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Bitcoin whales scoop up $1.4B in 24 hours amid market correction – Cointelegraph

Bitcoin whales took full advantage of the Bitcoinprice slump on June 11, accumulating a combined 20,600 BTC worth $1.38 billion.

According to blockchain analytics firm CryptoQuant, it was the largest inflow day for Bitcoin whales since Feb. 28, when spot Bitcoin (BTC)exchange-traded funds (ETFs) were barely six weeks old and BTC approached a new all-time high.

Inflows into Bitcoin whale accounts hovered between 1,300 and 2,200 Bitcoin per day as Bitcoin fell from $71,650 on June 7 to around $69,000. The price plummeted again days later, leading to a massive day with 20,600 Bitcoin flowing into whale accumulation addresses on June 11.

The data hasnt yet been updated for June 12, which saw Bitcoins price briefly spike after better-than-expected United States Consumer Price Index results. At the time of writing, Bitcoin is trading for $67,500.

It comes as Bitcoins supply on cryptocurrency exchanges fell to 942,000 its lowest level since Dec. 22, 2021, according to onchain intelligence platform Santiment.

A fall in Bitcoin reserves often indicates a strengthening market where investors anticipate upward price action over the mid to long term.

Bitcoin is still down 8.45% from its all-time high price of $73,737 set on March 13, according to CoinGecko.

Ethereum whales have recently bought over 240,000 Ether (ETH)worth nearly $840 million at current prices, according to industry analyst Ali Martinez, citing Santiment data.

Related: Analyst targets $91.5K Bitcoin next despite Feds hawkish tone

However, unlike Bitcoin, Santiment said the supply of Ether on cryptocurrency exchanges has increased in recent days.

There is currently 17.98 million Ether (worth $63.1 billion) held on cryptocurrency exchanges, according to Santiment data.

Ether is down 8% from $3,815 on June 7 to $3,510 at the time of writing.

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How low can the Bitcoin price go? – Cointelegraph

Bitcoin (BTC) faces new lower BTC price targets after dropping as much as 8% over the last seven days.

Traders and analysts are debating whether the market may drop further and how low it can go.

After a failed attempt to climb above $70,000 on June 12, the BTC has retraced toward the $66,000 demand zone.

At the time of publication, the price of the leadingcryptocurrency was exchanging hands at $66,842, down 4% over the last 24 hours, according to data from CoinMarketCap.

Popular analyst Mark Cullen utilized the Elliott Wave method to demonstrate that a final down move could come imminently, taking Bitcoin to around $63,000.

Bitcoin is sweeping the weekend highs and then continuing with the downside move, Cullen said in a June 11 post on X, adding that there is still more to go.

Fellow analyst Matthew Hyland noted that BTC/USD was trading above a key support level at $67,000, which appeared to be the first line of defense before the price prints lower lows.

Sharing a chart in an X post, Hyland explained that the price is consolidation on longer timeframes, which favors a continuation of the uptrend. However, if the price drops below the said level, the analyst sets a lower target for BTC around the $64,700 level.

The $63,000 to $65,000 demand zone would put BTC price action at its lowest since mid-May and could represent one of the largest drawdowns from the current all-time highs of around 15%.

Continuing, MN Capital founder Micheal van de Poppe examined BTCs price action on the daily timeframe for insights into the nature of support the coin enjoyed on the downside.

Uploading a chart to X, van de Poppe noted that BTC/USD had lost the support of its 50-day exponential moving average (EMA), which is currently at $67,011.

He further explained that the price still held a crucial level of support above $66,000, where the 100-day EMA currently sits.

A closer look at the daily chart below shows that BTC also lost this support during todays drawdown, increasing the odds of deeper drops.

The 200-day EMA at $64,000 now presents the last line of defense for BTC and could be where the downside could be capped in the short term.

The downward trend displayed by the relative strength (RSI) and the price strength at 44 suggested that the market conditions favored the downside.

Interestingly, data from Coinglass shows significant liquidity building up between $63,000 and $65,500 over the last 30 days.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bidens Nonsensical Proposed 30% Tax Would Kill Bitcoin Mining in the U.S. – CoinDesk

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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Donald Trump wants all the Bitcoin that’s left to be made in the U.S. – Quartz

Photo: Carlos Barria ( Reuters )

Republican presidential candidate and former cryptocurrency skeptic Donald Trump wants all remaining Bitcoin to be made in the U.S.

Where did Cool Ranch Doritos come from?

Bitcoin mining may be our last line of defense against a CBDC, Trump said late Tuesday night in a post on his social media site Truth Social, referring to a Central Dank Digital Currency. Bidens hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!

