The Almighty Buck

Launch of Bitcoin Futures Trading Crashes CBOE Site (thestreet.com) 36

"5PM CT is the start of Bitcoin futures trading and the $CBOE website appears to be down," one market watcher posted on Twitter (and his observation was quickly confirmed by other cryptocurrency-watching accounts and confirmed by CBOE). "I'm guessing watching Bitcoin futures start trading is a more popular spectator sport than anticipated."

Bitcoin futures will also begin trading on the Chicago Mercantile Exchange in eight days. The Street report that the anticipation of that "has triggered wild swings in bitcoin prices over the last week." Overall, trading bitcoin futures is a positive development for the cryptocurrency says the research team at Fundstrat... The introduction of derivatives lays the necessary market structure for institutions to allocate cash towards cryptocurrencies, points out Fundstrat... Short sellers may now express negative views on bitcoin, which could lead to short-term pricing pressure. But the ability for short sellers to hate on bitcoin could be viewed as a longer term positive, Fundstrat says. Shorting essentially creates true price discovery and means that hedge funds could take bitcoin more seriously. This should improve the long-term prospects of bitcoin as it broadens sponsorship, Fundstrat believes.
IOS

Top iOS Apps of 2017: Bitmoji Beats Snapchat, YouTube, and Facebook Messenger (cnn.com) 22

An anonymous reader quotes CNN: Apple has unveiled its list of most downloaded iOS apps of the year, and topping the list is free custom emoji app Bitmoji... Bitmoji soared to the top of the list, thanks to an integration with Snapchat. (Snapchat's parent company acquired Bitmoji last year for an unknown amount)... Users must download the Bitmoji app to use it with Snapchat.

Fittingly, the main Snapchat app took second place, despite a tough year on Wall Street that was attributed to slow user growth. Snapchat was the most downloaded app of 2016. Google's YouTube took the number three spot this year, while Facebook's Messenger and Instagram placed fourth and fifth, respectively.

The Almighty Buck

Coinbase Warns During Times of High Volatility, Access Could Become 'Unavailable' (cityam.com) 72

An anonymous reader quotes City AM: A leading bitcoin exchange has warned that customers may be unable to get their money out quickly in the event of a crash in the cryptocurrency's price. Writing in a blog post last week, Coinbase's co-founder and chief executive Brian Armstrong, said despite "sizeable and ongoing" increases in the firm's technical infrastructure and engineering staff, access to Coinbase services could become "degraded or unavailable during times of significant volatility or volume. This could result in the inability to buy or sell for period of time," he said.

Armstrong added that there would be restrictions on how much customers could sell, or sell limits, to "protect client accounts and assets"... Bitcoin's market capitalisation rose above $300 billion for the first time earlier this week when its price rocketed to an all-time high of just over $17,000. Many analysts have warned that bitcoin represents an unsustainable bubble, though no one is quite sure when it will burst.

Toys

Ask Slashdot: Are There Any Good Smartwatches Or Fitness Trackers? 214

"What's your opinion on the current state of smartwatches?" asks long-time Slashdot reader rodrigoandrade. He's been researching both smartwatches and fitness trackers, and shares his own opinions: - Manufacturers have learnt from Moto 360 that people want round smartwatches that actually look like traditional watches, with a couple of glaring exceptions....

- Android Wear 2.0 is a thing, not vaporware. It's still pretty raw (think of early Android phones) but it works well. The LG Sport Watch is the highest-end device that supports it.

- LTE-enabled smartwatches finally allow you to ditch your smartphone, if you wish. Just pop you nano SIM in it and party on. The availability is still limited to a few SKUs in some countries, and they're ludicrously expensive, but it's getting there.

Keep reading for his assessment of four high-end choices -- and share your own opinions in the comments.
Idle

'Cards Against Humanity' Gives Out $1000 Checks (nbcchicago.com) 302

An anonymous reader writes: In November "Cards Against Humanity" announced "a complicated holiday promotion" where people paid $15 for six surprises in December. (For the first surprise in the Cards Against Humanity Saves America promotion, "we purchased a plot of vacant land on the border and retained a law firm specializing in eminent domain to make it as time-consuming and expensive as possible for Trump to build his wall.") The second surprise was the launch of a new podcast filled with positive news, and for the third surprise, they're redistributing the money people paid to join the event. "Most of our subscribers (about 140,000 people) got nothing today — they could have it worse. The next 10,000 subscribers received a full $15 refund of their Cards Against Humanity Saves America purchase. Finally, the poorest 100 people received a check for $1,000, paid for by everyone else."

