Bitcoin

US Indicts Suspected Russian 'Mastermind' of $4 Billion Bitcoin Laundering Scheme (reuters.com) 85

schwit1 shares a report from Reuters: A U.S. jury indicted a Russian man on Wednesday as the operator of a digital currency exchange he allegedly used to launder more than $4 billion for people involved in crimes ranging from computer hacking to drug trafficking. Alexander Vinnik was arrested in a small beachside village in northern Greece on Tuesday, according to local authorities, following an investigation led by the U.S. Justice Department along with several other federal agencies and task forces. U.S. officials described Vinnik in a Justice Department statement as the operator of BTC-e, an exchange used to trade the digital currency bitcoin since 2011. They alleged Vinnik and his firm "received" more than $4 billion in bitcoin and did substantial business in the United States without following appropriate protocols to protect against money laundering and other crimes. U.S. authorities also linked him to the failure of Mt. Gox, a Japan-based bitcoin exchange that collapsed in 2014 after being hacked. Vinnik "obtained" funds from the hack of Mt. Gox and laundered them through BTC-e and Tradehill, another San Francisco-based exchange he owned, they said in the statement.
Businesses

Where's All My CPU and Memory Gone? The Answer: $5B Worth Slack App (medium.com) 162

Slack, valued at $5 billion, has received buyout pitches from several companies including Amazon and Microsoft. But the team collaborations service, which has over 5 million active users, continues to offer one of the most resource intensive apps you could find on Mac and iOS. From an article: TLDR; If you care about battery life or availability of your finite CPU and memory on your computer, then you probably won't want to use Slack desktop with more than one or two accounts. Slack resource usage increases linearly as you add more accounts, and it quickly adds up. [...] I noticed that my machine has been sluggish and its battery life has become poor. Whilst investigating this, it turns out that Slack desktop fails badly when used with multiple accounts. This is because CPU and memory usage increases linearly as you add more accounts to your Slack desktop client. As a result, I believe the growing trend to use Slack to be part of multiple communities is seriously flawed until Slack resolve this problem. The author, Matthew O'Riordan, has shared screenshots of Activity Monitor which shows that Slack application on his Mac was consuming more than 1.5GB of memory, and as much as 70 percent of the energy. The company's iOS app instills several more issues.
Businesses

Apple Discontinues iPod Nano and iPod Shuffle (macrumors.com) 137

From a report: Apple today removed the iPod nano and iPod shuffle from its website and online store around the world, suggesting the iconic portable media players may be discontinued. Apple continues to sell the iPod touch. Beyond new colors and storage capacities, Apple had last updated the iPod nano in October 2012 and the iPod shuffle in September 2010. Apple last updated the iPod touch in July 2015 with an 8-megapixel rear camera. Apple introduced the iPod shuffle in January 2005, followed by the iPod nano in September 2005. In total, there were seven generations of the iPod nano, and four generations of the iPod shuffle. The company has confirmed that it has discontinued the devices.
Businesses

Not Made in America, Wal-Mart Looks Overseas For Online Vendors (reuters.com) 105

Walmart.com, trailing Amazon.com in the number of goods for sale on its website, is recruiting vendors in China and other countries to boost its online offerings in a pivot away from Wal-Mart's Made-in-America campaign. From a report: While there is a financial incentive behind the move, Wal-Mart's decision comes out of necessity: not all the goods its customers want -- ranging from jeans to bicycles to beauty products -- are manufactured within the United States. That reality pits Wal-Mart against President Donald Trump's "Made in America" push. It also risks alienating some of Wal-Mart's existing U.S. vendors since it runs counter to the American-made pledge the retailer made in 2013 in a bid to win customers, and satisfy unions and other critics who said its drive for low cost goods was undermining American jobs. According to two sources with knowledge of the matter, Wal-Mart Stores in February began inviting sellers from China, the United Kingdom and Canada to list on the marketplace section of Walmart.com, where it earns a share of revenue from goods sold and delivered to customers by third-party vendors.
Businesses

