Nov
30

WATCH LIVE: IGNITION 2017 is happening right now

Convene the biggest names and most innovative leaders in media, marketing, and technology. Add Business Insider’s unique blend of hard news and big ideas…

…and you have IGNITION.

WATCH LIVESTREAM HERE:

Conversation: Publishing in the Platform Age

Mathias Döpfner, CEO of Axel Springer SE, speaks with Henry Blodget

 

Interview: Lightning Rod

Jeff Zucker, president of CNN, speaks with Mike Shields, advertising editor at Business Insider

 

Interview

Anne Finucane, vice chairman at Bank of America, speaks with Michael Kassan, chairman and CEO of MediaLink

 

Conversation: Over the Top

Aneesh Rajaram, CEO of Vewd speaks with Steve Kovach, senior correspondent at Business Insider

 

Presentation: The Net Is Incompatible With Democracy--Now What?

Lawrence Lessig, Roy L. Furman Professor of Law and Leadership at Harvard Law School

  

Conversation: Firing Line

Tucker Carlson, host of "Tucker Carlson Tonight," speaks with Nicholas Carlson

 

Interview: The Voice

Toni Reid, vice president of Alexa Experience and Echo Devices at Amazon speaks with Steve Kovach, senior correspondent at Business Insider

 

Discussion: Why Did It Take So Long? Sexual Harassment Hits the Headlines

Irin Carmon, contributing writer at The Washington Post; Jodi Kantor, reporter at The New York Times; and Kim Masters, editor-at-large of The Hollywood Reporter; speak with Alyson Shontell.

 

Conversation: The New News

Martin Baron, executive editor of The Washington Post, and Dean Baquet, executive editor of The New York Times, speak with Emily Bell, founding director of the Tow Center for Digital Journalism at Columbia University

 

 

Original author: Justin Maiman

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Nov
30

There's a 'fatal' flaw in cryptocurrencies which means they can never be real currencies

Bitcoins and a ten pound note. REUTERS/Dado Ruvic/Illustration

UBS Wealth Management economist Paul Donovan says that cryptocurrencies like bitcoin can never truly be considered currencies. "A currency has to be a widely used medium of exchange. Cryptocurrencies are never going to achieve that. Period." They fail key tests for what a currency actually is, including that they cannot be used as a store of value.


LONDON — Cryptocurrencies like bitcoin and ethereum will never become true currencies thanks to a series of "fatal" flaws, a senior economist at Swiss banking giant UBS has said.

Speaking at a roundtable discussion attended by Business Insider on Thursday, Paul Donovan, the global chief economist at UBS's wealth management arm, tore into the argument that cryptocurrencies could eventually replace fiat currencies like the pound and the dollar.

"The problem that cryptocurrencies face is that they fail the two key metrics of what makes a currency a currency," Donovan said.  "A currency has to be a widely used medium of exchange. Cryptocurrencies are never going to achieve that. Period."

One of the main reasons for this, Donovan said, is to do with taxation, and the inability to use cryptocurrencies to settle tax liabilities.

"The reason I'm so definite about this, is that if you look in the OECD, on average, 34% of all economic activity is taxed," he said.

"Governments are not likely to accept cryptocurrencies that they do not control" to settle taxes.

"Cryptocurrencies that they do not control will not be accepted by governments for tax payments. You are therefore removing one of the main sources of demand for a currency. One of the key issues whenever we talk about monetary economics, is that the money supply should never, ever, ever be considered in isolation.

"Money supply needs to be considered against money demand. If you do not have the ability to use cryptocurrencies for the largest single transaction in the economy, then it will never be a majority medium of exchange.

Citing the example of the 1,000-year-old jiaozi — widely believed to be the first paper currency — Donovan pointed out fatal flaws in the current crypto market.

"If you're interested in historical parallels, the 10th or 11th century kingdom of Sichuan introduced a paper currency. It was an enormous success initially because the kingdom of Sichuan insisted that people pay their taxes using paper currency. As a result, there was an enormous demand, and initially the paper currency kept its value," he said.

"Unfortunately, there weren't any economists in the kingdom of Sichuan, and they just kept printing the stuff, and then money supply exceeded demand, and it all went horribly wrong."

