The Almighty Buck

Bitcoin Plunges Below $12,000 To Six-Week Low Over Crackdown Fears (cnbc.com) 117

Bitcoin plunged to a six-week low Tuesday after comments from South Korea's finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading. In a radio program interview, South Korean Finance Minister Kim Dong-yeon said that "the shutdown of virtual currency exchanges is still one of the options" the government has. CNBC reports: Bitcoin dropped more than 17 percent to a low of $11,182.71 on Tuesday, falling below $12,000 for the first time since December 5, according to CoinDesk. CoinDesk's bitcoin price index tracks prices from cryptocurrency exchanges Bitstamp, Coinbase, itBit and Bitfinex. As of 12:13 p.m. ET, bitcoin was trading more than 13 percent lower at $11,759.73 a coin, according to CoinDesk. Trading in South Korean won accounted for about 4 percent of bitcoin trading volume, according to CryptoCompare. U.S. dollar-bitcoin trading had the largest share at 40 percent, the website showed. Other major digital currencies including ethereum and ripple also fell significantly. According to CoinMarketCap data, ethereum was trading at $1,051.83, down more than 20 percent in the last 24 hours, before lifting slightly to $1,117.72. Ripple fell almost 27 percent to $1.33 a token before recovering slightly to $1.36.
Businesses

The Human Cost of the Apple Supply Chain Machine (bloomberg.com) 141

Apple is still struggling to improve working conditions at its supply chain factories. China Labor Watch and Bloomberg reported on Tuesday that Catcher, a key supplier for iPhone and MacBook casings, makes workers endure harsh safety conditions and unfair work terms in a factory in Suqian. According to observers and discussions with workers, the machines are not only loud, but spray fluid and metallic particles that frequently hit workers' faces only some of which have access to safety goggles and gloves. From the report: Hundreds throng a workshop where the main door only opens about 12 inches. Off duty, they return to debris-strewn dorms bereft of showers or hot water. Many go without washing for days at a time, workers told Bloomberg. "My hands turned bloodless white after a day of work," said one of the workers, who makes a little over 4,000 yuan a month (just over $2 an hour) in her first job outside her home province of Henan. She turned to Catcher because her husband's home-decorating business was struggling. "I only tell good things to my family and keep the sufferings like this for myself." "I asked for the earplugs many times but they didn't have any. The loud noise of 'zah-zah' made my head ache and dizzy," one of those employees told Bloomberg.
AT&T

US Lawmakers Urge AT&T To Cut Commercial Ties With Huawei and Oppose China Mobile Citing National Security Concerns (reuters.com) 60

U.S. lawmakers are urging AT&T, the No. 2 wireless carrier, to cut commercial ties to Chinese phone maker Huawei Technologies and oppose plans by telecom operator China Mobile to enter the U.S. market because of national security concerns, two congressional aides told Reuters. From the report: The warning comes after the administration of U.S. President Donald Trump took a harder line on policies initiated by his predecessor Barack Obama on issues ranging from Beijing's role in restraining North Korea to Chinese efforts to acquire U.S. strategic industries. Earlier this month, AT&T was forced to scrap a plan to offer its customers Huawei handsets after some members of Congress lobbied against the idea with federal regulators, sources told Reuters. The U.S. government has also blocked a string of Chinese acquisitions over national security concerns, including Ant Financial's proposed purchase of U.S. money transfer company MoneyGram International.
Businesses

Now Hiring For a Fascinating New Kind of Job That Only a Human Can Do: Babysit a Robot (wired.com) 69

From a report: Book a night at LAX's Residence Inn and you may be fortunate enough to meet an employee named Wally. His gig is relatively pedestrian -- bring you room service, navigate around the hotel's clientele in the lobby and halls -- but Wally's life is far more difficult than it seems. If you put a tray out in front of your door, for instance, he can't get to you. If a cart is blocking the hall, he can't push it out of the way. But fortunately for Wally, whenever he gets into a spot of trouble, he can call out for help. See, Wally is a robot -- specifically, a Relay robot from a company called Savioke. And when the machine finds itself in a particularly tricky situation, it relies on human agents in a call center way across the country in Pennsylvania to bail it out. [...]

The first companies to unleash robots into service sectors have been quietly opening call centers stocked with humans who monitor the machines and help them get out of jams. "It's something that's just starting to emerge, and it's not just robots," says David Poole, CEO and co-founder of Symphony Ventures, which consults companies on automation. "I think there is going to be a huge industry, probably mostly offshore, in the monitoring of devices in general, whether they're health devices that individuals wear or monitoring pacemakers or whatever it might be."