Jeff Bezos Surpasses Bill Gates as World's Richest Person (bloomberg.com) 144

An anonymous reader shares a report: A surge in Amazon shares Thursday morning in advance of the online retailer's earnings report has propelled founder Jeff Bezos past Bill Gates as the world's richest person. Shares of the online retailer rose 1.3 percent to $1,065.92 at 10:10 a.m. in New York, giving Bezos a net worth of $90.9 billion, versus $90.7 billion for Gates. If that holds through the 4 p.m. close, Bezos, 53, will leapfrog Gates, the Microsoft co-founder, on the Bloomberg Billionaires Index. Gates, 61, has held the top spot since May 2013.
Facebook

Facebook Employees Living in a Garage Hope Zuckerberg Will Learn What's Happening in His Own City (cnbc.com) 467

At the beginning of the year, Facebook CEO Mark Zuckerberg set a goal to visit every state in the U.S. so he could learn more about the millions of people who use the social network every day. But two of his employees tell The Guardian that they wonder when the billionaire is going to get to know his own community. From a report: The employees, a married couple named Nicole and Victor, are both contract workers in the cafeteria at Facebook's Menlo Park, Calif. headquarters. And they wish they, and the problems closer to home, could also get a share of Zuckerberg's attention. "He should learn what's happening in this city," Nicole tells The Guardian. The couple says they can barely make ends meet. Together with their three children, Nicole and Victor share a two-car garage adjacent to Victor's parents' home. They borrow money from friends and family to stay afloat and occasionally resort to payday loans. Although they earn too much to qualify for state benefits, they don't earn enough to afford Facebook's health care plan.
Bitcoin

SEC Rules That ICO Tokens Are Securities (vice.com) 96

schwit1 shares a report from Business Insider: On Tuesday, the Securities and Exchange Commission (SEC) said that "ICOs" (Initial Coin Offerings) can sometimes be considered securities -- and as such are subject to strict laws and regulations. For the uninitiated, ICOs are a fancy new way of fundraising enabled by digital currencies like Ethereum -- participants invest money and receive digital "tokens" in return. Thus far, it has been largely unregulated, with some ICO crowdfunding events raising hundreds of millions of dollars -- leading some observers to argue that it is a massive bubble. But the SEC's warning means that this free-for-all may not last forever.

"Going forward, according to the SEC, companies that are issuing tokens as part of an ICO (if they are considered securities) need to register with the commission," reports Motherboard. "This will force companies to comply with regulations that ask them to reveal their financial position and the identities of their management. The SEC also concluded that online exchanges where tokens are bought and traded may have to register as security exchanges."

schwit1 adds a quote from Benito Mussolini: "All within the state, nothing outside the state, nothing against the state."

Patents

Apple Ordered To Pay $506 Million In Damages For Processor Patent Infringement (hothardware.com) 118

MojoKid writes from a report via Hot Hardware: Apple has been ordered to feed a recognized patent troll hundreds of millions of dollars for infringing on a patent that has to do with technology built into its A-series mobile processors. Initially Apple was on the hook for $234 million, owed to the University of Wisconsin-Madison Alumni Research Foundation (WARF) after it won a patent dispute against the Cupertino tech giant. However, a judge this week more than doubled the fine by tacking on an additional $272 million. U.S District Judge William Conley in Madison ruled that Apple owed additional damages plus interest because it continued to infringe on the patent all the way up until it expired in 2016. WARF is reportedly a non-practicing entity that exists only currently by defending its patents in litigation. The lawsuit filed in 2014 involves U.S. Patent No. 5,871,752, which describes the use of a predictor circuit that can help processors run more efficiently. WARF claimed the technology was used in Apple's A7, A8, and A8X processors that power the iPhone 5s, iPhone 6, iPhone 6 Plus, and various iterations of the iPad. Apple is not commenting on the matter, though it's being reported that Apple plans to fight and appeal the ruling.
Businesses