Bitcoin's overall market capitalisation has surged in 2017. CoinMarketCap.com

Donovan's point is that cryptocurrencies are almost certain to end up having huge imbalances in supply and demand, simply because there is effectively an unlimited supply of them, but a very clear demand ceiling.

"The fatal issue for cryptocurrencies is that the supply of them can only ever go up. There is unlimited upside to the supply of cryptocurrencies," he said.

"An individual cryptocurrency may have a ceiling on supply, but if were to introduce the Donovan cryptocurrency next week — which clearly would be superior to all existing cryptocurrencies — then what you would see would be a massive move out of existing cryptocurrencies, and into the new technically superior currency."

"And because you cannot reduce the supply of a cryptocurrency, that drop in demand would not be matched by a drop in supply, and therefore if demand goes down, but supply does not, we all know what happens to value. It is basic economics."

That ever-growing supply of cryptocurrencies can be seen in the recent boom in Initial Coin Offerings (ICOs). The basic concept of the ICO is that startups issue digital coins or tokens in exchange for real money used to fund projects. ICOs have become hugely popular this year, with over $3 billion raised using the method in 2017 so far.

Without a central bank to regulate things like bitcoin, Donovan said, there is simply no way of controlling the "money" supply.

In the USA right now, he said "the Federal Reserve is reducing money supply in the USA at the rate of $10 billion a month. That's because "demand for liquid dollars has dropped, and in order to preserve the value of the dollar, i.e. avoid inflation, the Fed is reducing money supply to match a reduction in demand."

"That cannot happen with a cryptocurrency," he said.

Furthermore, Donovan noted, a key feature of anything that can be considered a true currency is that it must act as a store of value — essentially meaning that you can put your money into it and be reasonably comfortable that in normal circumstances its value is not going to fluctuate massively.

Cryptocurrencies cannot do that, he says.

"Bitcoin in particular has had, I think, three hyperinflation episodes this year. That is to say its ability to purchase goods has dropped more than 25% in the course of a week. That is not a particularly stable store of value."

"Cryptocurrencies are, at the moment, universally treated as assets not as currencies for tax purposes."

"What that means is that if the price of bitcoin rises against the pound sterling and I cash in, I am liable to capital gains tax on the appreciation of the currency. If the value of sterling rises 20% against the US dollar, then I am not liable to capital gains tax on that appreciation."

Original author: Will Martin

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Nov
30

Here's what Richard Branson, Jeff Bezos, and 13 more of the busiest people in the world eat for breakfast

Richard Branson likes to kick things off with a healthy meal.Jean Philippe Arles/Reuters

• Scientists aren't necessarily convinced breakfast is the most important meal of the day, Tech Insider reported.

• Still, many successful people take the time to eat a balanced breakfast.

• Others, however, like Bill Gates and Donald Trump typically abandon the meal altogether.


What goes into a breakfast of champions?

Well, the science isn't exactly settled on whether or not breakfast is the most important meal of the day. Eating breakfast doesn't necessarily even help you lose weight, according to Tech Insider.

Still, tons of successful people opt to make breakfast a part of their busy schedules, with a few notable exceptions.

Here's a look at some of the typical breakfast routines of successful people:


Virgin Group founder Richard Branson prefers to dig into fruit salad and muesli in the morning while spending time with his family.

Todd VanSickle/AP Images

Source: CNBC, Business Insider

 

Popeyes CEO Cheryl Bachelder's morning meal depends on whether she's traveling or not. She has said she prefers steel-cut oatmeal when she's at home, and bacon, scrambled eggs, and toast when she's on the go. But either way, she always reaches for some coffee, too.

Courtesy of Cheryl Bachelder

Source: Business Insider

Singer and actor Justin Timberlake told Bon Appetit he goes for a scrambled egg along with flax-seed waffles spread with almond butter before his morning workout.

Vittorio Zunino Celotto/Getty

Source: CNBC, Bon Appetit

When it comes to breakfast, Twitter CEO Jack Dorsey likes to chow down on two hard boiled eggs with soy sauce.

Drew Angerer/Getty Images

Source: CNBC, Forbes

Donald Trump isn't big on breakfast. According to the Chicago Tribune, he'll once and a while eat bacon and eggs. He told Fox News he liked cornflakes "right out of the fields of Iowa" before the 2016 presidential primary debate in Iowa. And his former bodyguard Keith Schiller said he would also occasionally pick him up an Egg McMuffin.