A new web page shares stories from the grateful participants, and explains the site's careful methodology for determining who needed the $1,000 checks the most. ("We excluded all Canadians. They already have universal healthcare. They'll be fine.") It argues that wealth inequality is the biggest issue in the world, but "Our lawyers advised against our first choice — a campaign to eat all the rich people and live in their houses — so we settled for something more achievable."

Earth

Toyota's New Power Plant Will Create Clean Energy From Manure (usatoday.com) 71

schwit1 shares a report from Futurism: Japanese automobile giant Toyota is making some exciting moves in the realm of renewable, clean energy. The company is planning to build a power plant in California that turns the methane gas produced by cow manure into water, electricity, and hydrogen. The project, known as the Tri-Gen Project, was unveiled at this year's Los Angeles Auto Show. The plant, which will be located at the Port of Long Beach in California, will be "the world's first commercial-scale 100% renewable power and hydrogen generation plant," writes USA Today. Toyota is expecting the plant to come online in about 2020.

The plant is expected to have the capability to provide enough energy to power 2,350 average homes and enough fuel to operate 1,500 hydrogen-powered vehicles daily. The company is estimating the plant to be able to produce 2.35 MW of electricity and 1.2 tons of hydrogen each day. The facility will also be equipped with one of the largest hydrogen fueling stations in the world. Toyota's North America group vice president for strategic planning, Doug Murtha, says that the company "understand[s] the tremendous potential to reduce emissions and improve society."

Bitcoin

People Who Can't Remember Their Bitcoin Passwords Are Really Freaking Out Now (slate.com) 197

An anonymous reader quotes a report from Slate: Bitcoin has had quite a week. On Thursday, the cryptocurrency surged past $19,000 a coin before dropping down to $15,600 by Friday midday. The price of a single Bitcoin was below $1,000 in January. Any investors who bought Bitcoins back in 2013, when the price was less than $100, probably feel pretty smart right now. But not all early cryptocurrency enthusiasts are counting their coins. Instead they might be racking their brains trying to remember their passwords, without which those few Bitcoins they bought as an experiment a few years ago could be locked away forever. That's because Bitcoin's decentralization relies on cryptography, where each transaction is signed with an identifier assigned to the person paying and the person receiving Bitcoin.

"I've tried to ignore the news about Bitcoin completely," joked Alexander Halavais, a professor of social technology at Arizona State University, who said he bought $70 of Bitcoin about seven years as a demonstration for a graduate class he was teaching at the time but has since forgotten his password. "I really don't want to know what it's worth now," he told me. "This is possibly $400K and I'm freaking the fuck out. I'm a college student so this would change my life lmao," wrote one Reddit user last week. The user claimed to have bought 40 bitcoins in 2013 but can't remember the password now. "A few years ago, I bought about 20 euros worth of bitcoin, while it was at around 300eur/btc.," lamented another Reddit user earlier this week. "Haven't looked at it since, and recently someone mentioned the price had hit 10.000usd. So, I decided to take a look at my wallet, but found that it wasn't my usual password. I have tried every combination of the password variations I usually use, but none of them worked."

The Almighty Buck

Insurers Are Rewarding Tesla Owners For Using Autopilot (reuters.com) 135

Britain's largest auto insurance company Direct Line is testing out an idea to let Tesla owners receive a 5% discount for switching on the car's autopilot system, seeking to encourage use of a system it hopes will cut down on accidents. Reuters reports: The move - confirmed by company representatives in response to Reuters' questions - is Tesla's only tie-up in the UK and comes at a time when the company is trying to convince insurers that its internet-connected vehicles are statistically safer. Direct Line said it was too early to say whether the use of the autopilot system produced a safety record that justified lower premiums. It said it was charging less to encourage use of the system and aid research.

