Bitcoin

SEC Shuts Down Munchee ICO (techcrunch.com) 5

The Securities and Exchange Commission has shut down Munchee, a company that built a $15 million token sale. According to TechCrunch, "The Munchee ICO aimed to fund the MUN coin, a payment system for restaurant reviews." However, the company "received a cease and desist from the SEC on December 11" because it constituted the offer and sale of unregistered securities. From the report: Within the SECs findings they noted that Munchee touted itself as a "utility" token which means that the company believed the MUN token would be primarily used within the Munchee ecosystem and not be used to fund operations. However, thanks to an application of the Howey Test (a Supreme Court finding that essentially states that any instrument with the expectation of return is an investment vehicle), the SEC found the Munchee was actually releasing a security masquerading as a utility. "Munchee offered MUN tokens in order to raise capital to build a profitable enterprise," read the SEC notice. "Munchee said that it would use the offering proceeds to run its business, including hiring people to develop its product, promoting the Munchee App, and ensuring 'the smooth operation of the MUN token ecosystem.'" The stickiest part? Munchee claimed that its coins would increase in value thanks to a convoluted process of growth.

In short, Munchee was undone by two things: depending on the token sale as a vehicle to raise cash for operations and using the typically spammy and scammy marketing efforts most ICO floggers use now, tactics taken directly from affiliate marketing handbooks. Fortunately, Munchee was able to return all $15 million to the 40 investors that dumped their coins into scheme.

Businesses

Ajit Pai Offers No Data For Latest Claim That Net Neutrality Hurt Small ISPs (arstechnica.com) 56

An anonymous reader quotes a report from Ars Technica: With days to go before his repeal of net neutrality rules, FCC Chairman Ajit Pai issued a press release about five small ISPs that he says were harmed by the rules. Pai "held a series of telephone calls with small Internet service providers across the country -- from Oklahoma to Ohio, from Montana to Minnesota," his press release said. On these calls, "one constant theme I heard was how Title II had slowed investment," Pai said. But Pai's announcement offered no data to support this assertion. So advocacy group Free Press looked at the FCC's broadband deployment data for these companies and found that four of them had expanded into new territory. The fifth didn't expand into new areas but it did start offering gigabit Internet service. These expansions happened after the FCC imposed its Title II net neutrality rules. (Title II is the statute that the FCC uses to enforce net neutrality rules and regulate common carriers.)
IT

Tech Support Scammers Invade Spotify Forums To Rank in Search Engines (bleepingcomputer.com) 16

Tech support scammers have been aggressively posting on Spotify forums to inject their phone numbers in a bid to vastly improve their odds of showing up on Google and Bing search results, a new report claims. And that bet seems to be working. From the report: They do this by submitting a constant stream of spam posts to the Spotify forums, whose pages tend to rank well in Google. While this behavior causes the Spotify forums to become harder to use for those who have valid questions, the bigger problem is that it allows tech support scammers to rank extremely well and trick unknowing callers into purchasing unnecessary services and software. BleepingComputer was alerted to this problem by security researcher Cody Johnston who started to see an alarming amount of tech support scam phone numbers being listed in Google search results through indexed Spotify forum posts. The tech support scams being posted to Spotify include Tinder, Linksys, AOL, Turbotax, Coinbase, Amazon, Apple, Microsoft, Norton, McAfee and more.
Nintendo

Nintendo Switch Sales Hit 10 Million Units, Could Outdo the Wii (fastcompany.com) 46

Nintendo's big bet on a hybrid portable and home game system is paying off, with 10 million Nintendo Switch units sold in nine months. From a report: Nintendo of America President Reggie Fils-Aime told Variety that the Switch could even top first-year sales of the Wii, the company's best-selling console yet -- if momentum holds up through the holidays. Strong sales will be important for Nintendo as it tries to convince game publishers to invest in the platform, whose less powerful hardware can't always handle the same games as Microsoft's Xbox and Sony's PlayStation consoles.
Politics

Paris Summit Finds New Money, Tech To Fight Climate Change (apnews.com) 94

An anonymous reader shares an Associated Press report: World leaders, investment funds and energy magnates promised Tuesday to devote new money and technology to slow global warming at a summit in Paris that President Emmanuel Macron hopes will rev up the Paris climate accord that U.S. President Donald Trump has rejected. Trump wasn't invited to the event but his name was everywhere. One by one, top world diplomats, former California governor Arnold Schwarzenegger, business leaders like Michael Bloomberg and even former U.S. Secretary of State John Kerry insisted that the world will shift to cleaner fuels and reduce emissions regardless of whether the Trump administration pitches in or not. Central to Tuesday's summit was countering Trump's main argument that the 2015 Paris accord on reducing global emissions would hurt U.S. business. Macron, a 39-year-old former investment banker, argues that the big businesses and successful economies of the future will be making and using renewable energy instead of pumping oil. Macron's office announced a dozen international projects emerging from the summit that will inject hundreds of millions of dollars in efforts to curb climate change. "The United States did not drop out of the Paris agreement. Donald Trump got Donald Trump out of the Paris agreement," Schwarzenegger said. The projects also aim to speed up the end of the combustion engine to reduce the emissions that contribute to global warming. With that aim, World Bank President Jim Yong Kim announced that his agency would stop financing oil and gas projects in two years, except in special circumstances for very poor nations.
Anime

