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Earlier this month, the president signed an executive order (EO) that could potentially clear the path for 401(k) plans to include alternative investments like cryptocurrency. Theoretically, relaxing the rules about crypto in defined-contribution retirement plans will allow more average Americans to take advantage of the upsides of these investments. Gen X investors should beware. Crypto might seem like a perfect opportunity for Gen X investors. This generation has the kind of tech savvy that comes from learning to use new digital tools as theyre invented, making them much more likely to understand and appropriately invest in cryptocurrency. The timing also feels ideal, since Gen X retirements are on the horizon, and crypto enthusiasts promise this investment can provide quick financial boosts. But unlike chocolate and peanut butter, getting cryptocurrency in your 401(k) is unlikely to be two great tastes that taste great together. In fact, crypto, like private equity, doesnt belong in a 401(k) or other defined-contribution planand not just because no one can satisfactorily explain what the heck a blockchain is. Heres what you need to know about the very real hazards of inviting cryptocurrency into your 401(k). Theres more than meets the EO The August 7 executive order gave the Secretary of Labor 180 days (until February 3, 2026, specifically) to clarify its position on the rules for alternative assets in 401(k)s, per the Employee Retirement Income Security Act of 1974, known as ERISA. Under ERISA, employers have a fiduciary responsibility to make sure the investment options in your 401(k) are prudent and that any fees are not onerous. So far, this executive order sounds about par for the course. Theres a limit to executive power via EO. Its reasonable that a president whod like to buy the world a cryptocoin in perfect 401(k) harmony would start by asking the U.S. Department of Labor (DOL) to review current rules to clarify its position. But the DOL has already indicated its willing to open the door to 401(k) crypto investments. On May 28, 2025, the DOLs Employee Benefits Security Administration rescinded 2022 Biden-era guidance that actively discouraged fiduciaries from including cryptocurrency in defined-contribution retirement plans. Weeks before the executive order was signed, the rollback of this 2022 guidance had already made it easier for plan sponsors to start including crypto in 401(k) plans. The problem is that Ive seen this kind of irrational exuberance about an investment before. And that one didnt belong in a 401(k), either. The Beanie Baby connection In the late 1990s, an acquaintance once spent an interminable hour explaining how her collection of plush toys would not only pay for her childrens college education but also fund her retirement. I was reminded of that long ago conversation the first time a crypto enthusiast told me that fiat currencys days were numbered, and that the theoretical coins he mined were poised to bring about world peace, in addition to making him rich. Thats when I came to the conclusion that cryptocurrency is Beanie Babies for tech bros. Like Ty Inc.s plush toys, which were kept artificially scarce, there is a limit to the amount of Bitcoin that can be mined from the blockchain, which helps drive up the price on the secondary market. Similarly, Ty used a unique and confusing distribution model that only sold 36 of any one specific character at a time to independent retailers. This triggered a kind of a market frenzy in collectors. While Tys distribution model is easier to understand than the process behind limited-supply cryptocurrencies like Bitcoin, the opacity of the crypto process causes a similar kind of frenzy among investors. Many crypto buyers only know they need to buy and buy quickly, even if they dont understand what theyre purchasing. But most damning of all, neither Beanie Babies nor cryptocurrency have inherent value beyond the markets faddish interest. The only way to make money with either Legs the Frog or cryptocurrency is to sell them for a higher price than you paid for themwhich is more like gambling than a true investment. Whats the beef? It may seem like no big deal that cryptocurrency might be on the menu in your 401(k). Its there if youre interested, and you can just ignore it if you dont. But as with the inclusion of private equity in your defined contribution plan, just opening the door to this kind of investment could cause problems for a number of reasons, including: No regulations! Dogs and cats living together! One of the selling points of cryptocurrency is the fact that it is decentralized, with next to no government oversight, and little to no regulation. This offers investors a potentially thrilling opportunity to win big in a Wild West-type situation where anything is possible. Gen Xerswho wear their hard-earned skepticism of institutions on their sleevesmay be especially intrigued by the promise of decentralized currency. Unfortunately, the exhilarating lack of oversight is also a cybersecurity nightmare. Blockchain analysis firm Chainalysis found in its 2024 Crypto Crime Report that over $1.7 billion in cryptocurrency was stolen in 2023, while $3.8 billion was stolen in 2022. Since this industry has so little oversight or regulation in the United States, its difficult to predict what kind of security your 401(k) could offer against cyberattacks and hacks aiming for your cryptocoins, or