Trump met with Bitcoin miners at his Mar-a-Lago resort earlier Tuesday. He told them that Bitcoin miners help stabilize the electric grids energy supply, Bloomberg reports.

Bitcoin is generated by miners who use computer hardware to solve complex mathematical problems and verify transactions on the blockchain network. Bitcoin has a fixed supply of 21 million, which is expected to be fully mined by 2140.n About 90% of that supply has already been mined.

Current Bitcoin mining countries include China, countries in Central Asia, El Salvador, and some European countries.

Trump has emerged as a strong Bitcoin supporter ahead of his 2024 election rematch with President Joe Biden contrary to Trumps stance just a few years ago. He has previously denounced Bitcoin as a scam against the U.S. dollar. He has also called cryptocurrency a disaster waiting to happen and said he is not a fan of it. But now he says he is good with it.

Last month, he declared himself the pro-crypto candidate. His campaign also now accepts donations in Bitcoin, Ether, Dogecoin, Solana, and other cryptocurrencies.

Trumps shift on cryptocurrency puts him in opposition to some Democrats, who have traditionally opposed it. Sen. Elizabeth Warren, D-Mass., has pushed for more crypto regulation. But this year even some Democrats are singing a more pro-cryptocurrency tune, distancing themselves from Warren on the issue. The House last month passed a crypto bill that aims to regulate the industry at large.

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Bitcoin dips into the $65,000 level to end the week – CNBC

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CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Matthew Hougan, chief investment officer at Bitwise Asset Management, discusses regulatory advancements in crypto, spot ether ETFs and more from Coinbase's State of Crypto Summit in New York City.

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Quantum computers are like kaleidoscopes why unusual metaphors help illustrate science and technology – The Conversation Indonesia

Quantum computing is like Forrest Gumps box of chocolates: You never know what youre gonna get. Quantum phenomena the behavior of matter and energy at the atomic and subatomic levels are not definite, one thing or another. They are opaque clouds of possibility or, more precisely, probabilities. When someone observes a quantum system, it loses its quantum-ness and collapses into a definite state.

Quantum phenomena are mysterious and often counterintuitive. This makes quantum computing difficult to understand. People naturally reach for the familiar to attempt to explain the unfamiliar, and for quantum computing this usually means using traditional binary computing as a metaphor. But explaining quantum computing this way leads to major conceptual confusion, because at a base level the two are entirely different animals.

This problem highlights the often mistaken belief that common metaphors are more useful than exotic ones when explaining new technologies. Sometimes the opposite approach is more useful. The freshness of the metaphor should match the novelty of the discovery.

The uniqueness of quantum computers calls for an unusual metaphor. As a communications researcher who studies technology, I believe that quantum computers can be better understood as kaleidoscopes.

The gap between understanding classical and quantum computers is a wide chasm. Classical computers store and process information via transistors, which are electronic devices that take binary, deterministic states: one or zero, yes or no. Quantum computers, in contrast, handle information probabilistically at the atomic and subatomic levels.

Classical computers use the flow of electricity to sequentially open and close gates to record or manipulate information. Information flows through circuits, triggering actions through a series of switches that record information as ones and zeros. Using binary math, bits are the foundation of all things digital, from the apps on your phone to the account records at your bank and the Wi-Fi signals bouncing around your home.

In contrast, quantum computers use changes in the quantum states of atoms, ions, electrons or photons. Quantum computers link, or entangle, multiple quantum particles so that changes to one affect all the others. They then introduce interference patterns, like multiple stones tossed into a pond at the same time. Some waves combine to create higher peaks, while some waves and troughs combine to cancel each other out. Carefully calibrated interference patterns guide the quantum computer toward the solution of a problem.

The term bit is a metaphor. The word suggests that during calculations, a computer can break up large values into tiny ones bits of information which electronic devices such as transistors can more easily process.

Using metaphors like this has a cost, though. They are not perfect. Metaphors are incomplete comparisons that transfer knowledge from something people know well to something they are working to understand. The bit metaphor ignores that the binary method does not deal with many types of different bits at once, as common sense might suggest. Instead, all bits are the same.

The smallest unit of a quantum computer is called the quantum bit, or qubit. But transferring the bit metaphor to quantum computing is even less adequate than using it for classical computing. Transferring a metaphor from one use to another blunts its effect.

The prevalent explanation of quantum computing is that while classical computers can store or process only a zero or one in a transistor or other computational unit, quantum computers supposedly store and handle both zero and one and other values in between at the same time through the process of superposition.

Superposition, however, does not store one or zero or any other number simultaneously. There is only an expectation that the values might be zero or one at the end of the computation. This quantum probability is the polar opposite of the binary method of storing information.