"Crash rates across all Tesla models have fallen by 40 percent since the introduction of the autopilot system ... However, when owners seek to insure their Tesla vehicles, this is not reflected in the pricing of premiums," Daniel Pearce, Financial Analyst at GlobalData, said. Direct Line, which is enjoying soaring motor insurance prices in Britain, said it sets premiums for Tesla drivers based on the risk they present, including who is driving, their age, driving experience and claim history.

Music

Apple Is Reportedly Buying Shazam For Nearly Half a Billion Dollars (phonedog.com) 59

Apple is close to acquiring Shazam, one of the most recognized services for music recognition. While the exact amount is unknown, the service may be purchased by Apple for around $400 million. PhoneDog reports: Apple is close to acquiring Shazam, say sources speaking to TechCrunch. The deal will reportedly be signed this week and could be announced as early as next Monday. A report from Recode echoes the news of Apple acquiring Shazam, adding that Shazam will likely be valued at around $400 million. Apple -- and other companies -- already offer a music recognition service, but Apple must see something in Shazam's services that it thinks can help improve its own music recognition if it's going to drop nearly half a billion dollars on this deal. Shazam is able to identify TV shows, films, and advertisements in addition to music, so perhaps Apple sees some benefit to these abilities, too.
Businesses

Bangladesh Bank, NY Fed Discuss Suing Manila Bank For Heist Damages (reuters.com) 29

An anonymous reader shares a report: Bangladesh's central bank has asked the Federal Reserve Bank of New York to join a lawsuit it plans to file against a Philippines bank for its role in one of the world's biggest cyber-heists, several sources said. The Fed is yet to respond formally, but there is no indication it would join the suit. Unidentified hackers stole $81 million from Bangladesh Bank's account at the New York Fed in February last year, using fraudulent orders on the SWIFT payments system. The money was sent to accounts at Manila-based Rizal Commercial Banking Corp and then disappeared into the casino industry in the Philippines.
Bitcoin

About 40 Percent of Bitcoin Is Held By 1,000 Users. If a Few of Them Want To Sell, That Could Tank Values (bloomberg.com) 237

On Nov. 12, someone moved almost 25,000 bitcoins, worth about $159 million at the time, to an online exchange. The news soon rippled through online forums, with bitcoin traders arguing about whether it meant the owner was about to sell the digital currency. From a report on Bloomberg: Holders of large amounts of bitcoin are often known as whales. And they're becoming a worry for investors. They can send prices plummeting by selling even a portion of their holdings. And those sales are more probable now that the cryptocurrency is up nearly twelvefold from the beginning of the year. About 40 percent of bitcoin is held by perhaps 1,000 users; at current prices, each may want to sell about half of his or her holdings, says Aaron Brown, former managing director and head of financial markets research at AQR Capital Management. What's more, the whales can coordinate their moves or preview them to a select few. Many of the large owners have known one another for years and stuck by bitcoin through the early days when it was derided, and they can potentially band together to tank or prop up the market.
United States

November Jobs Report: Economy Adds 228,000 Jobs; Unemployment Steady (npr.org) 118

An anonymous reader shares an NPR report: The U.S. economy added 228,000 jobs in November, according to the monthly jobs report from the Bureau of Labor Statistics. The unemployment rate remained steady at 4.1 percent, unchanged from October. "Employment growth has averaged 174,000 per month thus far this year, compared with an average monthly gain of 187,000 in 2016," the agency's Acting Commissioner William J. Wiatrowski said of the report. The number of unemployed people was "essentially unchanged at 6.6 million," the bureau said. Of that number, 1.6 million are considered to be long-term unemployed -- workers who have not had jobs for 27 weeks or more. "Among the major worker groups, the unemployment rate for teenagers increased to 15.9 percent in November," the Bureau of Labor Statistics said. Other groups saw little change from the previous month. As for wages, the agency says, "In November, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $26.55. Over the year, average hourly earnings have risen by 64 cents, or 2.5 percent."
The Military

The US Is Testing a Microwave Weapon To Stop North Korea's Missiles (vox.com) 210