what avenues for recovery (if any) you would have if you are the victim of a hack. There’s that one key word: fiduciary ERISA rules require 401(k) plan sponsors (i.e., employers) to act as fiduciaries when choosing investment options for the defined-contribution plans offered to their employees. In other words, it is the employers responsibility to only include investments they believe are in the employees best interests, are free of onerous fees, and have prudent levels of risk. Legal scholars have argued that crypto categorically does not fit that definition. Remember: te word fiduciary isnt the kind of corporate speak that doesnt mean anything, like paradigm-shift or lunchtime. It has a legal definition and employers can (and do) run afoul of ERISA if they do not meet their fiduciary responsibilities. In just the past year, ERISA lawsuits against excessive 401(k) fees have risen to a near record high. This does mean 401(k) plan participants have legal recourse if their employers fail in their fiduciary duty. But it raises an important question: can you trust that a plan that offers crypto as an investment option is taking its fiduciary responsibility seriously in all aspects of implementing your plan? Knowing is half the battle A healthy distrust of institutions is an important part of Generation Xs emotional makeupwhich may leave investors in this cohort vulnerable to the idea of investing in crypto via their 401(k). But even though the current administration is all-in on cryptocurrency, it doesnt necessarily belong in anyones defined-contribution retirement plan. Crypto is generally volatile and overhyped, and does not have any underlying value, making it an investment similar to Beanie Baby plush toys. Though enthusiasts tout the intriguing-to-Gen X fact that crypto is decentralized and unregulated, lack of oversight leaves 401(k) investors vulnerable to cybersecurity hacks with no clear recourse if theyre targeted. Finally, considering all of the risks associated with cryptocurrency, its unclear how 401(k) plan sponsors will meet the legal requirements for fiduciary responsibility while offering crypto to plan participants. It will be some time before crypto might start popping up in your retirement plans. Before that happens, tell your employer to please keep it out. Just Say No.
Category:
E-Commerce
At a new restaurant in Manhattan, the goal isnt to make money. Launching as a pilot in September, the projectcalled Community Kitchenis designed to show what it looks like when a restaurant does everything right: healthy, sustainably grown ingredients from local farmers; well-paid workers; excellent, plant-forward cooking; and food accessible to everyone, not just those who can afford $100 dinners. [Photo: Community Kitchen] Mark Bittman, the longtime food writer, started the restaurant as a nonprofit after stepping away from a career that spanned dozens of cookbooks, long-running New York Times columns, and books critiquing the food system. I felt like Id written enough, he says. I wanted to do something. Bittman had often written about the benefits of cooking at home for health, cost, and sustainability. But he realized it wasnt realistic to expect everyone to cook, and that those who dont have the time often struggle to find healthy food. “If people want to and have the time and resources to cook, the information’s out there,” he says. “I think the real hole is in helping people find good food affordably outside of the home.” [Photo: Community Kitchen] Community Kitchens pilot will open September 10 inside the Lower Eastside Girls Club in Manhattan’s East Village, with communal tables available four days a week. Diners will reserve fixed-menu meals on a sliding scale: $15 (just a bit more than a typical fast-food meal in New York City), $45 for middle incomes, and $125 for those used to fine dining. The concept of “pay what you can” isnt new, though it has often meant uncomfortable exchanges at the register. “It turns into a humiliating negotiation for the payer and the payee,” Bittman says. By paying online in advanceor eventually through appsdiners wont have to ask publicly for a lower price. [Photo: Community Kitchen] Still, many pay-what-you-can restaurants have struggled to survive financially. Meanwhile, restaurants that prioritize ethical sourcing and worker pay often end up unaffordable. “I think you could do those first three thingssource great food, pay workers well, have great foodas long as you charge $150 to $100 a person,” Bittman says. “With widespread access, you can’t do that and make money at the same time.” Thats why Community Kitchen is structured as a nonprofit. The organization has raised funding from Bloomberg Philanthropy, Grace Foundation, Kapor Foundation, and Ford Philanthropy, among others, and will run on a budget of $1.2 million this year, including operations beyond the pilot restaurant. But Bittman doesnt expect it to rely on philanthropy forever. One possibility is spinning off a for-profit restaurant to help fund it. He also advocates for policy change: he believes healthy, accessible restaurants should receive government support. [Photo: Community Kitchen] “My argument is that food is as important as education and healthcare and defense and police and all those other things,” he says. “And so should be funded by tax dollarsby federal money, state money, city money. We should make it so that everybody can eat really good food whenever they need to.” Some