The Quitting Economy (aeon.co) 231

From an essay on Aeon magazing: [...] The CEO of Me, Inc is a job-quitter for a good reason -- the business world has come to realize that market value is the best measure of value. As a consequence, a career means a string of jobs at different companies. So workers respond in kind, thinking about how to shape their career in a world where you can expect so little from employers. In a society where market rules rule, the only way for an employee to know her value is to look for another job and, if she finds one, usually to quit. If you are a white-collar worker, it is simply rational to view yourself first and foremost as a job quitter -- someone who takes a job for a certain amount of time when the best outcome is that you quit for another job (and the worst is that you get laid off). So how does work change when everyone is trying to become a quitter? First of all, in the society of perpetual job searches, different criteria make a job good or not. Good jobs used to be ones with a good salary, benefits, location, hours, boss, co-workers, and a clear path towards promotion. Now, a good job is one that prepares you for your next job, almost always with another company. Your job might be a space to learn skills that you can use in the future. Or, it might be a job with a company that has a good-enough reputation that other companies are keen to hire away its employees. On the other hand, it isn't as good a job if everything you learn there is too specific to that company, if you aren't learning easily transferrable skills. It isn't a good job if it enmeshes you in local regulatory schemes and keeps you tied to a particular location. And it isn't a good job if you have to work such long hours that you never have time to look for the next job. In short, a job becomes a good job if it will lead to another job, likely with another company or organisation. You start choosing a job for how good it will be for you to quit it.
Microsoft

Microsoft Launches Windows Bug Bounty Program With Rewards Ranging From $500 To $250,000 (venturebeat.com) 33

Microsoft on Wednesday announced the Windows Bounty Program. Rewards start at a minimum of $500 and can go up to as high as $250,000. From a report: To be clear, Microsoft already offers many bug bounty programs. This is also not the first to target Windows features -- the company has launched many Windows-specific bounties for those starting in 2012. The Windows Bounty Program, however, encompasses Windows 10 and even the Windows Insider Preview, the company's program for testing Windows 10 preview builds. Furthermore, it also has specific focus areas: Hyper-V, Mitigation bypass, Windows Defender Application Guard, and Microsoft Edge.
Businesses

Kaspersky Launches Its Free Antivirus Software Worldwide (engadget.com) 141

Kaspersky has finally launched its free antivirus software after a year-and-a-half of testing it in select regions. From a report: While the software was only available in Russia, Ukraine, Belarus, China and in Nordic countries during its trial run, Kaspersky is releasing it worldwide. The free antivirus doesn't have VPN, Parental Controls and Online Payment Protection its paid counterpart offers, but it has all the essential features you need to protect your PC. It can scan files and emails, protect your PC while you use the web and quarantine malware that infects your system. The company says the software isn't riddled with advertisements like other free antivirus offerings. Instead of trying to make ad money off your patronage, Kaspersky will use the data you contribute to improve machine learning across its products. The free antivirus will be available in the US, Canada and most Asia-Pacific countries over the next couple of days, if it isn't yet. After this initial release, the company will roll it out in other regions from September to November.
Businesses

Having a Woman On Your Team Ruins Your Chances For VC Funding (theoutline.com) 293

Laura June, writing for The Outline: It's a well-known, well-documented fact that women entrepreneurs face an uphill battle in the fight to get funding for their businesses. But a new study suggests that it can actually be almost impossible. According to the study, published Tuesday in the journal Venture Capital, having even one woman on a company's team makes them far less likely to get funding than an entirely male one. In fact, an all male team is about four times more likely to get funding than teams with any women on them. The study was done by researchers at Babson College and Wellesley, and looked at data on 6,793 companies funded between 2011 and 2013. This is the first large-scale study in a decade to focus on women's efforts to get funding, and it's not encouraging. The authors write, "We did not determine any significant performance differences between companies with women CEOs from companies with men CEOs, so it is quite surprising that women are still, practically speaking, shut out of the market for venture capital funding, both as CEOs and participants of executive teams."
AT&T

