Facebook Has Strong Q3, Settles Cambridge Analytica Suit

Facebook chief executive Mark Zuckerberg predicted a “tough year” ahead with the lead-up to the 2020 presidential elections, but the company showed strong Q3 earnings. FactSet said Facebook enjoyed $17.7 billion in total sales and $6.1 billion profit, exceeding Wall Street expectations. In after hours trading, shares rose 5 percent, having already risen more than 43 percent to date. Facebook also agreed to pay U.K.’s privacy regulator a £500,000 ($643,000) fine for its role in the Cambridge Analytica scandal. Continue reading Facebook Has Strong Q3, Settles Cambridge Analytica Suit

Blockchain at CES 2019 – What a Difference a Year Can Make

Blockchain sessions and projects still abound at CES this year, but the bloom is definitely off the rose. At last year’s sessions it was standing room only, but this year it was no problem finding a seat. Given that cryptocurrencies are down 82 percent since last year at this time, I guess it’s no surprise. The good news, however, is that with a lot of the hype and “quick buck” mentality deflated, there’s a lot of good work and investing still being done. Unlike last year, which was one ICO announcement after another, this year was much more subdued and focused on products that address real business needs. Continue reading Blockchain at CES 2019 – What a Difference a Year Can Make

OTOY Rolls Out Blockchain-Based Rendering Platform RNDR

OTOY, a Los Angeles-based visual effects software firm, launched RNDR to allow more people to create 3D computer generated images. The company, which created software used for productions such as “Westworld” and “The Avengers,” relied on cloud, blockchain and cryptocurrency technologies to create a way that people can create 3D imagery rendered by shared hardware hosted in the cloud, and then sold and/or traded via blockchain. Doing so, says chief executive Jules Urbach, reduces the cost, time and labor of creating such assets. Continue reading OTOY Rolls Out Blockchain-Based Rendering Platform RNDR

Facebook Faces First Fine for Cambridge Analytica Scandal

The British Information Commissioner’s Office (ICO) levied the toughest fine possible — 500,000 pounds (or about $660,000) — against Facebook for allowing Cambridge Analytica to harvest the personal data of millions of people without their consent. The ICO, the agency that enforces the United Kingdom’s data protection laws, began investigating Facebook’s possible misuse of personal data in May 2017, but revelations of the Cambridge Analytica incident spurred it to complete its examination. Continue reading Facebook Faces First Fine for Cambridge Analytica Scandal

Google to Ban Cryptocurrency and ICO Ads Beginning in June

Google announced its intention to ban advertisements related to risky financial products, including any that promote cryptocurrencies and initial coin offerings (ICOs), beginning this June. This is part of an update to Google’s policy and seems to closely resemble a similar ban announced by Facebook in January. However, reports indicate that ad makers have found workarounds within Facebook (like typing “Bitc0in” with a zero instead of “Bitcoin”). Google plans to anticipate these sorts of workarounds in advance of the ban.

Continue reading Google to Ban Cryptocurrency and ICO Ads Beginning in June

VR and AR Expected to Further Redefine Experiences at CES

Virtual reality, augmented reality and immersive experiences crossed over the apex of the hype curve and are now tracking the slope of enlightenment as they develop into niche market applications or pivot into location-based entertainment. Resolution, frame rate, horizontal and vertical field of view in the HMDs (head mounted displays), and head and body tracking technology, have all improved over the last year with further advances expected next month at CES 2018 in Las Vegas. This applies equally to next generation HMDs, projection, and heads-up approaches to immersive experiences. Continue reading VR and AR Expected to Further Redefine Experiences at CES

New SEC Cyber Unit Takes on Cryptocurrency and ICO Fraud

At the Securities and Exchange Commission, chairman Jay Clayton made it clear that there is “very little distinction” between Bitcoin and traditional stocks, suggesting that the SEC believes Bitcoin is subject to securities laws and is willing to act against alleged fraud in an ICO, or initial coin offering. In fact, the SEC new cyber unit did just that for the first time, charging Canada-based cryptocurrency company PlexCorps with violating security laws by selling up to $15 million in an ICO. Clayton said future suits are possible. Continue reading New SEC Cyber Unit Takes on Cryptocurrency and ICO Fraud