government-subsidized “public restaurants” exist in other countries, like Brazil’s “Popular restaurants,” which serve $3 meals to low income residents. Community Kitchen will pay workers at least $30 an hour and offer predictable schedulesa rarity in the industry. While tipping isnt necessary, any tips will be pooled and shared among nearly everyone. To avoid inequities, cooks will help serve food, and dishwashers, who remain in the back of house, will earn more than others. [Photo: Community Kitchen] The pilot will last through November, and the nonprofit will be carefully evaluating how it works. “Through the pilot, we hope to learn what it would be like to do a long-term version of community of Community Kitchen. How much do we need to raise? How much can we count on for income from the restaurant?” Bittman says. The next step will be to raise money for a permanent restaurantand begin sharing the learnings with anyone else who wants to start a similar project. [Photo: Community Kitchen]
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E-Commerce
Rejection isnt just an inevitable part of successits the fastest path to it. Think about it: The most groundbreaking ideas, the most resilient leaders, and the most dominant companies all have one thing in common: theyve been rejected far more than their competitors. But heres the difference: they didnt just endure rejection; they weaponized it. After two decades as an entrepreneur, raising capital, launching products, and negotiating high-stakes deals, Ive been told no more times than I can count. And every single one of those rejections made me sharper, tougher, and more creative. Most people treat rejection like a full stop. The winners? They treat it like a detour to something bigger. Heres how you can do the same and find how every “no” can lead to a competitive edge. 1. Use Rejection as Market Research When you get rejected, most of the time youre handed brutally honest insight for free. No focus group, no consultant, no customer survey will ever give you feedback this raw. The catch? Most people never ask why. Early in my career, I lost a major client after pitching what I thought was a flawless campaign. Their feedback? Its too polished. We dont trust it. That stung. But instead of dwelling, I decoded the rejection: Was my messaging too salesy? Did I overengineer the proposal? Was I trying to impress instead of connect? I stripped out the buzzwords, simplified my decks, and started leading with vulnerability instead of perfection. My close rate jumped 40% in six months. Here’s how you can improve your success rate, too. Ask for blunt feedback. Its not just Why did we lose? but What almost made you say yes? Look for patterns. Are you getting rejected for the same reason repeatedly? Thats your blind spot. Treat every no like a data point. The more you collect, the clearer your winning strategy becomes. 2. Make Rejection the Training for Bigger Risks Most people avoid rejection because they fear failure. But what if I told you that early failure is the best thing that can happen to you? When my first startup crashed, I was devastated. But afterward, something unexpected happened: I lost my fear of risk. I started pitching ideas that were too bold. I took swings others wouldnt. And one of those bets became my first million-dollar business. A 2023 McKinsey study found that companies that doubled down during downturns captured 1015% more market share than competitors who played it safe. Why? Because most people retreat after rejection. The ones who keep pushing face less competition. Begin building your own risk tolerance: Start small. Take calculated risks where the downside is manageable. Reframe failure. Every no is a rejection of the idea, not you. Track your resilience. The more rejections you survive, the stronger you get. 3. Turn Rejection Into Free Publicity Most people hide their rejections. Big mistake. When I lost a six-figure deal, I wrote a LinkedIn post about what I learned. It went viral and led to a deal twice as big from someone who admired my transparency. People connect with struggle more than success. Sharing your rejections makes you relatable, shows confidence, and attracts opportunities. Be honest, not self-pitying. Focus on lessons, not complaints. Know timing matters. Share the story after youve processed it. Turn it into content. A tweet, a post, even a podcast story. 4. Let Your Rejection Force Innovation When my safe product failed, I had no choice but to try something radical. That bad idea became my most profitable offering. Psychologists call this creative constraint: when youre forced to work with fewer options, you innovate in ways you never would have otherwise. Heres how you can: Ask: Whats the unconventional solution? Embrace the bad idea. Sometimes the worst concepts lead to the best outcomes. Use rejection as a reset button. Its permission to start fresh. 5. Make Resilience Your Unfair Advantage Rejection is like a filter: 90% of people quit after a few nos. The ones who keep going face less competition with every step. Track your rejections like a scorecard. The higher the number, the closer you are to a win. Find a rejection buddy. Someone who holds you accountable. Rejection isnt just part of the gameits the game itself. The next time you get rejected, dont retreat. Smile, take notes, and swing harder. The best competitive advantage in business isnt talent, luck, or connections. Its the ability to turn rejection into fuel.