AT&T Loses Record Number of Traditional TV Subscribers In Q2, Drops 156,000 DirecTV Satellite Customers (variety.com) 78

According to Variety, AT&T's pay-TV business has lost a record 351,000 traditional video customers in the second quarter, with the internet-delivered DirecTV Now service failing to fully offset the losses. From the report: In Q2, historically a seasonally weak period for the pay-TV business, DirecTV's U.S. satellite division lost 156,000 customers sequentially, dropping to 20.86 million, compared with a gain of 342,000 in the year-earlier quarter. AT&T's U-verse lost 195,000 subs in the quarter, which was actually an improvement over the 391,000 it lost in Q2 of 2016. AT&T touted that it gained 152,000 DirecTV Now customers in Q2, after adding just 72,000 in the first quarter of 2017. Overall, it had signed up 491,000 DirecTV Now subs as of the end of June, after the OTT service launched seven months ago.
Transportation

India's Transport Minister Vows To Ban Self-Driving Cars To Save Jobs (arstechnica.com) 142

An anonymous reader quotes a report from Ars Technica: Companies in the United States, Germany, Japan, and other countries are racing to develop self-driving cars. But India's top transportation regulator says that those cars won't be welcome on Indian streets any time soon. "We won't allow driverless cars in India," said Nitin Gadkari, India's minister for Road Transport, Highways, and Shipping, according to the Hindustan Times. "I am very clear on this. We won't allow any technology that takes away jobs." Gadkari is taking a very different approach from politicians in the United States, where both the Obama and Trump administrations have been keen to promote the development of self-driving vehicles. "We are bullish on automated vehicles," said Obama Transportation Secretary Anthony Foxx last year. His successor, Elaine Chao, has also signaled support for self-driving technology, while also expressing concerns about safety risks and potential job losses.
Businesses

Trump Says Apple's Tim Cook Has Promised Him He'd Build Three US Factories: 'Big, Big, Big' (cnbc.com) 187

President Donald Trump said Tuesday that Apple CEO Tim Cook has committed to build three big manufacturing plants in the U.S., a surprising statement that would help fulfill his administration's economic goal of reviving American manufacturing. From a report: Apple CEO Tim Cook called Trump to share that the iPhone-maker would do more manufacturing domestically, Trump told WSJ. "I spoke to [Mr. Cook], he's promised me three big plants -- big, big, big," Trump was quoted as saying. Apple has already said that it would start a $1 billion fund to promote advanced manufacturing jobs in the United States. With its wide network of developers, Apple has already created two million jobs in the United States, according to Cook.
Businesses

Tech Jobs Are Surging in Seattle, Declining in Silicon Valley (axios.com) 156

The number of posted tech jobs rose by 10.7 percent in the first half of the year from 2016 in the Seattle area, as eight tech hubs continue to dominate the U.S. technology industry, according to a new study by Indeed. From a report: But while Silicon Valley retains its spot as the premier technological center in the U.S., tech listings plunged by 5.9 percent in the western and southern valley around San Jose in the first half of the year, and an even higher 7.8 percent in San Francisco and along the eastern Bay Area, Indeed said. Raleigh, NC, saw the largest plummet, with tech listings dropping by 14.6 percent.
Businesses

Roomba's Next Big Step Is Selling Maps of Your Home to the Highest Bidder (gizmodo.com) 121

