were attempted by The New Yorker and Fast Company. The New Yorker's investigation brought up at least two possible candidates: Michael Clear and Vili Lehdonvirta. Fast Company's investigation brought up circumstantial evidence linking an encryption patent application filed by Neal King, Vladimir Oksman and Charles Bry on 15 August 2008, and the bitcoin.org domain name which was registered 72 hours later. The patent application (#20100042841) contained networking and encryption technologies similar to bitcoin's, and textual analysis revealed that the phrase "... computationally impractical to reverse" appeared in both the patent application and bitcoin's whitepaper.[12] All three inventors explicitly denied being Satoshi Nakamoto.[34][35]In May 2013, Ted Nelson speculated that Japanese mathematician Shinichi Mochizuki is Satoshi Nakamoto.[36] Later in 2013 the Israeli researchers Dorit Ron and Adi Shamir pointed to Silk Road-linked Ross William Ulbricht as the possible person behind the cover. The two researchers based their suspicion on an analysis of the network of bitcoin transactions.[37] These allegations were contested[38] and Ron and Shamir later retracted their claim.[39]Nakamoto's involvement with bitcoin does not appear to extend past mid-2010.[14] In April 2011, Nakamoto communicated with a bitcoin contributor, saying that he had "moved on to other things".[18]Stefan Thomas, a Swiss coder and active community member, graphed the time stamps for each of Nakamoto's 500-plus bitcoin forum posts; the resulting chart showed a steep decline to almost no posts between the hours of 5 a.m. and 11 a.m. Greenwich Mean Time. Because this pattern held true even on Saturdays and Sundays, it suggested that Nakamoto was asleep at this time, and the hours of 5 a.m. to 11 a.m. GMT are midnight to 6 a.m. Eastern Standard Time (North American Eastern Standard Time). Other clues suggested that Nakamoto was British: A newspaper headline he had encoded in the genesis block came from the UK-published newspaper The Times, and both his forum posts and his comments in the bitcoin source code used British English spellings, such as "optimise" and "colour".[14]An Internet search by an anonymous blogger of texts similar in writing to the bitcoin whitepaper suggests Nick Szabo's "bit gold" articles as having a similar author.[31] Nick denied being Satoshi, and stated his official opinion on Satoshi and bitcoin in a May 2011 article.[40]In a March 2014 article in Newsweek, journalist Leah McGrath Goodman doxed Dorian S. Nakamoto of Temple City, California, saying that Satoshi Nakamoto is the man's birth name. Her methods and conclusion drew widespread criticism.[41][42]In June 2016, the London Review of Books published a piece by Andrew O'Hagan about Nakamoto.[43] The real identity of Satoshi Nakamoto still remains a matter of dispute.Growth[edit]2011[edit]Based on bitcoin's open-source code, other cryptocurrencies started to emerge.[44]The Electronic Frontier Foundation, a non-profit group, started accepting bitcoins in January 2011,[45] then stopped accepting them in June 2011, citing concerns about a lack of legal precedent about new currency systems.[46] The EFF's decision was reversed on 17 May 2013 when they resumed accepting bitcoin.[47]In June 2011, WikiLeaks[48] and other organizations began to accept bitcoins for donations.2012[edit]In January 2012, bitcoin was featured as the main subject within a fictionalized trial on the CBS legal drama The Good Wife in the third-season episode "Bitcoin for Dummies". The host of CNBC's Mad Money, Jim Cramer, played himself in a courtroom scene where he testifies that he doesn't consider bitcoin a true currency, saying, "There's no central bank to regulate it; it's digital and functions completely peer to peer".[49]In September 2012, the Bitcoin Foundation was launched to "accelerate the global growth of bitcoin through standardization, protection, and promotion of the open source protocol". The founders were Gavin Andresen, Jon Matonis, Patrick Murck, Charlie Shrem, and Peter Vessenes.[50]In October 2012, BitPay reported having over 1,000 merchants accepting bitcoin under its payment processing service.[51] In November 2012, WordPress started accepting bitcoins.[52]2013[edit]In February 2013, the bitcoin-based payment processor Coinbase reported selling US$1 million worth of bitcoins in a single month at over $22 per bitcoin.[53] The Internet Archive announced that it was ready to accept donations as bitcoins and that it intends to give employees the option to receive portions of their salaries in bitcoin currency.[54]In March, the bitcoin transaction log, called the blockchain, temporarily split into two independent chains with differing rules on how transactions were accepted. For six hours two bitcoin networks operated at the same time, each with its own version of the transaction history. The core developers called for a temporary halt to transactions, sparking a sharp sell-off.[55] Normal operation was restored when the majority of the network downgraded to version 0.7 of the bitcoin software.[55] The Mt. Gox exchange briefly halted bitcoin deposits and the exchange rate briefly dipped by 23% to $37 as the event occurred[56][57] before recovering to previous level of approximately $48 in the following hours.