Europe to Employ Stricter Protection Rules for Personal Data

Since 1995, European businesses and organizations have operated under data protection rules specific to an era of much less digital data. To update the rules, the European General Data Protection Regulation (GDPR) will launch on May 25, 2018, and numerous GDPR experts are ready to profit off of their offer to help businesses get ready. U.K. information commissioner Elizabeth Denham dubs much of the activity as “scaremongering,” saying that companies that complied with the older rules won’t have to deal with major changes. Continue reading Europe to Employ Stricter Protection Rules for Personal Data

Hollywood Producer Plans Initial Coin Offering to Fund Films

Producer Christopher Woodrow (“Birdman,” “Black Mass,” “Hacksaw Ridge”) is about to launch MovieCoin, his own blockchain token, based on his certainty that the cryptocurrency will revolutionize filmmaking. Monies raised in the initial coin offering (ICO) in Q1 2018 will be used to produce a slate of films. Investors, says Woodrow, will benefit because the tokens, which can be traded, will appreciate as the film succeeds. He is currently developing projects that will include top movie stars, directors and producers. Continue reading Hollywood Producer Plans Initial Coin Offering to Fund Films

Goldman Sachs Exploring Creation of a Bitcoin Trading Desk

Goldman Sachs Group, in the early stages of considering whether to start a trading operation for Bitcoin, could become the first blue-chip Wall Street company to deal directly in the virtual currency. If it does so, it will give Bitcoin more credibility among investors. Bitcoin and other virtual currencies were first used and are still perceived as commonly used for illegal activities. The currency is still controversial, banned by China and deemed a “fraud” by J.P. Morgan Chase & Co. chief executive James Dimon. Continue reading Goldman Sachs Exploring Creation of a Bitcoin Trading Desk

Are Cryptocurrencies Next Big Bust or Revolution in Finance?

Jackson Palmer and his once-wildly successful cryptocurrency Dogecoin are a cautionary tale for those bedazzled by Bitcoin. Palmer was an early enthusiast of cryptocurrency, but sought a way to mock the hype around investing huge sums of money in it. He created his own cryptocurrency, Dogecoin, based on an Internet meme of a Shiba Inu dog. Instead of getting the joke, investors brought Dogecoin’s market value to $400 million, before scammers and hackers brought it down, selling fake products and defrauding investors. Continue reading Are Cryptocurrencies Next Big Bust or Revolution in Finance?

SEC Rules That Blockchain Tokens Are Regulated Securities

The Securities and Exchange Commission (SEC) has ruled that blockchain tokens sold through token sales are to be classified as securities, a ruling that was anticipated and that will have a powerful impact on projects looking to fundraise from U.S. investors. The ruling follows an investigation of The DAO, which raised a record-breaking ICO (Initial Coin Offering) last May and then lost one-third of it in a hack. As a result, part of the Ethereum community executed a rollback transaction of the DAO fundraising; The DAO has since been delisted. Continue reading SEC Rules That Blockchain Tokens Are Regulated Securities

Chat App Kik Plans Debut of Ethereum-Based Cryptocurrency

Ted Livingston, founder/chief executive of messaging app Kik, is a Bitcoin enthusiast — so much so that he plans to debut his own cryptocurrency, dubbed Kin and based on the Ethereum network, later this summer. The company plans what is called an initial coin offering (ICO), which lets startups create their own digital money, raise funds via crowdsourcing, and thus develop their own cyber economies. Livingston had previously launched another cryptocurrency, Kik Points, in 2014, which ended its run in the fall. Continue reading Chat App Kik Plans Debut of Ethereum-Based Cryptocurrency