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The Rise of Autonomous Vehicles Refreshes the Need for Strong Congestion Pricing Models

The rise of autonomous vehicles refreshes the need for strong congestion pricing models

The Rise of Autonomous Vehicles Refreshes the Need for Strong Congestion Pricing Models

The rise of autonomous vehicles refreshes the need for strong congestion pricing models

According to a TechCrunch article published April 29, 2019, the increasing popularity of self-driving vehicles might spell huge problems for road traffic.

Self-Driving Cars to Soon Hit the Road

There’s no doubt that self-driving or autonomous vehicles are the future of transportation in the 21st century.

The rise of technologies like artificial intelligence (AI) and internet of things (IoT) coupled with studies that suggest that the average cost of living is set to plummet in the coming years, all point to the unavoidable barrage of autonomous vehicles set to hit the roads.

While the advantages of self-driving vehicles are plenty, there’s also the associated fear of increased traffic congestion. A car is a tangible vehicle – be it self-driving or people driven – occupying considerably more space on the roads compared to other modes of public transport like buses, trams, and trains.

Further, thanks to the technological advancement and economies of scale, traveling from one place to another is easier than ever. The rapid transformation of companies like Uber and Lyft into multi-billion dollar enterprises speaks volumes of the strong state of demand for their services.

However, this ease of convenience has unintentionally accentuated the problem of traffic congestion by heaps. A recent study by Schaller postulates that the unconstrained growth of ride-hailing services has worsened traffic in the U.S.’s nine biggest cities.

This problem, however, could stretch far beyond traditional vehicles as a recent study by the Journal of Transportation Policy states that self-driving cars could make the problem even worse.

More than What Meets the Eye

More to the point, what do these vehicles do when they’re not ferrying passengers?

Three of the obvious options that an autonomous vehicle that is not in use could consider are to either go back home, park somewhere, or circle the streets like an aimless vigilante.

It’s safe to say that they’d prefer to wander city streets to avoid paying the parking fee. These obstacles have also forced urban policymakers to rethink congestion pricing models.

Currently, congestion pricing models operate in a few different ways. The majority of congestion pricing schemes pick a part of the city or specific high-traffic zones to establish a flat and variable fee payment system. When vehicles enter these areas, a congestion fee is levied on them. However, this system might not stand the test of time with the impending grand entry of autonomous vehicles.

In a bid to mitigate the impact of such vehicles, New York City has decided to implement a new congestion zone starting in 2021 that is expected to impact drivers south of 60th Street entering Manhattan. Experts opine that the proposed policy could rake in as much as $1 billion a year which could then be spent on furthering improving the state of public transportation.

Similar futuristic initiatives are being undertaken by administrators in places like Washington D.C., and Singapore, among others.

Concluding, it remains to be seen how technological advancements like self-driving vehicles affect the policy-making think-tanks around the world. Hopefully, the industry will witness a future where urban administrative bodies and entrepreneurial and public interests are on the same page.

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Published at Wed, 01 May 2019 02:00:08 +0000

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Bitcoin and World Financial Markets Close Another Spectacular Week

bitcoin’s price sustained its spectacular momentum by remaining within its all-time high range during the week ending October 27, 2017. At the same time, the Dow Jones rose for the seventh straight week, fueled by technology stocks. Among these stocks, Nvidia, a bitcoin and Ethereum mining device maker, was the strongest.


bitcoin Remains the Best Performing Currency

bitcoin remains the best performer and the unchallenged leader among fiat and other digital currencies by staying within its all-time high price range. For the previous two consecutive weeks, bitcoin’s price had been breaking all record highs.

bitcoin started the week of October 23, 201, by reaching a value of $6,075 USD per coin, during intraday trading. On the same day, bitcoin’s blockchain was split, creating a new cryptocurrency, Bitcoin Gold.

During the early hours of the new cryptocurrency, and for several hours, hackers crippled the bitcoin Gold’s cloud site with a distributed denial of service (DDoS) attacks. As a result, bitcoin Gold’s price descended as low as $127.79 USD. Similarly, bitcoin hit a low of $5,403 USD.

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However, showing its usual resiliency, bitcoin rapidly recovered, closing the week ending October 27, 2017 above $5,800 USD. bitcoin Gold, on the other hand, closed the week at $119.58 USD.

Dow Jones, NASDAQ, and bitcoin’s Amazing Upward Trend

Dow Jones, NASDAQ, and Bitcoin’s Amazing Upward Trend

Certainly, bitcoin is not the only financial asset about which investors are bullish. Indeed, the upbeat sentiment vis-a-vis financial markets also prevails intact, as the stunning data reveals for the week ending October 27, 2017.

For example, the NASDAQ 100 surged the most since the year 2009, closing at a new record high of 6,213.47 points. Meanwhile, the Dow Jones Index advanced 33.33 points, ending the session at 23,434.19.

Most financial experts agree that the technology sector earnings are fueling the extraordinary surge in the market.

And, the technology company that rose the most was bitcoin-friendly Nvidia. In effect, Nvidia broke an all-time record again, closing at $201.86 USD per share on Friday, October 27.

Nvidia manufactures graphics processing units (GPUs) designed explicitly for cryptocurrency mining. Nvidia’s sales had soared in the second quarter, due to bitcoin miners’ high demand for GPUs. In this connection, Fortune published an article entitled Wall Street Fears Nvidia Is Too Dependent on Bitcoin.

Nvidia is also heavily involved in manufacturing devices for driverless cars, artificial intelligence, and other Fourth Industrial Revolution technologies. Recently, Nvidia announced the introduction a new cloud-based GPU platform (GPUC) “to combine deep learning software with world’s fastest GPUs.”

For three weeks in a row, the value of both the stock markets and bitcoin has soared. This is amazing news. However, as always, cryptocurrency enthusiasts and investors need to take precautions before investing.

Do you think there is a relationship among bitcoin, technology companies, and the recent record high surge in the stock markets? Let us know what you think in the comments below.


Images courtesy of Shutterstock and Pixabay

The post Bitcoin and World Financial Markets Close Another Spectacular Week appeared first on Bitcoinist.com.

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