Could DeFi make banks and credit unions and obsolete?

“My credit union charged me 75 cents for looking at my balance at the ATM,” my mother said in disbelief. Although she rarely withdraws money from ATMs, she thought that no ATM fees were one of the credit union benefits. My mother has always touted the benefits (e.g., higher rates on saving accounts and lower interest rates on car loans) of using her credit union over commercial banks. With the innovation in digital financial platforms that make accessing money simpler, could she be persuaded to use DeFi?

What is DeFi?

DeFi, an acronym for decentralized finance, was created in 2018 by entrepreneurs and Ethereum developers. It gives you responsibility for your money (i.e., deposits, withdrawals, merchant transactions) instead of relying on a credit union or bank. In addition, DeFi, by using blockchain technology, permits peer-to-peer borrowing/lending, currency exchange, and betting. The benefits of using DeFi come with some risks including cyberattacks, software bugs, and network congestion. These risks could lead to unsuccessful transactions and higher transaction fees which would convince more risk adverse consumers, like my mother, to maintain their finances at a credit union or a commercial bank.

Benefits of Credit Unions and Banks

-       Banks and Credit Unions insure your money up to $250,000.

-       Both banks and credit unions offer dividends. Educators Credit Union announced that by the end of 2021 it will have paid 4.9 million to its members.

Credit unions and banks are migrating to digital financial transactions

Credit unions and banks are adapting to change by investing in artificial intelligence and machine learning. Kinecta Credit Union is collaborating with Constellation Digital Partners to create an open banking platform that will allow financial technology firms to offer services to its members. Customers Bank has launched a real-time blockchain payment platform for cryptocurrency and digital assets.

What would make DeFi more appealing to consumers?

 DeFi would be more appealing to consumers if it provided the following:

1.     Services offered through corporate entities within a regulatory structure.  

2.     Cybersecurity insurance to mitigate hacks.

3.     Widely distributed consumer friendly education on its pros and cons.

Epigenetic memory: Can trauma and disease be passed to future generations?

As we gather with our family during the holiday season, we may hear expressions like: “You look just like your mother” or “You look just like your father”. These expressions are common and accepted because we know that we inherit genes from our parents that affect our physical appearance. Have you ever wondered why both you and your parents tend to be fearful or pessimistic about situations? The rationale could be that it is because you watched your parents worry about various challenges while growing up. However, this tendency toward pessimism could be a result of epigenetic memory.

Epigenetic memory is an inheritable change in genes or behavior caused by a prior formative or environmental stimulus.  There are several studies that suggest that trauma and disease can be passed to future generations through epigenetics. One example of trauma and disease being passed down, is a study of pregnant women impacted by the Dutch Hunger Winter famine in the Netherlands from 1944 to 1945. The women gave birth to children who later in their adult lives experienced above average rates of obesity, diabetes, and schizophrenia. The study results indicated that the pregnant women experienced epigenetic changes that were passed to their offspring.

It has been reported that epigenetic memory can change over time with diet and lifestyle modifications. For example, smoking alters the epigenetic structure of the lung cells and can eventually cause cancer. The field of epigenetics is relatively new and more research needs to be done on epigenetic memory to fully support its claims.

Cybersecurity Saturday: Defense against Grinch bots

Have you ever clicked on a retail website and prompted to verify if you were a human? After you verified that you were a human, were you then asked to click on all the boxes showing traffic lights, a crosswalk or, cars? If you answered yes to either question, you have taken a reCAPTCHA test. CAPTCHA is an acronym for “Completely Automated Public Turing test to tell Computers and Humans Apart “. The “re” prefix at the beginning of the acronym represents the revised Google version of this test.

CAPTCHA is used to defend against automated bots, software that is often used to acquire online items. If online stores don’t have a defense against bots, they can decimate inventory before retail customers can make purchases. Grinch bots, automated bots that are designed to acquire high-demand items for resell on alternative websites, have increased due to the COVID-19 pandemic and the supply chain crisis. For example, one consumer stated that $950 was the lowest price seen online for a Playstation5 gaming console that usually retails for $500.