An anonymous reader quotes a report from Vox: According to an NBC News report, the weapon -- which is still under development -- could be put on a cruise missile and shot at an enemy country from a B-52 bomber. It's designed to use microwaves to target enemy military facilities and destroy electronic systems, like computers, that control their missiles. The weapon itself wouldn't damage the buildings or cause casualties. Air Force developers have been working with Boeing on the system since 2009. They're hoping to receive up to $200 million for more prototyping and testing in the latest defense bill. There's just one problem. It's not clear that the weapon is entirely ready for use -- and it's not clear that it would be any more effective than the powerful weapons the U.S. already possesses. The weapon, which has the gloriously military-style name of Counter-electronics High Power Microwave Advanced Missile Project, or CHAMP, isn't quite ready for action, but it could be soon. Two unnamed Air Force officials told NBC that the weapon could be ready for use in just a few days.
Businesses

ISP Disclosures About Data Caps and Fees Eliminated By Net Neutrality Repeal (arstechnica.com) 276

In 2015, the Federal Communications Commission forced ISPs to be more transparent with customers about hidden fees and the consequences of exceeding data caps. Since the requirements were part of the net neutrality rules, they will be eliminated when the FCC votes to repeal the rules next week. Ars Technica reports: While FCC Chairman Ajit Pai is proposing to keep some of the commission's existing disclosure rules and to impose some new disclosure requirements, ISPs won't have to tell consumers exactly what everything will cost when they sign up for service. There have been two major versions of the FCC's transparency requirements: one created in 2010 with the first net neutrality rules, and an expanded version created in 2015. Both sets of transparency rules survived court challenges from the broadband industry. The 2010 requirement had ISPs disclose pricing, including "monthly prices, usage-based fees, and fees for early termination or additional network services." That somewhat vague requirement will survive Pai's net neutrality repeal. But Pai is proposing to eliminate the enhanced disclosure requirements that have been in place since 2015. Here are the disclosures that ISPs currently have to make -- but won't have to after the repeal:

-Price: the full monthly service charge. Any promotional rates should be clearly noted as such, specify the duration of the promotional period and the full monthly service charge the consumer will incur after the expiration of the promotional period.
-Other Fees: all additional one time and/or recurring fees and/or surcharges the consumer may incur either to initiate, maintain, or discontinue service, including the name, definition, and cost of each additional fee. These may include modem rental fees, installation fees, service charges, and early termination fees, among others.
-Data Caps and Allowances: any data caps or allowances that are a part of the plan the consumer is purchasing, as well as the consequences of exceeding the cap or allowance (e.g., additional charges, loss of service for the remainder of the billing cycle).

Pai's proposed net neutrality repeal says those requirements and others adopted in 2015 are too onerous for ISPs.

Bitcoin

Bank of America Wins Patent For Crypto Exchange System (coindesk.com) 51

New submitter psnyder shares a report from CoinDesk: [The patent] outlined a potential cryptocurrency exchange system that would convert one digital currency into another. Further, this system would be automated, establishing the exchange rate between the two currencies based on external data feeds. The patent describes a potential three-part system, where the first part would be a customer's account and the other two would be accounts owned by the business running the system. The user would store their chosen cryptocurrency through the customer account. The second account, referred to as a "float account," would act as a holding area for the cryptocurrency the customer is selling, while the third account, also a float account, would contain the equivalent amount of the cryptocurrency the customer is converting their funds to. That third account would then deposit the converted funds back into the original customer account for withdrawal. The proposed system would collect data from external information sources on cryptocurrency exchange rates, and use this data to establish its own optimal rate. The patent notes this service would be for enterprise-level customers, meaning that if the bank pursues this project, it would be offered to businesses.
Businesses

Tesla Could Be Hogging Batteries and Causing a Global Shortage, Says Report (gizmodo.com) 153

According to a report from the Korea news outlet ETNews, Tesla's solution to fixing a manufacturing bottleneck responsible for a $619 million loss last quarter could be causing a global battery shortage. Panasonic reportedly gave most of its cache of batteries in Japan to Tesla so that the automaker and Gigafactory 1 energy-storage company could keep up with its ambitious production schedule. Gizmodo reports: In early October, Tesla struggled with a "production bottleneck," but by the end of the month, Panasonic stated it would increase battery output at the Gigafactory, now that it understood the issues that led to the bottleneck and could automate some of the processes that had been done by hand. But this likely did not help Tesla fix any immediate shortage issues. ETNews claims that Panasonic is coping with the shortage by shipping batteries in from Japan. And many Japanese companies in need of cylinder batteries have turned to other suppliers like LG, Murata, and Samsung -- but those companies have not been able to meet the demands. Reportedly, companies that had contracts before 2017 aren't affected by the shortage, but several other manufacturers have not been able to place orders for batteries, and won't be able to order more batteries until the middle of next year.
Bitcoin