Driven by quantum sciences uncertainty principle, the probability that a qubit stores a one or zero is like Schroedingers cat, which can be either dead or alive, depending on when you observe it. But the two different values do not exist simultaneously during superposition. They exist only as probabilities, and an observer cannot determine when or how frequently those values existed before the observation ended the superposition.

Leaving behind these challenges to using traditional binary computing metaphors means embracing new metaphors to explain quantum computing.

The kaleidoscope metaphor is particularly apt to explain quantum processes. Kaleidoscopes can create infinitely diverse yet orderly patterns using a limited number of colored glass beads, mirror-dividing walls and light. Rotating the kaleidoscope enhances the effect, generating an infinitely variable spectacle of fleeting colors and shapes.

The shapes not only change but cant be reversed. If you turn the kaleidoscope in the opposite direction, the imagery will generally remain the same, but the exact composition of each shape or even their structures will vary as the beads randomly mingle with each other. In other words, while the beads, light and mirrors could replicate some patterns shown before, these are never absolutely the same.

Using the kaleidoscope metaphor, the solution a quantum computer provides the final pattern depends on when you stop the computing process. Quantum computing isnt about guessing the state of any given particle but using mathematical models of how the interaction among many particles in various states creates patterns, called quantum correlations.

Each final pattern is the answer to a problem posed to the quantum computer, and what you get in a quantum computing operation is a probability that a certain configuration will result.

Metaphors make the unknown manageable, approachable and discoverable. Approximating the meaning of a surprising object or phenomenon by extending an existing metaphor is a method that is as old as calling the edge of an ax its bit and its flat end its butt. The two metaphors take something we understand from everyday life very well, applying it to a technology that needs a specialized explanation of what it does. Calling the cutting edge of an ax a bit suggestively indicates what it does, adding the nuance that it changes the object it is applied to. When an ax shapes or splits a piece of wood, it takes a bite from it.

Metaphors, however, do much more than provide convenient labels and explanations of new processes. The words people use to describe new concepts change over time, expanding and taking on a life of their own.

When encountering dramatically different ideas, technologies or scientific phenomena, its important to use fresh and striking terms as windows to open the mind and increase understanding. Scientists and engineers seeking to explain new concepts would do well to seek out originality and master metaphors in other words, to think about words the way poets do.

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Unlock Generous Growth With These 3 Top Quantum Computing Stocks – InvestorPlace

While the technology offers myriad innovations, investors ought to earmark the top quantum computing stocks for the speculative long-term section of their portfolio. Fundamentally, it all comes down to the projected relevance.

According to Grand View Research, the global quantum computing market size reached a valuation of $1.05 billion in 2022. Experts project that the sector could expand at a compound annual growth rate (CAGR) of 19.6% from 2023 to 2030. At the culmination of the forecast period, the segment could print revenue of $4.24 billion.

Better yet, we might be in the early stages. Per McKinsey & Company, quantum technology itself could lead to value creation worth trillions of dollars. Essentially, quantum computers represent a paradigm shift from the classical approach. These devices can generate myriad functions simultaneously, leading to explosive growth in productivity.

Granted, with every pioneering space comes high risks. If youre willing to accept the heat, these are the top quantum computing stocks to consider.

Source: Boykov /

To be sure, Honeywell (NASDAQ:HON) isnt exactly what you would call a direct player among top quantum computing stocks. Rather, the company is an industrial and applied sciences conglomerate, featuring acumen across myriad disciplines. However, Honeywell is very much relevant to the advanced computing world thanks to its investment in Quantinuum.

Earlier this year, Honeywells quantum computing enterprise reached a valuation of $5 billion following a $300 million equity funding round, per Reuters. Notably, JPMorgan Chase (NYSE:JPM) helped anchor the investment. According to the news agency, [c]ompanies are exploring ways to develop and scale quantum capabilities to solve complex problems such as designing and manufacturing hydrogen cell batteries for transportation.

Honeywell could play a big role in the applied capabilities of quantum computing, making it a worthwhile long-term investment. To be fair, its not the most exciting play in the world. Analysts rate shares a consensus moderate buy but with an average price target of $229.21. That implies about 10% upside.

Still, Honeywell isnt likely to implode either. As you build your portfolio of top quantum computing stocks, it may pay to have a reliable anchor like HON.

Source: Amin Van /

Getting into the more exciting plays among top quantum computing stocks, we have IonQ (NYSE:IONQ). Based in College Park, Maryland, IonQ mainly falls under the computer hardware space. Per its public profile, the company engages in the development of general-purpose quantum computing systems. Business-wise, IonQ sells access to quantum computers of various qubit capacities.