Defending against automated bots and Grinchbots are constant challenges faced by online retail businesses. To combat the bots, on November 29, 2021, Representative Paul Tonko (D-NY), Senator Richard Blumenthal (D-CT), Senate Majority Leader Charles E. Schumer (D-NY) and Senator Ben Ray Luján (D-NM) Congress, introduced The Stopping Grinch Bots Act.

The Stopping Grinch Bots Act would:

1. Prohibit manipulative technical practices that allow bad actors to use bots to circumvent control measures designed to protect real consumers;

2. Make it illegal under the Federal Trade Commission Act to knowingly circumvent a security measure, access control system, or other technological control or measure on an Internet website or online service to maintain the integrity of posted online purchasing order rules for products or services, including toys and other retail products; and further make it illegal to sell or offer to sell any product or service obtained in this manner; and

3. Allow the Federal Trade Commission and state Attorneys General to treat these abusive workarounds as prohibited unfair or deceptive acts or practices, and take legal action against the bad actors.

The list below provides other suggestions for online businesses to defend against automated bots.

1.      Stay abreast of bot trends.

2.       Invest in a bot management system.

3.      Check online content, products, and services quarterly for vulnerabilities.

Holiday Favorites Saturday: Eat, Drink, and be Merry

The holiday season is filled with plenty of food, drinks, and memories. When I was five-years old, I remember my mother telling me to leave cookies and milk for Santa Claus. I was awestruck when I woke up the next morning and saw that the cookies and milk had been consumed and a note left by the cookie plate which said “Thank You, Shani!”.  Also, during the holiday season, my mother and grandmother would have their refrigerators stocked with Eggnog. I never liked the taste of it so they didn’t have to worry about sharing it with me. Over the years, I have discovered plenty of food and drinks that I have enjoyed during the holiday season.

Food

1.      Mixed Greens

If I’m in Tennessee during the holidays, I always get fresh collard, turnip, and mustard greens from H.G. Hills. I clean, chop and season the greens to perfection. The aroma of the greens lures my family closer to the kitchen in anticipation of partaking in them. I feel like I’m the VIP of the holiday dinners.

2.      Ham

I don’t indulge in much meat very often. However, during the holidays, I like to have a few slices of my mother’s brown sugar baked ham with pineapple.

3.      Sweet Dinner Rolls

I have only succeeded once in making homemade sweet dinner rolls like my grandmother. Most of my attempts resulted in flatbread instead of rolls. Most of the time, I rely on Sister Schubert’s Dinner Rolls to provide the consistency and taste I’m looking for.

4.      Sweet Potato Pie

Sweet potato pie has been a staple desert that I have prepared during my family holiday dinners. I have tried pumpkin pie but it does not compare to the taste of sweet potato pie.

Sweet Potato Pie

5.      Apple and Pear Cobbler

On Thanksgiving, I tried a recipe for apple and pear cobbler and it was a family hit! I reduced the amount of sugar as recommended in the recipe reviews and added a little ginger powder.

Apple and Pear Cobbler

Drinks

1.      Dark Red Sorrel

Dark red sorrel can be consumed year-round; however, it is extremely popular during the holidays due to the spicy flavors.

2.      Apple Ginger Juice

I can drink apple ginger juice hot or cold during the holiday season.

3.      Coquito

One of my friends introduced me to coquito about seven years ago. Coquito, also known as Puerto Rican Eggnog, is made with coconut milk, evaporated milk, sweet condensed milk, rum and spices. I have only had it a few times but the delicious coconut flavor is unforgettable.

What are your favorite foods and drinks for the holidays?

Cybersecurity Saturday: Best practices for holiday traveling and shopping

Traveling and shopping are considered traditional activities during the holiday season. However, if you are not vigilant, these traditions can create painful memories. Recently, someone I know had to close a debit card account while traveling due to fraudulent charges made on the card. In 2020, Cyber Monday was the day with the highest percent of fraudulent e-commerce transactions[1]. The lists below provide preventative measures to protect your personal and financial information while traveling and/or shopping this holiday season.