The maker of the Roomba robotic vacuum, iRobot -- which we have talked about several times in the past -- has found itself embroiled in a privacy row after its chief executive suggested it may begin selling floor plans of customers' homes, derived from the movement data of their autonomous servants. From a report: While it may seem like the information that a Roomba could gather is minimal, there's a lot to be gleaned from the maps it's constantly updating. It knows the floor plan of your home, the basic shape of everything on your floor, what areas require the most maintenance, and how often you require cleaning cycles, along with many other data points. [...] If a company like Amazon, for example, wanted to improve its Echo smart speaker, the Roomba's mapping info could certainly help out. Spatial mapping could improve audio performance by taking advantage of the room's acoustics. Do you have a large room that's practically empty? Targeted furniture ads might be quite effective. The laser and camera sensors would paint a nice portrait for lighting needs that would factor into smart lights that adjust in real time. Smart AC units could better control airflow. And additional sensors added in the future would gather even more data from this live-in double agent.
Businesses

Amazon Jacked Up Prime Day Prices, Misleading Consumers, Says Vendor (foxbusiness.com) 231

An anonymous reader shares a report: A Charlotte-based startup says e-commerce king Amazon jacked up their suggested retail price during the company's annual discount event -- Prime Day -- to deceive consumers into thinking that they were getting a deal, when in reality, they weren't. Jason Jacobs, founder of Remodeez, a small company that specializes in non-toxic foot deodorizers and other odor stoppers, says he had an agreement with Amazon since 2015 on a suggested retail price of $9.99 for his products and was shocked after the tech giant almost doubled that on Prime Day to make it look like people were getting a discount, when they were actually paying full price. "They showed the product at $15.42 and then exed it out to put '$9.99 for Amazon Prime Day.' And on the final day, the price was like $18.44. So, we put a support ticket in right away and I rallied some friends through social media to go to their complaint board and complain," Jacobs tells FOX Business.
Security

Fourth Ethereum Platform Hacked This Month: Hacker Steals $8.4 Million From Veritaseum Platform (bleepingcomputer.com) 99

An anonymous reader writes: "Veritaseum has confirmed today that a hacker stole $8.4 million from the platform's ICO on Sunday, July 23," reports Bleeping Computer. "This is the second ICO hack in the last week and the fourth hack of an Ethereum platform this month. An ICO (Initial Coin Offering) is similar to a classic IPO (Initial Public Offering), but instead of stocks in a company, buyers get tokens in an online platform. Users can keep tokens until the issuing company decides to buy them back, or they can sell the tokens to other users for Ethereum. Veritaseum was holding its ICO over the weekend, allowing users to buy VERI tokens for a product the company was preparing to launch in the realm of financial services." The hacker breached its systems, stole VERI tokens and immediately dumped them on the market due to the high-demand. The hacker made $8.4 million from the token sale, which he immediately started to launder. In a post-mortem announcement, Middleton posted online today, the Veritaseum CEO said "the amount stolen was miniscule (less than 00.07%) although the dollar amount was quite material." The CEO also suspects that "at least one corporate partner that may have dropped the ball and [might] be liable." Previous Ethereum services hacks include Parity, CoinDash, and Classic Ether Wallet.
Businesses

Unemployment in the UK is Now So Low It's in Danger of Exposing the Lie Used To Create the Numbers (businessinsider.com) 363

Unemployment in Britain is now just 4.5 percent. There are only 1.49 million unemployed people in the UK, versus 32 million people with jobs. This is almost unheard of. Unemployment was most recently this low in December 1973, when the UK set an unrepeated record of just 3.4 percent. From a report: The problem with this record is that the statistical definition of "unemployment" relies on a fiction that economists tell themselves about the nature of work. As the rate gets lower and lower, it tests that lie. Because -- as anyone who has studied basic economics knows -- the official definition of unemployment disguises the true rate. In reality, about 21.5 percent of all working-age people (defined as ages 16 to 64) are without jobs, or 8.83 million people, according to the Office for National Statistics. That's more than four times the official number. For decades, economists have agreed on an artificial definition of what unemployment means. Their argument is that people who are taking time off, or have given up looking for work, or work at home to look after their family, don't count as part of the workforce.

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