Analysts are quite optimistic about IONQ stock, rating shares a consensus strong buy. Further, the average price target comes in at $16.63, implying over 109% upside potential. Thats not all the most optimistic target calls for a price per share of $21. If so, we would be talking about a return of over 164%. Of course, with a relatively modest market capitalization of $1.68 billion, IONQ is a high-risk entity.

Even with the concerns, including an expansion of red ink for fiscal 2024, covering experts believe the growth narrative could overcome the anxieties. In particular, theyre targeting revenue of $39.47 million, implying 79.1% upside from last years print of $22.04 million. Whats more, fiscal 2025 sales could see a gargantuan leap to $82.38 million. Its one of the top quantum computing stocks to keep on your radar.

Source: Shutterstock

Headquartered in Berkeley, California, Rigetti Computing (NASDAQ:RGTI) through its subsidiaries builds quantum computers and superconducting quantum processors. In particular, Rigetti offers a cloud-based solution under a quantum processing umbrella. It also sells access to its groundbreaking computers through a business model called Quantum Computing as a Service.

While intriguing, RGTI stock is high risk. The reality is that the enterprise features a market cap of a little over $175 million. That translates to a per-share price of two pennies over a buck. With such a diminutive profile, anything can happen. Still, its tempting because analysts rate shares a unanimous strong buy. Also, the average price target lands at $3, implying over 194% upside potential.

Whats even more enticing are the financial projections. Covering experts believe that Rigetti will post a loss per share of 41 cents. Thats an improvement over last years loss of 57 cents. Further, revenue could hit $15.3 million, up 27.4% from the prior year. And in fiscal 2025, sales could soar to $28.89 million, up nearly 89% from projected 2024 revenue.

If you can handle the heat, RGTI is one of the top quantum computing stocks to consider.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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CERN welcomes International Year of Quantum Science and Technology –

On the centenary of quantum mechanics -- the bedrock of particle physics and enabler of numerous technologies CERN is contributing to the development of a new generation of quantum technologies for fundamental research and beyond.

100 years ago, a handful of visionary physicists upturned notions about nature that had guided scientists for centuries. Particles can be point- or wave-like, depending on how you look at them. Their behaviour is probabilistic and can momentarily appear to violate cherished laws such as the conservation of energy. Particles can be entangled such that one feels the change of state of the other instantaneously no matter the distance between them, and, as befalls Schrdinger's famous cat, they can be in opposite states at the same time.

Today, thanks to pioneering theoretical and experimental efforts to understand this complex realm, physicists can confidently navigate through such apparently irrational concepts. Quantum theory has not only become foundational to physics, chemistry, engineering and biology, but underpins the transistors, lasers and LEDs that drive modern electronics and telecommunications -- not to mention solar cells, medical scanners and global positioning systems. But this is only the beginning.

On 7 June the United Nations declared 2025 the International Year of Quantum Science and Technology to celebrate the contributions of quantum science to technological progress, raise awareness of its importance to sustainable development, and ensure that all nations have access to quantum education and opportunities. As the worlds largest particle physics lab, CERN has been interrogating the quantum theories that govern the microscopic world for the past 70 years. Most recently, it has entered the rapidly growing domain of quantum technologies, which aims to harness the strangest aspects of quantum mechanics to build a new generation of quantum devices for fundamental research and beyond.

In recent years, we have learned not just to use the properties of the quantum world but, also, to control them, explains Sofia Vallecorsa, coordinator of the CERN Quantum Technology Initiative (QTI). Today, the revolution is all about controlling individual quantum systems, such as single atoms or ions, enabling even more powerful applications.

At CERN, quantum technologies are studied and developed through two initiatives: the QTI, whose aim is to enable technologies such as quantum computing, quantum state sensors, time synchronisation protocols, and many more for high-energy physics activities; and the recently established Open Quantum Institute (OQI), whose aim is to identify, support and accelerate the development of future societal applications benefiting from quantum computing algorithms.

One of the most promising fields is quantum computing. Unlike conventional computers that use bits that can be in one of just two states, quantum computers using qubits which can exist in superpositions of states. This enables a vast number of computations to be processed simultaneously, offering important applications in fields such as cryptography, logistics and process optimisation, and drug discovery. Quantum communication, which exploits the principles of quantum mechanics to make it impossible to intercept information without detection, is another significant area of development. A third pillar of CERNs quantum-technologies programme is sensing to allow ultra-precise measurements of physical quantities, with potential applications in fields including medicine, navigation and climate science.