REUTERS/Ray Stubblebine

Source: Chicago Tribune, Business Insider, Los Angeles Times

Talk show host Kelly Ripa waits until after "Live with Kelly and Ryan" wraps before she eats yogurt and granola. Beforehand, she'll drink a cappuccino with half-and-half and sometimes even a triple-shot skim latte.

AP Photo/Charles Sykes

Source: Business Insider, Bon Appétit

In a recent interview with his brother Mark, Amazon CEO Jeff Bezos said he used to eat an entire tube of Pillsbury biscuits for breakfast. He said he kicked the habit when his wife MacKenzie urged him to check out the ingredients — but he still keeps up the tradition of not scheduling any morning meetings in order to relax with his family.

Drew Angerer / Getty Images

Source: GeekWire, Business Insider, Entrepreneur, Inc.

After his morning workout, Intuit CEO Brad Smith downs a protein shake and then heads to the office.

Brad Smith

Source: Business Insider

For Berkshire Hathaway CEO Warren Buffett, breakfast is determined by how the stock market is doing. Business Insider reported that every morning, his wife Astrid places a certain amount of change in his cupholder. $2.61 buys him two sausage patties, $2.95 snags him a sausage McMuffin with egg and cheese, and a bacon, egg, and cheese biscuit costs $3.17. He goes for the more expensive McDonald's options when he's feeling "prosperous," according to Business Insider.

Reuters/Rick Wilking

Source: Business Insider, Business Insider, Business Insider

In an interview with Betsy Layne High School students, Microsoft founder Bill Gates claimed to enjoy Cocoa Puffs, but his wife Melinda said he typically skips breakfast.

Chip Somodevilla/Getty Images

Source: Inc., Youtube, Business Insider

Google CEO Sundar Pichai told Recode he has the "very English" habit of drinking a cup of tea every morning. He also typically eats an omelet.

Reuters/Beck Diefenbach

Source: Recode, Business Insider

German Chancellor Angela Merkel always eats breakfast with her husband, chemistry professor Joachim Sauer. He often asks her about political issues at the table.

Uriel Sinai / Stringer / Getty Images

Sources: TIME, Der Spiegel, Business Insider, Reuters

Breakfast usually isn't on the menu for Tesla and SpaceX CEO Elon Musk. When he does manage to squeeze in a morning meal, it's typically an omelet and coffee.

Justin Sullivan/Getty Images

Source: Business Insider, Auto Bild

Russian President Vladimir Putin usually tucks into a large omelet or a big bowl of porridge with some quail eggs and fruit juice on the side around noon. Newsweek reports that the ingredients are "dispatched regularly from the farmland estates of the Patriarch Kirill, Russia’s religious leader." Once he's finished his meal, he drinks coffee.

RIA Novosti/Reuters

Source: Newsweek, Business Insider

Original author: Áine Cain

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Nov
30

Ford has built a plug-in hybrid cop car

This cop car is a plug-in hybrid built for "special services" by Ford. It's ideal for police, fire chiefs, and detectives. You can plug the charger into any wall outlet, and the car is meant to get through an entire shift without stopping for gas.

Battery power alone will last for 21 miles at 85 mph. Once it runs out of battery, the car's range can exceed 500 miles with its hybrid technology. Orders for the sedan are expected to be available Summer 2018.

Get the latest Ford stock price here.

Original author: Liz Jassin

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Nov
30

Rylo's 360-degree camera is a tiny package with a lot of promise and cool tricks

Business InsiderOne of the big new trends in cameras is those that can take 360-degree videos or pictures.

But Rylo, a San Francisco startup that's recently released its own such camera, thinks what's more important than being able to take images and video in a full circle is what you can do with them afterward.

In tandem with its camera, the company has developed a smartphone app that's designed to let users quickly take the 360-degree videos they shoot and turn them into polished, professional-looking clips.

The software automatically steadies shaky video and allows users to track a particular person or object in a scene even as that person — or the camera itself — is moving. The software is also designed to let users easily create both split-screen videos and tracking shots that smoothly pan from one vantage point to another.

Designed by a team of engineers that came from Instagram and Apple, Rylo's camera and software have a lot of potential. Unfortunately, they don't quite live up to their promise.  

Here's a look at the new Rylo camera:


Rylo's camera is a small, action-cam style device.