Category:
E-Commerce
Its been a bad year for password managers. First, Microsoft announced earlier this summer that its popular Microsoft Authenticator app would be discontinuing its password manager feature and would revert to being an app that focused solely on multifactor authentication codes. Now, Dropbox has announced that it is killing its password manager, Dropbox Passwords, entirely. And its death is happening in three phases, the first of which begins this coming Thursday. By the end, all your passwords will be permanently deleted. If you currently use Dropbox Passwords, heres what you need to do before the app goes goodbye for good. Choose a Dropbox Passwords alternative Most of us have dozens, if not hundreds, of internet logins to various websites, from banks to social media sites. It is a poor idea to use the same password for each because, if your login details for one of your sites are leaked, hackers will try those same login details at other sites, allowing them to access your information across the web. Of course, remembering dozens of passwords in our heads just isnt mentally feasible for most people. Thats where password managers come in. These apps suggest and remember unique saved passwords for every website we visit, and autofill them for us when we want to log in. But one of the more popular password managers, Dropbox Passwords, is being shut down soon. The company says that it is doing this to focus on enhancing other features in our core productits cloud storage platform. So, if youre a Dropbox Passwords user, youll need to choose an alternative password manager, just as Microsoft Authenticator users had to do in July. Thankfully, there are several to choose from. Some of the top password managers include: Apple Passwords Bitwarden Password Manager Dashlane Password Manager Google Password Manager LastPass Password Manager NordPass Password Manager Proton Pass Password Manager 1Password Password Manager Each has its strengths, but they all do the essential thing that any good password manager does: store your myriad passwords and autofill them when you log into a website. If youre a Dropbox Passwords user, the important thing to do now is choose an alternative password manager and install it on your devices. Export your Dropbox Passwords passwords Once youve chosen a Dropbox Passwords alternative and have it installed on your devices, youre going to need to transfer your passwords that are currently saved in your Dropbox Passwords app to your new password manager app. This is a two-step process. The first step is to export your passwords from Dropbox Passwords as a CSV file. To do that, do the following in the Dropbox Passwords app: Open the Dropbox Passwords app on your smartphone. Tap the Settings button (it looks like a cog wheel). Tap Export. Tap Export again to confirm your password export. If you prefer to use the Dropbox Passwords browser extension on your computer to export, you can do that as well. Dropbox has instructions for how to do that here. The second step is to import the exported passwords CSV file into your new password manager of choice. The process will vary slightly depending on which password manager you choose to use. Your new password manager will offer online instructions for how to import passwords into it. For example, 1Password, which Dropbox recommends that Dropbox Passwords users switch to, has its password import instructions here. Do everything by October 28or say goodbye to your passwords forever If you are a Dropbox Passwords user, it’s crucial to export your passwords from the service as soon as possible. Dropbox is beginning the discontinuation of Dropbox Passwords this week, on Thursday, August 28. That day marks the first part of a three-phase shutdown of Dropbox Passwords that concludes in October, with all passwords in Dropbox Passwords being deleted for good. Heres how the phases of the shutdown work: August 28: Passwords in Dropbox Passwords will become view-only. This means you wont be able to use the app or extension to autofill your passwords on websites. You also wont be able to add new passwords after this date. September 11: The Dropbox Passwords app will stop working on all smartphones. This means that from this date on, youll no longer be able to use the mobile app to view your saved passwords. Instead, youll need to resort to the Dropbox Passwords extension in your web browser to see any saved passwords. October 28: Dropbox Passwords will be shut down for good. All passwords contained in the service will be securely deleted and become unrecoverable. If you have not exported your passwords by this date, youll lose access to them forever. With Microsoft Authenticator ditching password manager support and now Dropbox Passwords shutting down its service entirely, you may be wondering how much longer the replacement youve chosen will stick around. Unfortunately, thats impossible to predict. But password manager support added next to nothing to Microsofts or Dropboxs bottom linesunlike many of the alternative password managers mentioned above. Most of those companies rely heavily on their password manager offerings for a significant portion of their revenue, suggesting that it’s reasonable to assume that their password managers arent going to go anywhere soon.