Cryptocurrency Miners Are Using Old Tires to Power Their Rigs (vice.com) 78

Christopher Malmo, writing for Motherboard: An entrepreneurial cryptocurrency mining company has just announced an unusual deal: it has partnered with a tire-based waste-to-energy company in the United States to power its mining computers. Standard American Mining and PRTI, a tire "thermal demanufacturing" company based in North Carolina, are powering graphics cards-based mining equipment to earn a range of alternative cryptocurrencies like Ethereum. Basically, they take used tires and heat them to a precise temperature, resulting in components like steel (from belted tires), carbon black, and a burnable fuel. That fuel is the energy source driving turbines to make electricity, which powers an onsite cryptocurrency mining farm. Taking advantage of an underutilized electricity source to run computers isn't groundbreaking, but the unusual set-up shows that cryptocurrency mining is now profitable enough to justify finding quite unconventional sources of cheap or new energy generation.
Businesses

No One Makes a Living on Crowdfunding Website Patreon (theoutline.com) 178

Brent Knepper, writing for The Outline (condensed): Patreon is basically a payments processor designed like a social network. Every creator sets up a profile where they fill out a prompt about what they're making: "Oliver Babish is creating cooking videos," or "Hannah Alexander is creating Art and Costume Designs inspired by pop culture and Art Nouveau." Patreon encourages creators to provide a description of themselves and their work and strongly suggests uploading a video. [...] Today, successful Patreon creators include Chapo Trap House, a lefty podcast with 19,837 patrons at the time of writing paying $88,074 a month; the new commentator and YouTuber Philip DeFranco (13,823 patrons paying an amount that is undisclosed, but is enough to put him in the top 20 creators on the site); and the gaming YouTuber Nerd (4,494 patrons, $8,003 per month). But despite the revolutionary rhetoric, the success stories, and the goodwill that Patreon has generated, the numbers tell a different story. Patreon now has 79,420 creators, according to Tom Boruta, a developer who tracks Patreon statistics under the name Graphtreon. Patreon lets creators hide the amount of money they are actually making, although the number of patrons is still public. Boruta's numbers are based on the roughly 80 percent of creators who publicly share what they earn. Of those creators, only 1,393 -- 2 percent -- make the equivalent of federal minimum wage of $7.25 an hour, or $1,160 a month, in October 2017. Worse, if we change it to $15 per hour, a minimum wage slowly being adopted by states, that's only .8 percent of all creators. In this small network designed to save struggling creatives, the money has still concentrated at the top.
Bitcoin

Bitcoin Nears $17,000 After Climbing About $4,000 in Less Than a Day 453

As economists attempt to make sense of Bitcoin, the cryptocurrency rocketed above $17,000 for the first time moments ago, adding about $4,000 to its price in fewer than 24 hours. Security reporter Brian Krebs tweeted on Thursday, "Closing in on $17k per bitcoin now (mind you, it was almost at $16k less than an hour ago. This is totally fine." Late Wednesday, finance author Ben Carlson wrote: Bitcoin has achieved something I've always wanted to see in the stock mkt - a reverse 1987 (20% gain in a single day)
Security

Uber Paid 20-year-old Florida Man To Keep Data Breach Secret (reuters.com) 27

A 20-year-old Florida man was responsible for the large data breach at Uber last year and he was paid by the company to destroy the data through a so-called "bug bounty" program, three people familiar with the events have told Reuters. From the report: Uber announced on Nov. 21 that the personal data of 57 million users, including 600,000 drivers in the United States, were stolen in a breach that occurred in October 2016, and that it paid the hacker $100,000 to destroy the information. But the company did not reveal any information about the hacker or how it paid him the money. Uber made the payment last year through a program designed to reward security researchers who report flaws in a company's software, these people said. Uber's bug bounty service -- as such a program is known in the industry -- is hosted by a company called HackerOne, which offers its platform to a number of tech companies.

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