At 2.85 inches by 1.45 inches by 1.7 inches, it's about the size of two flash drives back to back.

The camera feels solid.

Its anodized aluminum case and high-impact plastic sides give it a sturdy feel. But at only 3.8 ounces, it's lightweight.

It's easy to use.

The Rylo 360-degree camera only has three buttons. You use the one on top to turn it on or off, start and stop recording video, and take photos. You use the one on the back, which is next to its screen, to switch between video recording and picture taking modes.

By pressing its third button, which is on the bottom of the device, you can access its removable battery and microSD card.

Rylo's device can shoot video and take pictures in a full sphere.

Rylo's 360-degree cameraTroy Wolverton/Business Insider

The device has a camera on its front side and another on its back, and both cameras have a greater than 180-degree angle of view. Together, they allow the camera to capture videos and images in a full sphere around it, both side to side and up and down.

Such videos are becoming more popular. Both Facebook and YouTube can play 360-degree videos and you can view them inside virtual-reality headsets. That said, the videos you make with Rylo won't appear in 3D if you view them in a VR headset, as these videos aren't stereoscopic. You'll still be able to watch the videos, though.

It does a pretty good job taking video in daylight.

 

This is a video of me walking down a street in San Francisco on an overcast morning.

The camera is not great in low-light settings.

 

Here's a video I captured at night, walking out of a dimly-lit bar in San Francisco out onto the street. As you can see, the Rylo camera could barely capture anything inside the bar. It did better outside, but the images were really grainy and the colors were off.

The camera effectively shoots low-resolution images.

The Rylo device shoots 4K video (3840 x 2160 pixels) and 6K (6000 x 3000 pixel) photographs. Nominally, those are ultra-high resolution.

But the 4K videos and 6K images include the entire, combined 360-degree spherical view of the device's two lenses. What that means is that if you focus on any particular part of a video or picture, the images within it are likely to be pixelated or blurry, because there just aren't very many pixels covering those particular areas.

The photo above is a cropped out portion of a 360-degree image of my office during the day. As you can see, nothing in the photo is particularly sharp. By contrast to Rylo's camera, when you take a regular photo or a 4K video with your smartphone camera, its field of view is much narrower. Each pixel covers a much smaller area than with Rylo's camera, allowing it to yield sharper images.

The lenses offer a super-wide angle view.

The Rylo camera has two 7mm equivalent lenses — the smaller the number, the wider the field of view.

By contrast, the regular camera on the latest iPhones has a 28mm equivalent lens, and the telephoto lens on those phones is a 56mm equivalent.

The lenses' wide field of view allows the Rylo camera to see a full 360 degrees with only two of them. The drawback of that approach is that objects that are relatively close can appear distant. The table in this photo, for example, was actually only about 15 to 20 feet away.

The Rylo 360-degree camera includes a case that doubles as a grip.

The case makes it much easier to handle and use the Rylo camera — and it's versatile, too. You can unscrew the knob on the bottom of the handle to attach the grip to a standard camera mount, such as that on a tripod. You can also separate the handle from the case to a mount you might have on your bicycle, say. 

In addition to this "everyday" case, Rylo is offering a waterproof  "adventure" case. It sells that case separately for $69.

The memory card that comes in the box is limited in terms of how much 360-degree video it can store.

Rylo ships its camera with a 16GB microSD card. The company says that will hold about 35 minutes worth of 360-degree videos.

Rylo supplied reviewers with a 64GB card, and the device will support cards that hold as much as 256GB of data. But you'll have to purchase one a larger memory card separately.

The battery also has a limited duration per charge.

Rylo says the battery will allow you to shoot continuously for about 60 minutes. However, you may not get it to last that long.

After about a minute on non-use, the camera will go into a standby mode. It might look like it's turned off, but it unfortunately still drains power. It won't turn off completely until it's gone 10 minutes without being used.

In my tests, the standby time seemed to significantly cut into the amount of time I could record video.

You can't preview your videos.

Rylo's camera has a small screen. But it only displays basic information, such as what percentage charge you have left on your battery and whether you are in video recording or picture-taking mode. You can't use the screen to see what you are recording or have recorded.

You also can't preview videos on your smartphone. The Rylo camera doesn't have a WiFi or other wireless radio, so it can't beam videos from it to another device.

To upload videos, you'll need to use a cable.