The Almighty Buck

OnePlus Customers Report Credit Card Fraud After Buying From the Company's Website (androidpolice.com) 53

If you purchased a OnePlus smartphone recently from the official OnePlus website, you might want to check your transactions to make sure there aren't any you don't recognize. "A poll was posted on the OnePlus forum on Thursday asking users if they had noticed fraudulent charges on their credit cards since purchasing items on the OnePlus site," reports Android Police. "More than 70 respondents confirmed that they had been affected, with the majority saying they had bought from the site within the past 2 months." From the report: A number of FAQs and answers follow, in which OnePlus confirms that only customers who made credit card payments are affected, not those who used PayPal. Apparently, card info isn't stored on the site but is instead sent directly to a "PCI-DSS-compliant payment processing partner" over an encrypted connection. [...] OnePlus goes on to say that intercepting information should be extremely difficult as the site is HTTPS encrypted, but that it is nevertheless carrying out a complete audit. In the meantime, affected customers are advised to contact their credit card companies immediately to get the payments canceled/reversed (called a chargeback). OnePlus will continue to investigate alongside its third-party service providers, and promises to update with its findings as soon as possible.

According to infosec firm Fidus, there is actually a brief window in which data could be intercepted. Between entering your card details into the form and hitting 'submit,' the details are apparently hosted on-site, which could give attackers all the time they need to steal those precious digits and head off on a spending spree. Fidus also notes that the company doesn't appear to be PCI-compliant, but that directly contradicts OnePlus' own statement. We'll have to wait until more details emerge before we pass judgment.
Here's OnePlus' official statement on the matter: "At OnePlus, we take information privacy extremely seriously. Over the weekend, members of the OnePlus community reported cases of unknown credit card transactions occurring on their credit cards post purchase from oneplus.net. We immediately began to investigate as a matter of urgency, and will keep you updated. This FAQ document will be updated to address questions raised."
The Almighty Buck

City-Owned Internet Services Offer Cheaper and More Transparent Pricing, Says Harvard Study (arstechnica.com) 111

An anonymous reader quotes a report from Ars Technica: Municipal broadband networks generally offer cheaper entry-level prices than private Internet providers, and the city-run networks also make it easier for customers to find out the real price of service, a new study from Harvard University researchers found. Researchers collected advertised prices for entry-level broadband plans -- those meeting the federal standard of at least 25Mbps download and 3Mbps upload speeds -- offered by 40 community-owned ISPs and compared them to advertised prices from private competitors. The report by researchers at the Berkman Klein Center for Internet & Society at Harvard doesn't provide a complete picture of municipal vs. private pricing. But that's largely because data about private ISPs' prices is often more difficult to get than information about municipal network pricing, the report says. In cases where the researchers were able to compare municipal prices to private ISP prices, the city-run networks almost always offered lower prices. This may help explain why the broadband industry has repeatedly fought against the expansion of municipal broadband networks.
Businesses

Airbus A380, Once the Future of Aviation, May Cease Production (nytimes.com) 259

The days may be numbered for the world's largest passenger aircraft. An anonymous reader shares a report: Airbus, the European aerospace group that makes the A380 superjumbo, said on Monday that it would have to end production of the plane if its only major customer, Emirates, did not order more (Editor's note: the link may be paywalled; alternative source). The admission by John Leahy, the company's chief operating officer, was the latest indication that Airbus miscalculated more than two decades ago when it bet that clogged runways would create demand for larger planes that could deliver more people with fewer landing slots. Instead, airlines bypassed the major hubs and ordered midsize planes that could fly directly between regional airports.

[...] When Airbus started delivering the A380 a decade ago, after spending $25 billion to develop it, the company based near Toulouse, France, saw the plane as the solution to airport congestion and to increased demand for air travel. Only so many planes can land at an airport in any given day, so Airbus reasoned that planes carrying more people would allow airports to absorb more passengers. The A380 can carry more than 500 passengers while also offering amenities like showers, first-class suites and a bar.