Why Is Anime Obsessed With Power Lines? (atlasobscura.com) 135

An anonymous reader shares a report: Why are there so many shots of power lines in Japanese anime cartoons? The Tumblr Power Lines in Anime is dedicated to appreciating the truly lovely and surprisingly ubiquitous depictions of mundane power lines that appear in a large number of Japanese animation series. The blog is run by Tumblr user whitequark, who first started to notice the trend while watching a romantic comedy anime. Anime series can cover any number of genres, including sports, high fantasy, office life, and, of course, science fiction, but no matter what it's about, it seems that if the story is set on modern-day Earth, it will contain some amazingly detailed images of power lines, telephone poles, and other wired infrastructure. While a number of anime series (and cartoons in general), opt for a style of hyper-detailed backgrounds before which relatively simpler characters can interact, power lines stand out for the detail and complexity required to illustrate them.
Facebook

We've Toned Down the 'Destroying Society' Shtick, Facebook Insists (theregister.co.uk) 84

Facebook has taken the unusual step of responding to comments by former VP Chamath Palihapitiya that the social media giant was "destroying how society works." Palihapitiya said that executives ignored cautionary instincts when creating Facebook, and he now regretted the consequences. In a statement, Facebook said: Chamath has not been at Facebook for over 6 years. When Chamath was at Facebook we were focused on building new social media experiences and growing Facebook around the world. Facebook was a very different company back then, and as we have grown, we have realized how our responsibilities have grown too. We take our role very seriously and we are working hard to improve. We've done a lot of work and research with outside experts and academics to understand the effects of our service on well-being, and we're using it to inform our product development. We are also making significant investments more in people, technology and processes, and -- as Mark Zuckerberg said on the last earnings call -- we are willing to reduce our profitability to make sure the right investments are made.
Bitcoin

SEC Warns 'Extreme Caution' Over Cryptocurrency Investments As Many People Take Out Mortgages To Buy Bitcoin (qz.com) 166

The head of the US Securities and Exchange Commission has warned bitcoin and other cryptocurrency investors to beware of scams and criminal activity in the sector. In the financial regulator's strongest statement yet, SEC chair Jay Clayton said: "If a promoter guarantees returns, if an opportunity sounds too good to be true, or if you are pressured to act quickly, please exercise extreme caution and be aware of the risk that your investment may be lost." The warning comes at a time when many people have begun to take out mortgages to buy bitcoin. From a report: Clayton's statement was also issued the same day the SEC took regulatory action to halt an initial coin offering (ICO). "Recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge," he wrote, in a sentence that was in bold. Clayton's statement referenced some of the crucial debates that have swirled around the rise and regulation of crypto-assets like bitcoins. Are these currencies? Commodities? Or securities? The statement notes in a footnote that bitcoin in the US has been designated a commodity. But the broader answer seems to be that while it depends from case to case, initial coin offerings, at least, are more likely to be scrutinized and held to the same bar as securities offerings.
Transportation

Inside Faraday Future's Financial House of Cards (theverge.com) 35

Sean O'Kane, reporting for The Verge: When Faraday Future emerged from stealth mode in 2015, it promised to transform the car industry with an American-made luxury electric vehicle that would someday be fully autonomous, maybe even sold through a subscription service. As we learned at CES 2017, the company was taking aim at Tesla with a car -- the FF91 -- that was designed to dazzle, with a 0-60 time of 2.4 seconds as jaw-dropping as the proposed $180,000 price tag. Since then, though, Faraday Future has been more focused on survival than speed. The Verge has learned from multiple sources about the nature of the company's financial plight. While Faraday Future posed as the newest California electric car startup that attracted top auto industry talent, 10 former employees and one person close to the company say the behavior and business practices of its chief investor have brought business to a halt. Also read: Everything wrong with Faraday Future's "Tesla killer"
Businesses

Why Google and Amazon Are Hypocrites (om.blog) 202

Amazon earlier this month responded to Google's decision to remove YouTube from all Fire TV products and the Echo Show. Google says it's taking this extreme step because of Amazon's recent delisting of new Nest products (like Nest Secure and the E Thermostat) and the company's long-running refusal to sell Chromecast or support Google Cast in any capacity. Veteran journalist Om Malik writes: This smacks of so much hypocrisy that I don't even know where to start. The two public proponents of network neutrality and anything but neutral about each other's services on each other's platforms. They can complain about the cable companies from blocking their content and charging for fast lanes. The irony isn't lost on me even a wee bit. They are locked in a battle to collect as much data about us -- what we shop, what we see, what we do online and they do so under the guise of offering us services that are amazing and wonderful. They don't talk about what they won't do with our data, instead, they bicker and distract. So to think that these purveyors of hyper-capitalism will fight for interests of consumers is not only childish, it is foolish. We as end customers need to figure out who is speaking on our behalf when it comes to the rules of the Internet.
iMac