Traveling

1.      Use a credit card instead of a debit card.

If fraudulent charges are made on your credit card, you can notify the credit card company immediately to resolve the issue. However, if fraudulent charges are made on your debit card, the money comes out of your banking account and it could take days or weeks for the money to return to your account.

2.      Use a Virtual Private Network (VPN) when connecting to public Wi-Fi hotspots.

Using a VPN will help secure your data while using public Wi-Fi[2].

3.      Use a power outlet to charge your phone instead of a public charging station.

Malware that can steal your passwords and personal information can be downloaded on the USB port[3].

4.      Back up your files and personal information.

In case your phone or laptop is stolen, you will have all of your important files[3].

5.      Update your operating systems.

Updates to operating system repair vulnerabilities in the system to prevent known cyberattacks[3].

Shopping

1.      Avoid reusing passwords or usernames on websites.

Don’t use passwords or usernames on websites that are connected to your medical and financial information[4]. Use a password manager to store your passwords and user names.

2.      Review the details of your online transactions.

Look at the shipping notices and tracking information4. If the retailer doesn’t provide you with this information, contact your credit card company immediately to cancel transaction[4].

3.      Only use https sites.

When making online purchases, ensure that the website begins with “https” to have enhanced protection for online transactions[5].

4.      Don’t click on links or download attachments in emails unless you are sure of the source.

Clicking on links and downloading attachments can expose your device to viruses[6].

5.      Use multi-factor authentication (MFA) on your apps and other online accounts.

Using a password, pin, and/or fingerprint recognition, can prevent your accounts from being hacked[6].
________________________________________________________________________________

[1] Holiday shopping season fraud stats revealed. (2020, December 04). Retrieved from https://www.helpnetsecurity.com/2020/12/04/holiday-shopping-season-fraud-stats-revealed/

[2] Whitmore, C. (2021, November 24). Does a VPN protect you on public Wi-Fi? NordVPN® https://nordvpn.com/blog/securing-public-wi-fi/

[3] McNicholl-Carter, D. (2021, November 17). Traveling for the holidays? Here's how to protect yourself from a cyber attack. CBS8. https://www.cbs8.com/article/news/national/ways-to-protect-yourself-from-a-cyber-attack/509-698a119b-ae73-4609-9770-1010a21e09ce

[4] NW Credit Unions Offer 10 Tips For Holiday Shopping Securely Online. KTVZ. Retrieved from https://ktvz.com/community/community-billboard/2021/11/22/credit-unions-offer-10-tips-for-holiday-shopping-securely-online/

[5] Carson, J. (2021, November 27). How To Be CyberSmart This Holiday Season. CPO Magazine. https://www.cpomagazine.com/cyber-security/how-to-be-cybersmart-this-holiday-shopping-season/

[6] Holiday Online Shopping. CISA. Retrieved from https://www.cisa.gov/shop-safely

Culture Saturday: Discover something new

What is culture?

The Cambridge Dictionary defines culture as: “the way of life, especially the general customs and beliefs, of a particular group of people at a particular time[1].” My definition of culture is the food, fashions, beliefs, and language of a group of people experiencing the same circumstances. Culture can be objective and subjective. Objective culture is defined as: The tangible aspects of culture such as food, costumes and outfits, and even the names people give to things[2]. It is typically found in the form of practices (e.g., ways of talking or walking), objects, and ritual or religious objects (material culture)2. Subjective culture is defined as: Any cultural aspect that is not tangible, such as ideology, values, and social role2.

While on vacation, I experience the objective culture by exploring the local culture of whatever state or country I visit. This exploration includes dining in local restaurants, visiting museums and historical sites, and taking plenty of pictures. Due to the pandemic, my traveling has slowed down; however, on the weekends, I like to think of ways I can become more cultured. In addition to traveling, listed below are a few things that I have done and you can try to contribute to your culture awareness.