The Almighty Buck

Canadian Charged With Running LeakedSource.com, Selling Stolen Info (reuters.com) 26

A Canadian man accused of operating the LeakedSource.com website, a major repository of stolen online credentials, has been arrested and charged with trafficking in billions of stolen personal identity records, the Royal Canadian Mounted Police (RCMP) said on Monday. From a report: The site, which was shut down in early 2017, had collected details from a string of major breaches and made them accessible and searchable for a fee. The man, 27-year-old Jordan Evan Bloom, is due to appear in a Toronto court on Monday to hear charges that as administrator of the site he collected some C$247,000 from the sale of stolen records and associated passwords.
Bitcoin

Researchers Find That One Person Likely Drove Bitcoin From $150 to $1,000 (techcrunch.com) 114

An anonymous reader shares a report: Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have written a fascinating paper on Bitcoin price manipulation. Entitled "Price Manipulation in the Bitcoin Ecosystem" and appearing in the recent issue of the Journal of Monetary Economics the paper describes to what degree the Bitcoin ecosystem is controlled by bad actors. To many it's been obvious that the Bitcoin markets are, at the very least, being manipulated by one or two big players. "This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired," the researchers wrote.

"During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months." The team found that many instances of price manipulation happened simply because the market was very thin for various cryptocurrencies including early Bitcoin.

Businesses

Ford is Throwing $11 Billion at Its Electric Car Problem (theverge.com) 171

Ford said on Monday it will boost its investment in electric vehicles to $11 billion in the next five years, more than doubling a previous commitment. Company's chairman Bill Ford said the car maker would have 40 hybrid and fully electric vehicles in its range by the same period. It comes as countries around the world put more pressure on car makers to rein in carbon emissions. From a report: It was a dramatic escalation in Ford's crosstown rivalry with General Motors, which has seen its stock prices rise thanks to its commitments to both electrification and autonomy. GM has said it plans to roll out at least 20 new electric cars by 2023, a goal that puts it in a position to bring battery-powered driving to the mainstream. Last week, it unveiled a concept autonomous car without steering wheel or pedals. Meanwhile, the Blue Oval has had a challenging 2017. It remains strongly profitable, but its sale are stagnant, its costs have increased faster than expected, and its margins have failed to meet targets.
Bitcoin

Cryptocurrency Traders in South Korea Face Fines For Virtual Accounts (yonhapnews.co.kr) 74

An anonymous reader shares a report: Cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones, financial authorities said Sunday. The move comes as South Korea is scrambling to rein in the virtual currency frenzy in Asia's fourth-largest economy, including preparations for a bill to ban cryptocurrency exchanges at home. According to the authorities, cryptocurrency traders will be allowed to convert their virtual accounts into real-name ones within this month, but those who refuse to accede to real-name identification will face fines.
EU

City of Barcelona Dumps Windows For Linux and Open Source Software (europa.eu) 249

An anonymous reader quotes Open Source Observatory: The City of Barcelona is migrating its computer systems away from the Windows platform, reports the Spanish newspaper El País. The City's strategy is first to replace all user applications with open-source alternatives, until the underlying Windows operating system is the only proprietary software remaining. In a final step, the operating system will be replaced with Linux... According to Francesca Bria, the Commissioner of Technology and Digital Innovation at the City Council, the transition will be completed before the current administration's mandate ends in spring 2019. For starters, the Outlook mail client and Exchange Server will be replaced with Open-Xchange. In a similar fashion, Internet Explorer and Office will be replaced with Firefox and LibreOffice, respectively. The Linux distribution eventually used will probably be Ubuntu, since the City of Barcelona is already running 1,000 Ubuntu-based desktops as part of a pilot...

Barcelona is the first municipality to have joined the European campaign 'Public Money, Public Code'. This campaign is an initiative of the Free Software Foundation Europe (FSFE) and revolves around an open letter advocating that publicly funded software should be free. Currently, this call to public agencies is supported by more than 100 organisations and almost 15,000 individuals. With the new open-source strategy, Barcelona's City Council aims to avoid spending large amounts of money on licence-based software and to reduce its dependence on proprietary suppliers through contracts that in some cases have been closed for decades.

The Almighty Buck

Hackers Hijack DNS For Lumens Cryptocurrency Site 'BlackWallet', Steal $400,000 (bleepingcomputer.com) 86

An anonymous reader quotes BleepingComputer: Unknown hackers (or hacker) have hijacked the DNS server for BlackWallet.co, a web-based wallet application for the Stellar Lumen cryptocurrency (XLM), and have stolen over $400,000 from users' accounts. The attack happened late Saturday afternoon (UTC timezone), January 13, when the attackers hijacked the DNS entry of the BlackWallet.co domain and redirected it to their own server. "The DNS hijack of Blackwallet injected code," said Kevin Beaumont, a security researcher who analyzed the code before the BlackWallet team regained access over their domain and took down the site. "If you had over 20 Lumens it pushes them to a different wallet," Beaumont added...