What started 100 years ago as a purely theoretical physics investigation is now beginning to unleash its full potential, says OQI coordinator Tim Smith of CERN. The International Year of Quantum Science and Technology will be a wonderful opportunity to celebrate the past, the present and the future of our understanding of the quantum world.

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The Growing Interest in On-Prem Quantum Computing – High-Performance Computing News Analysis – insideHPC

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Quantum Computing and AI: A Perfect Match? – InformationWeek

It's a marriage that could only happen in cyberspace -- quantum computing and artificial intelligence.

Quantum AI is a burgeoning computer science sector, dedicated to exploring the potential synergy that exists between quantum computing and AI, says Gushu Li, a professor at the University of Pennsylvania School of Engineering and Applied Science, in an email interview. "It seeks to apply principles from quantum mechanics to enhance AI algorithms." A growing number of researchers now believe that AI models developed with quantum computing will soon outpace classical computing AI development.

Quantum AI creates an intersection between quantum computing and artificial intelligence, observes Romn Ors, chief scientific officer at quantum computing software development firm Multiverse Computing, via email. He notes that quantum computing has the potential to take AI to entirely new levels of performance. "For instance, it's possible to develop quantum neural networks that teach a quantum computer to detect anomalies, do image recognition, and other tasks." Ors adds that it's also possible to improve traditional AI methods by using quantum-inspired approaches to dramatically reduce the development and training costs of large language models (LLMs).

Related:Demystifying Quantum Computing: Separating Fact from Fiction

Combining the quantum physics properties of superposition and entanglement, which can perform limitless processes simultaneously with machine learning and AI, and suddenly it's possible to do more than ever imagined, says Tom Patterson, emerging technology security lead at business advisory firm Accenture, via email. "Unfortunately, that includes being used by adversaries to crack our encryption and develop new and insidious ways to separate us from our information, valuables, and anything else we hold dear."

Still, Patterson is generally optimistic. Like ChatGPT, he expects quantum AI to arrive gradually, and then all at once. "While full use of an AI-relevant quantum computer remains years away, the benefits of thinking about AI with quantum information science capabilities are exciting and important today," he states. "The opportunities are here and now, and the future is brighter than ever with quantum AI."

For his part, Li believes that quantum AI's biggest initial impact will be in four specific areas:

Drug Discovery: Simulating molecules to design new drugs and materials with superior properties.

Financial Modeling: Optimizing complex financial portfolios and uncovering hidden trends in the market.

Related:Cybersecurity's Future: Facing Post-Quantum Cryptography Peril

Materials Science: Developing new materials with specific properties for applications like superconductors or ultra-efficient solar cells.

Logistics and Optimization: Finding the most efficient routes for transportation and optimizing complex supply chains.

Quantum AI is already here, but it's a silent revolution, Ors says. "The first applications of quantum AI are finding commercial value, such as those related to LLMs, as well as in image recognition and prediction systems," he states. More quantum AI applications will become available as quantum computers grow more powerful. "It's expected that in two-to-three years there will be a broad range of industrial applications of quantum AI."

Yet the road ahead may be rocky, Li warns. "It's well known that quantum hardware suffers from noise that can destroy computation," he says. "Quantum error correction promises a potential solution, but that technology isn't yet available."

Meanwhile, while quantum AI algorithms are being developed, classical computing competitors are achieving new AI successes. "While progress is being made, it's prudent to acknowledge that the integration of quantum computing with AI is a complex endeavor that will unfold gradually," Li says.

Related:What Is the Future of AI-Driven Employee Monitoring?

Patterson notes that many of the most promising quantum AI breakthroughs aren't arriving from university and corporate research teams, but from various regional developer and support communities that closely mirror natural ecosystems. "Regions that have decided that quantum and AI are too big and too important to leave to one group or another have organized around providing everything progress demands -- from investment to science to academics to entrepreneurs, growth engines, and tier-one buyers," he says. "These regional ecosystems are where the magic happens with quantum AI."

GenAI and quantum computing are mind-blowing advances in computing technology, says Guy Harrison, enterprise architect at cybersecurity technology company OneSpan, in a recent email interview. "AI is a sophisticated software layer that emulates the very capabilities of human intelligence, while quantum computing is assembling the very building blocks of the universe to create a computing substrate," he explains. "We're pushing computing both into the realm of the mind and the realm of the sub-atomic."

The transition to quantum AI won't be optional, Ors warns, since current AI is fundamentally flawed due to excessive energy costs. New models and methods will be needed to lower energy demands and to make AI feasible in the long term. "Early adopters of quantum AI will get a competitive advantage and will survive, as opposed to those that do not adopt or adopt it too late."

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