[58] In the US, the Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as Money Service Businesses (or MSBs), that may be subject to registration and other legal obligations.[59][60][61]In April, payment processors BitInstant and Mt. Gox experienced processing delays due to insufficient capacity[62] resulting in the bitcoin exchange rate dropping from $266 to $76 before returning to $160 within six hours.[63] Bitcoin gained greater recognition when services such as OkCupid and Foodler began accepting it for payment.[64]On 15 May 2013, the US authorities seized accounts associated with Mt. Gox after discovering that it had not registered as a money transmitter with FinCEN in the US.[65][66]On 17 May 2013, it was reported that BitInstant processed approximately 30 percent of the money going into and out of bitcoin, and in April alone facilitated 30,000 transactions,[67]On 23 June 2013, it was reported that the US Drug Enforcement Administration listed 11.02 bitcoins as a seized asset in a United States Department of Justice seizure notice pursuant to 21 U.S.C. § 881.[68] This marked the first time a government agency claimed to have seized bitcoin.[69][70]In July 2013, a project began in Kenya linking bitcoin with M-Pesa, a popular mobile payments system, in an experiment designed to spur innovative payments in Africa.[71] During the same month the Foreign Exchange Administration and Policy Department in Thailand stated that bitcoin lacks any legal framework and would therefore be illegal, which effectively banned trading on bitcoin exchanges in the country.[72][73]On 6 August 2013, Federal Judge Amos Mazzant of the Eastern District of Texas of the Fifth Circuit ruled that bitcoins are "a currency or a form of money" (specifically securities as defined by Federal Securities Laws), and as such were subject to the court's jurisdiction,[74][75] and Germany's Finance Ministry subsumed bitcoins under the term "unit of account" – a financial instrument – though not as e-money or a functional currency, a classification nonetheless having legal and tax implications.[76]In October 2013, the FBI seized roughly 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht.[77][78][79] Two companies, Robocoin and Bitcoiniacs launched the world's first bitcoin ATM on 29 October 2013 in Vancouver, BC, Canada, allowing clients to sell or purchase bitcoin currency at a downtown coffee shop.[80][81][82] Chinese internet giant Baidu had allowed clients of website security services to pay with bitcoins.[83]In November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees, with the university's chief financial officer calling it the "gold of tomorrow".[84] During November 2013, the China-based bitcoin exchange BTC China overtook the Japan-based Mt. Gox and the Europe-based Bitstamp to become the largest bitcoin trading exchange by trade volume.[85]In December 2013, Overstock.com[86] announced plans to accept bitcoin in the second half of 2014. On 5 December 2013, the People's Bank of China prohibited Chinese financial institutions from using bitcoins.[87] After the announcement, the value of bitcoins dropped,[88] and Baidu no longer accepted bitcoins for certain services.[89] Buying real-world goods with any virtual currency had been illegal in China since at least 2009.[90]2014[edit]In January 2014, Zynga[91] announced it was testing bitcoin for purchasing in-game assets in seven of its games. That same month, The D Las Vegas Casino Hotel and Golden Gate Hotel & Casino properties in downtown Las Vegas announced they would also begin accepting bitcoin, according to an article by USA Today. The article also stated the currency would be accepted in five locations, including the front desk and certain restaurants.[92] The network rate exceeded 10 petahash/sec. TigerDirect[93] and Overstock.com[94] started accepting bitcoin.In early February 2014, one of the largest bitcoin exchanges, Mt. Gox,[95] suspended withdrawals citing technical issues.[96] By the end of the month, Mt. Gox had filed for bankruptcy protection in Japan amid reports that 744,000 bitcoins had been stolen.[97] Months before the filing, the popularity of Mt. Gox had waned as users experienced difficulties withdrawing funds.[98]In June 2014 the network exceeded 100 petahash/sec.[citation needed] On 18 June 2014, it was announced that bitcoin payment service provider BitPay would become the new sponsor of St. Petersburg Bowl under a two-year deal, renamed the Bitcoin St. Petersburg Bowl. Bitcoin was to be accepted for ticket and concession sales at the game as part of the sponsorship, and the sponsorship itself was also paid for using bitcoin.[99]In July 2014 Newegg and Dell[100] started accepting bitcoin.In September 2014 TeraExchange, LLC, received approval from the U.S.Commodity Futures Trading Commission "CFTC" to begin listing an over-the-counter swap product based on the price of a bitcoin. The CFTC swap product approval marks the first time a U.S. regulatory agency approved a bitcoin financial product.[101]In December 2014 Microsoft began to accept bitcoin to buy Xbox games and Windows software.