Category:
E-Commerce
Over 80% of Middlebury College students use generative AI for coursework, according to a recent survey I conducted with my colleague and fellow economist Zara Contractor. This is one of the fastest technology adoption rates on record, far outpacing the 40% adoption rate among U.S. adults, and it happened in less than two years after ChatGPTs public launch. Although we surveyed only one college, our results align with similar studies, providing an emerging picture of the technologys use in higher education. Between December 2024 and February 2025, we surveyed over 20% of Middlebury Colleges student body, or 634 students, to better understand how students are using artificial intelligence, and published our results in a working paper that has not yet gone through peer review. What we found challenges the panic-driven narrative around AI in higher education and instead suggests that institutional policy should focus on how AI is used, not whether it should be banned. Not just a homework machine Contrary to alarming headlines suggesting that ChatGPT Has Unraveled the Entire Academic Project and AI Cheating Is Getting Worse, we discovered that students primarily use AI to enhance their learning rather than to avoid work. When we asked students about 10 different academic uses of AIfrom explaining concepts and summarizing readings to proofreading, creating programming code, and, yes, even writing essaysexplaining concepts topped the list. Students frequently described AI as an on-demand tutor, a resource that was particularly valuable when office hours werent available or when they needed immediate help late at night. We grouped AI uses into two types: augmentation to describe uses that enhance learning, and automation for uses that produce work with minimal effort. We found that 61% of the students who use AI employ these tools for augmentation purposes, while 42% use them for automation tasks like writing essays or generating code. Even when students used AI to automate tasks, they showed judgment. In open-ended responses, students told us that when they did automate work, it was often during crunch periods like exam week, or for low-stakes tasks like formatting bibliographies and drafting routine emails, not as their default approach to completing meaningful coursework. !function(){"use strict";window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}})}(); Of course, Middlebury is a small liberal arts college in Vermont with a relatively large portion of wealthy students. What about everywhere else? To find out, we analyzed data from other researchers covering over 130 universities across more than 50 countries. The results mirror our Middlebury findings: Globally, students who use AI tend to be more likely to use it to augment their coursework, rather than automate it. But should we trust what students tell us about how they use AI? An obvious concern with survey data is that students might underreport uses they see as inappropriate, like essay writing, while overreporting legitimate uses like getting explanations. To verify our findings, we compared them with data from AI company Anthropic, which analyzed actual usage patterns from university email addresses of their chatbot, Claude AI. Anthropics data shows that technical explanations represent a major use, matching our finding that students most often use AI to explain concepts. Similarly, Anthropic found that designing practice questions, editing essays, and summarizing materials account for a substantial share of student usage, which aligns with our results. In other words, our self-reported survey data matches actual AI conversation logs. Why it matters As writer and academic Hua Hsu recently noted, There are no reliable figures for how many American students use AI, just stories about how everyone is doing it. These stories tend to emphasize extreme examples, like a Columbia student who used AI to cheat on nearly every assignment. But these anecdotes can conflate widespread adoption with universal cheating. Our data confirms that AI use is indeed widespread, but students primarily use it to enhance learning, not replace it. This distinction matters: By painting all AI use as cheating, alarmist coverage may normalize academic dishonesty, making responsible students feel naive for following rules when they believe everyone else is doing it. Moreover, this distorted picture provides biased information to university administrators, who need accurate data about actual student AI usage patterns to craft effective, evidence-based policies. Whats next Our findings suggest that extreme policies like blanket bans or unrestricted use carry risks. Prohibitions may disproportionately harm students who benefit most from AIs tutoring functions while creating unfair advantages for rule breakers. But unrestricted use could enable harmful automation practices that may undermine learning. Instead of one-size-fits-all policies, our findings lead me to believe that institutions should focus on helping students distinguish beneficial AI uses from potentially harmful ones. Unfortunately, research on AIs actual learning impacts remains in its infancyno studies Im aware of have systematically tested how different types of AI use affect student learning outcomes, or whether AI impacts might be positive for some students but negative for others. Until that evidence is available, everyone interested in how this technology is changing education must use their best judgment to determine how AI can foster learning. Germán Reyes is an assistant professor of economics at Middlebury. This article is republished from The Conversation under a Creative Commons license. Read the original article.
Category:
E-Commerce
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