1.       Study a foreign language.

I have studied Spanish for six years. Am I proficient? No. But each time, I study it, I feel like I am increasing my knowledge.

2.       Read about another religion.

I am currently reading Bhagavad Gita (As It Is) that is studied by those who practice Hinduism. I find that reading about another religion helps you to better understand the beliefs of another ethnic group.

3.       Try food from different cultures.

I love purchasing Asian vegetables from the international market and trying recipes that include them.

4.       Become friends with others of a different cultural background.

I have learned about Puerto Rican and Vietnamese culture through my friends.

5.       Attend cultural festivals.

This year I attended two Caribbean festivals that allowed me to experience the food and music of various Caribbean islands 

How have you improved your culture awareness?

[1] McIntosh, C. (2021). Culture. In Rundell, J. & Wedgeworth, L. (Eds.) Cambridge Dictionary. https://dictionary.cambridge.org/us/dictionary/english/culture

[2] Yousof, A. K., & Abousamra, N. (2019). The future of digital game-based learning (DGBL) in shaping intercultural communication competency. In Critical Issues Impacting Science, Technology, Society (STS), and Our Future (pp. 81-110). IGI Global.

Soul Saturday: Connecting with yourself

You may have already seen store displays of Christmas apparel, decorations, and gifts to let us know that we are quickly approaching the holiday season. Before we begin our holiday routines and splurges, it is important to reflect on what truly brings us joy. This week as I was perusing the Christmas gift section at Kohl’s, I picked up a reflection journal. I have had other journals before that were only used a handful of times before collecting dust on my bookshelf. I thought that I should not waste my money on this journal and place it back on the store shelf; however, the colorful cover enticed me.

I flipped through the pages and saw that each page had a writing prompt and a quote to inspire you to write your thoughts. I figured purchasing this journal would serve three purposes: 1) It will support my writing routine 2) It will help me get over the occasional writer’s block and 3) It will allow me to reflect and express gratitude for each day. If writing in a journal is not your favorite way to connect with yourself, listed below are other ways for you to tune into your needs.

1. Sit in silence.

This may sound odd or boring, but I find that when I sit in silence, ideas and solutions come to me easier than when I’m preoccupied.

2. Move your body with intention.

Practice yoga, dance, or stretch your body to your personal comfort level to release stress or energize yourself to accomplish your daily goals.

3. Read something inspirational and spiritual.

Whether it is reading the Bible or something from your favorite spiritual author, you will find reassurance and strength to continue your journey.

4. Eat healthy meals.

It may sound cliché to say “you are what you eat”, I notice that whenever I eat junk food my energy level decreases. However, when I eat a healthy meal, I feel motivated to do things that will bring me closer to my goals.

5. Write down your goals.

I have heard the expression: “Writing it down and making it plain” and googled it as I was writing this blog post. This expression comes from the Bible in Habakkuk 2:2.

“Then the Lord answered me and said: “Write the vision and make it plain on tablets, that he may run who reads it.” My interpretation of this scripture is that once you connect with yourself and write down your goals in a comprehensive way, you will be able to execute them.

What are other ways that you connect with yourself?

Reflection Journal

Dancing Saturday: Benefits of Dance

Dancing Saturday: Benefits of Dance

Ballet, jazz, modern, liturgical, tango, foxtrot, waltz, cha-cha, meringue, hip-hop, salsa, and bachata are all forms of dance that I have tried and enjoyed. Currently, I am learning salsa and bachata and have joined the respective dance teams offered by my dance company. Participating in dance classes, dance team practices, and dance performances my weekly schedule is busy but enjoyable. Dancing for me is a stress reliever, creativity booster, and a fantastic workout. Listed below are five benefits of dance.

1.       Dance improves your mood.

In a study published by McKenzie et al., the researchers found that students participating in a dance class reported a better mood than students who did not participate[1].