According to Bleeping Computer's calculations, as of writing, the attacker collected 669,920 Lumens, which is about $400,192 at the current XML/USD exchange rate. The BlackWallet team and other XLM owners have tried to warn users via alerts on Reddit, Twitter, GitHub, the Stellar Community and GalacticTalk forums, but to no avail, as users continued to log into the rogue BlackWallet.co domain, enter their credentials, and then see funds mysteriously vanish from their wallets.

Music

Japan's Latest Sensation is a Cryptocurrency Pop Group (engadget.com) 57

An anonymous reader quotes Engadget: If you're starting a pop group in Japan, where giant rosters and virtual superstars are par for the course, how do you stand out? By tying yourself to something trendy -- and in 2018, that means cryptocurrency. Meet Kasotsuka Shojo (Virtual Currency Girls), a J-pop group where each of the eight girls represents one of the larger digital monetary formats. Yes, you're supposed to cheer for bitcoin or swoon over ethereum (what, no litecoin?). The group played its first concert on January 12th, and naturally you had to pay in cryptocurrency to be one of the few members of the general public to get in. The group's first single, "The Moon and Virtual Currencies and Me," warns listeners about the perils of fraud and extols the virtues of good online security.
"It isn't clear how French maid outfits symbolize cryptocurrency or blockchain technology," notes Quartz, "but they're popular costumes in Japan's anime and cosplay circles."
Cellphones

Text Message Scammer Gets Five Years in Prison (reuters.com) 69

36-year-old Fraser Thompson is going to prison, according to Reuters, after receiving a five-year sentence for "defrauding" cellphone customers out of millions of dollars. An anonymous reader quotes Reuters: Prosecutors said Thompson engaged in a scheme to sign up hundreds of thousands of cellphone customers for paid text messaging services without their consent. The customers were subsequently forced to pay more than $100 million for unsolicited text messages that included trivia, horoscopes and celebrity gossip, according to the prosecutors. They said the scheme was headed by Darcy Wedd, Mobile Messenger's former chief executive, who was found guilty by a jury in December but has not yet been sentenced. "They ripped off everyday cellphone users, $10 a month, netting over $100 million in illegal profits, of which Thompson personally received over $1.5 million," Manhattan U.S. Attorney Geoffrey S. Berman said in a statement.
Thompson was ordered to forfeit $1.5 million in "fraud proceeds," according to the article, and was convicted of conspiracy, wire fraud, identity theft and money laundering.

Seven other people also pleaded guilty to participating in the scam -- and one has already been sentenced to 33 months in prison.
Businesses

Following Other Credit Cards, Visa Will Also Stop Requiring Signatures (siliconbeat.com) 170

An anonymous reader quotes SiliconBeat: Visa, the largest U.S. credit card issuer, became the last of the major credit card companies to announce its plan to make signatures optional... Visa joined American Express, Discover, and Mastercard in the phase-out. Mastercard was the first one to announce the move in October, and American Express and Discover followed suit in December... However, this change does not apply to every credit card in circulation; older credit cards without EMV chips will still require signatures for authentication... Since 2011, Visa has deployed more than 460 million EMV chip cards and EMV chip-enabled readers at more than 2.5 million locations.
"Businesses that accepted EMV cards reported a 66 percent decline in fraud in the first two years of EMV deployment," the article notes -- suggesting a future where fewer shoppers are signing their receipts.

"In Canada, Australia and most of Europe, credit cards have long abandoned the signature for the EMV chip and a PIN to authenticate the transaction, like one does with a debit card."
The Almighty Buck

Warren Buffett Predicts 'Bad Ending' for Cryptocurrencies (cnbc.com) 324

"97% of all bitcoins are held by 4% of addresses," reports Credit Suisse (in an article cited by Slashdot reader CaptainDork). And elsewhere this week, Warren Buffett told CNBC that speculation in bitcoin and other cryptocurrencies "will have a bad ending," adding that looking out five years he'd gladly bet against all of the cryptocurrencies.

Meanwhile, CNBC senior analyst Ron Insana has his own skepticism: I am predisposed to view them as just speculative tokens in a cryptocurrency bubble that has inflated more quickly than any other in financial market history. Admittedly I'm green with envy for failing to foresee the explosive rally in the price of bitcoin when it was first brought to my attention several years ago. Having said that, there are many things I find quite ironic about how bitcoin and other "cryptos" are described. First, they are largely denominated, or discussed, in U.S. dollar terms... If the dollar is archaic, as the crypto-enthusiasts believe, why not speak only in crypto-terms...?