[102]In 2014, several light-hearted songs celebrating bitcoin such as the "Ode to Satoshi"[103] have been released.[104]A documentary film, The Rise and Rise of Bitcoin, was released in 2014, featuring interviews with bitcoin users, such as a computer programmer and a drug dealer.[105]2015[edit]In January 2015 Coinbase raised US$75 million as part of a Series C funding round, smashing the previous record for a bitcoin company. Less than one year after the collapse of Mt. Gox, United Kingdom-based exchange Bitstamp announced that their exchange would be taken offline while they investigate a hack which resulted in about 19,000 bitcoins (equivalent to roughly US$5 million at that time) being stolen from their hot wallet.[106] The exchange remained offline for several days amid speculation that customers had lost their funds. Bitstamp resumed trading on 9 January after increasing security measures and assuring customers that their account balances would not be impacted.[107]In February 2015, the number of merchants accepting bitcoin exceeded 100,000.[108]In October 2015, a proposal was submitted to the Unicode Consortium to add a code point for the bitcoin symbol.[109]2016[edit]In January 2016, the network rate exceeded 1 exahash/sec.[citation needed]In March 2016, the Cabinet of Japan recognized virtual currencies like bitcoin as having a function similar to real money.[110] Bidorbuy, the largest South African online marketplace, launched bitcoin payments for both buyers and sellers.[111]In July 2016, researchers published a paper showing that by November 2013 bitcoin commerce was no longer driven by "sin" activities but instead by legitimate enterprises.[112]In August 2016, a major bitcoin exchange, Bitfinex, was hacked and nearly 120,000 BTC (around $60m) was stolen.[113]In November 2016, the Swiss Railway operator SBB (CFF) upgraded all their automated ticket machines so that bitcoin could be bought from them using the scanner on the ticket machine to scan the bitcoin address on a phone app.[114]Bitcoin generates more academic interest year after year; the number of Google Scholar articles published mentioning bitcoin grew from 83 in 2009, to 424 in 2012, and 3580 in 2016. Also, the academic journal Ledger published its first issue. It is edited by Peter Rizun.2017[edit]The number of businesses accepting bitcoin continued to increase. In January 2017, NHK reported the number of online stores accepting bitcoin in Japan had increased 4.6 times over the past year.[115] BitPay CEO Stephen Pair declared the company's transaction rate grew 3× from January 2016 to February 2017, and explained usage of bitcoin is growing in B2B supply chain payments.[116]Bitcoin gains more legitimacy among lawmakers and legacy financial companies. For example, Japan passed a law to accept bitcoin as a legal payment method,[117] and Russia has announced that it will legalize the use of cryptocurrencies such as bitcoin.[118]Exchange trading volumes continue to increase. For the 6-month period ending March 2017, Mexican exchange Bitso saw trading volume increase 1500%.[citation needed] Between January and May 2017 Poloniex saw an increase of more than 600% active traders online and regularly processed 640% more transactions.[119]In June 2017, the bitcoin symbol was encoded in Unicode version 10.0 at position U+20BF (₿) in the Currency Symbols block.[120]Up until July 2017, bitcoin users maintained a common set of rules for the cryptocurrency.[121] On 1 August 2017 bitcoin split into two derivative digital currencies, the bitcoin (BTC) chain with 1 MB blocksize limit and the Bitcoin Cash (BCH) chain with 8 MB blocksize limit. The split has been called the Bitcoin Cash hard fork.[122]On 6 December 2017 the software marketplace Steam announced that it would no longer accept bitcoin as payment for its products, citing slow transactions speeds, price volatility, and high fees for transactions.[123]2018[edit]See also: Cryptocurrency bubble § 2018 crashOn 22 January 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.[124]On 24 January 2018, the online payment firm Stripe announced that it would phase out its support for bitcoin payments by late April 2018, citing declining demand, rising fees and longer transaction times as the reasons.[125]2019[edit]As of September 2019, there were 5,457 bitcoin ATMs worldwide. In August of that year, the countries with highest number of bitcoin ATMs were the United States, Canada, the United Kingdom, Austria, and Spain.[citation needed]2020[edit]On 2 July 2020, the Indian company 21Shares started to quote a set of bitcoin exchange-traded products (ETP) on the Xetra trading system of the Deutsche Boerse.[126]On 1 September 2020, the Wiener Börse listed its first 21 titles denominated in cryptocurrencies like bitcoin, including the services of real-time quotation and securities settlement.[127]On 3 September 2020, the Frankfurt Stock Exchange admitted in its Regulated Market the quotation of the first bitcoin exchange-traded note (ETN), centrally cleared via Eurex Clearing.[128][129]In October 2020, PayPal announced that it would allow its users to buy and sell bitcoin on its platform, although not to deposit or withdraw bitcoins