2.       Dance improves your cognitive function.

Learning to dance rewires the neural pathways in your brain and enhances decision making skills[2].

3.       Dance improves balance and strength.

Over time, a dance regimen improves balance and strength[3]. Regardless of age, we all need to maintain our stability and strength.

4.       Dance is inclusive.

No matter your ethnic background or ability if you have a body, you can move!

5.       Dance is social.

You can meet people and make new friends while on the dance floor.

Dance is universal and has physical and mental benefits. Whether you dance alone or in a group, you will not regret the time you spent moving your body.

[1] McKenzie, K., Bowes, R., & Murray, K. (2021). Effects of dance on mood and potential of dance as a mental health intervention. Mental Health Practice, 24(3).

[2] Coan, E. (2021). How Being a Dance Major Will Help Me Be a Better Doctor. Dance Major Journal, 9(1).

[3] Stawicki, P., Wareńczak, A., & Lisiński, P. (2021). Does Regular Dancing Improve Static Balance?. International Journal of Environmental Research and Public Health, 18(10), 5056.

Side Hustle Saturday

When I think of the phrase “Side Hustle”, I imagine someone allocating time before or after working a full-time job and on the weekend to build a business. Does this image look glamorous? Oftentimes on social media, it does; however, it requires dedication and consistency.  Can a side hustle be rewarding? Yes! Many people have turned their side hustles into full time businesses. If you have ever thought about pursuing a side hustle, listed below are links to a few resources that have inspired me.

Earn Your Leisure

https://www.earnyourleisure.com/

Earn Your Leisure is a platform that provides helpful advice on investing, real estate, and entrepreneurship through their podcasts, YouTube channel, and paid educational platform (EYL University).

Craig Ballantyne

https://www.craigballantyne.com/

Craig Ballantyne is an entrepreneur who provides business tips for aspiring and seasoned business owners to manage their time while building their businesses.

James Altucher

https://jamesaltucher.com/

James Altucher is an entrepreneur who has written several books on how to test ideas that could turn into businesses.

Side Hustle Nation

https://www.sidehustlenation.com/

Side Hustle Nation is a platform that provides tips on how to start a side hustle and provides stories of individuals who have successful side hustles.

Do you have recommendations for side hustles? Let me know in the comments section!

SAD Saturday

When I don’t have plans, I have no desire to leave home on cloudy days. If the cloudy day occurs on a Saturday, it gives me an incentive to stay in. On sunny days, the sun shining through my window entices me to get up and start my day. During this time of year in the Mid-Atlantic, there are more cloudy days than sunny. The cloudy days can contribute to a depression known as Seasonal Affective Disorder (SAD). SAD usually occurs in the fall and lasts until the beginning of the spring. The symptoms of SAD are[1]:

• Sadness

• Anxiety

• Carbohydrate cravings

• Extreme fatigue

• Suicidal thoughts

• Inability to focus

• Excessive sleeping

• Disinterest in social activities

• Suicidal thoughts

If you have any of these symptoms, contact a healthcare professional who will give you the proper diagnosis.

[1] Cleveland Clinic. (2020, December 07). Seasonal Depression. Retrieved October 23, 2021.

It’s Saturday!

There are not many Saturdays that I have the luxury to lounge in my bed. However, when I do I stay in bed until my body hurts. You would think I would be catching up on sleep or watching television. No. I’m playing a brain game on my phone and afterwards logging in to my Spanish language learning website for a 30 minute practice session. Then, I’m scrolling Instagram watching, and laughing at video sketches from my favorite comedians, getting inspired to try a new hairstyle, or eventually travel internationally again. After I have scrolled social media to my heart’s content, I drag myself out of bed to wash clothes and work around the house to prepare for the upcoming week.

Oftentimes I feel guilty by wasting so much time on these Saturday mornings. The guiltiness is because I think about how much I could have accomplished if I only got out of bed earlier. How do you spend your Saturdays when you have nothing planned? Do you feel guilty about not being productive or is it your time to recharge for the upcoming week?