It's much easier to buy and sell dollars, stocks or commodities than it is to trade bitcoin and its brethren. The conversion of one crypto to another is relatively easy on these embryonic exchanges. But getting your digital wealth converted into cold hard cash is more problematic... And while the growth has been impressive, it remains very difficult to walk into any establishment and exchange a digital token for goods or services.

The article notes that the U.S. dollar still accounts for 65% of all global economic transactions, due to its status as the world's reserve currency, and concludes that "The adoption of cryptocurrencies as a global source of funds has a long way to go before staking a claim to the world's economy."
EU

Is Finland's Universal Basic Income Trial Too Good To Be True? (theguardian.com) 524

It was one year ago that Finland began giving money to 2,000 unemployed people -- roughly $652 a month (€560 or £475). But have we learned anything about universal basic incomes? An anonymous reader quotes the Guardian: Amid this unprecedented media attention, the experts who devised the scheme are concerned it is being misrepresented. "It's not really what people are portraying it as," said Markus Kanerva, an applied social and behavioural sciences specialist working in the prime minister's office in Helsinki. "A full-scale universal income trial would need to study different target groups, not just the unemployed. It would have to test different basic income levels, look at local factors. This is really about seeing how a basic unconditional income affects the employment of unemployed people."

While UBI tends often to be associated with progressive politics, Finland's trial was launched -- at a cost of around €20m (£17.7m or $24.3 million) -- by a centre-right, austerity-focused government interested primarily in spending less on social security and bringing down Finland's stubborn 8%-plus unemployment rate. It has a very clear purpose: to see whether an unconditional income might incentivise people to take up paid work. Authorities believe it will shed light on whether unemployed Finns, as experts believe, are put off taking up a job by the fear that a higher marginal tax rate may leave them worse off. Many are also deterred by having to reapply for benefits after every casual or short-term contract... According to Kanerva, the core data the government is seeking -- on whether, and how, the job take-up of the 2,000 unemployed people in the trial differs from a 175,000-strong control group -- will be "robust, and usable in future economic modelling" when it is published in 2019.

Although the experiment may be impacted by all the hype it's generating, according to the Guardian. "One participant who hoped to start his own business with the help of the unconditional monthly payment complained that, after speaking to 140 TV crews and reporters from as far afield as Japan and Korea, he has simply not been able to find the time."
Intel

Intel Unveils 'Breakthrough' 49 Qubit Quantum Computer (extremetech.com) 204

Long-time Slashdot reader cold fjord writes: Extremetech reports, "At CES 2018 this week, Intel's CEO Brian Krzanich declared the company's new 49-qubit quantum computer represented a step towards "quantum supremacy." A 49 qubit system is a major advance for Intel, which just demonstrated a 17-qubit system two months ago. Intel's working with the Netherlands-based Qutech on this project, and expanding the number of qubits is key to creating quantum computers that can deliver real-world results... "Qubits are tremendously fragile," Intel wrote in October. "Any noise or unintended observation of them can cause data loss. This fragility requires them to operate at about 20 millikelvin -- 250 times colder than deep space." This is also why we won't be seeing quantum computers in anyone's house at any point."
Krzanich also thanked the industry for "coming together" to address the Meltdown and Spectre vulnerabilities. "The collaboration among so many companies to address this industry-wide issue across several different processor architectures has been truly remarkable."
The Almighty Buck

Cryptocurrency Exchange Kraken Suddenly Goes Dark For Two Days (sfchronicle.com) 117

An anonymous reader quotes the San Francisco Chronicle: One of the biggest cryptocurrency exchanges was down more than 40 hours this week, causing clients to freak out... San Francisco's Kraken went offline at 9 p.m. on Wednesday for maintenance that was initially scheduled to last two hours, plus an additional two to three hours for withdrawals, according to an announcement on the company's website. "We are still working to resolve the issues that we have identified and our team is working around the clock to ensure a smooth upgrade," according to a status update on Kraken's website posted early Friday. "This means it may still take several hours before we can relaunch." Shortly after noon, the company said it was "still working to track down an elusive bug which is holding up launch." It promised customers "a substantial amount of free trading" after the problem was resolved. In previous updates, Kraken mentioned it is working on "unexpected and delicate issues" and assured clients their funds were secure, adding that "Yes, this is our new record for downtime since we launched in 2013. No, we're not proud of it."
It's 53 hours after the downtime began, and their web page is still showing the same announcement.

"Kraken is presently offline for maintenance."

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