Apple iMac Pro Goes on Sale December 14th (engadget.com) 201

Apple vowed to ship the iMac Pro in December, and it's making good on that promise. From a report: The company has confirmed that its workstation-grade all-in-one will be available on December 14th. It has yet to reveal the exact configuration options, but the $4,999 'starter' model ships with an 8-core Xeon processor, 32GB of RAM, 1TB of solid-state storage and a Radeon Vega graphics chipset with 8GB of RAM. You can option it with up to an 18-core Xeon, 128GB of RAM, a 4TB SSD and a 16GB Vega chipset, although video creator Marques Brownlee notes that you'll have to wait until the new year for that 18-core beast.
IOS

Apple's Alleged Throttling of Older iPhones With Degraded Batteries Causes Controversy (macrumors.com) 135

An anonymous reader shares a report: A Reddit post over the weekend has drawn a flurry of interest after an iPhone 6s owner reported that a battery replacement significantly increased the device's performance running iOS 11. The ensuing discussion thread, also picked up by readers in the MacRumors forum, has led to speculation that Apple intentionally slows down older phones to retain a full day's charge if the battery has degraded over time. According to TeckFire, the author of the original Reddit post, their iPhone had been very slow after updating to iOS 11, especially compared to their brother's iPhone 6 Plus, so they decided to do some research with GeekBench and battery life apps, and ended up replacing the battery.
The Internet

129 Million Americans Can Only Get Internet Service From Companies That Have Violated Net Neutrality (vice.com) 136

An anonymous reader quotes a report from Motherboard: Based on the Federal Communications Commission's own data, the Institute for Local Self Reliance found that 129 million Americans only have one option for broadband internet service in their area, which equals about 40 percent of the country. Of those who only have one option, roughly 50 million are limited to a company that has violated net neutrality in some way. Of Americans who do have more than one option, 50 million of them are left choosing between two companies that have both got shady behavior on their records, from blocking certain access to actively campaigning against net neutrality.

Aside from being a non-ideal situation for consumers like me, this lack of competition is another dock against the FCC's plan to repeal net neutrality rules later this week. In arguing against net neutrality rules, FCC Chairman Ajit Pai has repeatedly cited a free market as just as capable of ensuring internet freedom as government regulations. "All we are simply doing is putting engineers and entrepreneurs, instead of bureaucrats and lawyers, back in charge of the internet," Pai said on Fox News's "Fox & Friends," in November. "What we wanted to do is return to the free market consensus that started in the Clinton administration and that served the internet economy in America very well for many years." But how can market competition regulate an industry when more than a third of the market has no competition at all, and even those that do have to choose between options that don't uphold net neutrality?

Education

France To Ban Mobile Phones In Schools (theguardian.com) 173

The French government is planning to ban students from using mobile phones in the country's primary, junior and middle schools. While children will be permitted to bring their phones to school, they will not be allowed to get them out at any time until they leave, even during breaks. The Guardian reports: Jean-Michel Blanquer, the French education minister, said the measure would come into effect from the start of the next school year in September 2018. It will apply to all pupils from the time they start school at age of six -- up to about 15 when they start secondary school. Blanquer said some education establishments already prohibited pupils from using their mobiles. "Sometimes you need a mobile for teaching reasons [...] for urgent situations, but their use has to be somehow controlled," he told RTL radio. The minister said the ban was also a "public health message to families," adding: "It's good that children are not too often, or even at all, in front of a screen before the age of seven." The French headteachers' union was skeptical that the ban could be enforced.
Sci-Fi

Ask Slashdot: What Is Your View On UFO Sightings? 322

dryriver writes: UFOs sightings have been reported in the tens of thousands over the last decades. In the past, some have seen flying cigar-shaped craft (blimps?), some flying triangles, some more rounded-looking flying saucers. Often the apparent spacecraft does something improbable like standing completely still in the sky and then shooting off to somewhere at an incredible speed. Some sightings are just lights or light formations flying around or dancing around in the night sky -- which could be military aircraft like helicopters and F16s training at night. There seem to be people who genuinely see stuff that is hard to explain, people who fake UFO sightings, photos and videos for profit to keep the "UFO industry" of websites, radio shows and magazines afloat, and yet others that think a regular airplane flying at night with its lights on is a UFO. What is your view on all this? Are we being visited from outer space? Is it prototype aircraft that look like UFOs to the untrained eye? Was some 190 IQ inventor-prankster having fun with quadcopter drones with colored lights four decades before quadcopters became a thing (hey, tons of people have created fake crop-circles in the past)? Where do all these supposed UFO sightings and reports come from? Did events like the famous "Battle Of Los Angeles" actually happen? And do you find any UFO reports credible at all?

Slashdot Top Deals