The Rylo camera doesn't include a WiFi or some other wireless radio, so to transfer videos from the device to your phone, you'll need to use a cable. Rylo includes one that allows you to connect the micro-USB port on the camera to the Lightning port on an iPhone.

You view and edit videos in Rylo's app.

When you connect the camera to your phone, your phone will launch Rylo's app, assuming you've already installed it. After you transfer videos to the app, you can watch them, edit them, save them to your phone's camera roll, or share them directly to Facebook or Instagram. The advantage of this approach is its convenience: You typically have your phone with you at all times.

Right now, the app is only available for iPhones. Rylo plans to offer an Android-compatible camera and app early next year.

The app automatically stabilizes videos.

 

Rylo's system automatically takes all the shaking out of your videos. Even if you took them while riding a mountain bike down a rocky trail, they will seem ultra-smooth. If you choose, though, you can turn off the stabilization feature, as in the video above.

By default, the system also ensures your videos appear right-side up and level with the ground, no matter how you hold the camera. In fact, the company says videos will appear to have been shot with the camera in one position even if it was actually spinning in the air while filming. 

Rylo's app helps you focus viewers on what you want them to see.

The defining feature of 360-degree videos — that they give you a spherical view — can be both a blessing and a curse. It can show things other videos simply can't, but the feature can also make it difficult for creators to direct viewers' attention to particular areas of a scene and for viewers to figure out what they should be watching.

Rylo's software was designed to solve these problems by allowing you to focus a video on a particular person or object. For example, if you took a video while riding a mountain bike and following a friend down a trail, you could direct the video to just follow your friend. Even as the trail twisted and turned, the viewer's attention would be directed at your friend.

Rylo's software also lets you point viewers to multiple things in a video, so if you take a video of yourself walking down a street, the video could start off directing viewers to the sidewalk ahead of you, then could shift their attention to the storefront across the street, and then pan back to direct them to the view behind you. Creating those focal points is as easy as pressing on the screen while reviewing a video: The software will present these options to have the viewer "look here" or have the video "follow this." If you add multiple "look here" points in a video, the software will automatically have the video smoothly pan from one to another.

Unfortunately, in my testing, both the "follow this" and "look here" features had trouble doing what they promised. Both tended to lose focus on what they were supposed to be following.

 

When I used "follow this," the video would frequently lose track of the person when that person moved and start following another object or person. When I used "look here," the video would gradually drift away from the object or person I tagged. In some videos I edited, I ended up having to direct the app to "look here" at the same place multiple times just to keep the videos focused on a particular spot.

Still, the Rylo app also allows you to add other cool effects.

Rylo's app offers an easy-to-use split-screen featureTroy Wolverton

In the Rylo app, you can easily create a split-screen view where you can see two things happening at the same time. For example, you could have a split-screen video showing your friend going down a trail on his mountain bike and your own face as you followed behind him.

The app also lets you quickly create time-lapse videos, so instead of having to turn on some time-lapse mode in the camera, you just adjust the 360-degree videos in the app after you've already shot them. You can easily adjust the speed of the videos from 2-16 times real-time speed.

The Rylo app includes some other basic editing features.

The app also allows you to trim the videos or crop the images. You can also manually tilt your videos so that the ground is a diagonal, say, or they're upside down.

But the app has some serious shortcomings:

•  It doesn't let you create multiple versions of the same video inside the app. So, if you want to create different cuts of the same video, you'll have to remove all the previous tweaks you've made to it first. Fortunately, you can do that fairly easily, with a couple of taps. 

•  What's more, the app doesn't offer much beyond basic editing features. You can't adjust the sound levels within your videos, add in different sound tracks, or fade from one video into another inside the app. Nor can you use it adjust the exposure of your images or to add titles to your videos.

•  Additionally, Rylo only offers a smartphone app. It doesn't offer any kind of PC program. So, if you want to do any kind of in-depth editing, you'll likely find yourself going through a multi-stage process, adjusting your videos first in Rylo's app and then transferring them to another app to do more fine tuning there.

The sharing feature is missing one big option.

Rylo's app lets you save your videos to your camera roll and to quickly post them to Facebook and Instagram. You can also save them to Dropbox and other cloud-storage services, send them to friends via email, or beam them to your computer using Apple's AirDrop feature.

But Rylo doesn't offer the option to instantly share your videos to YouTube. That's unfortunate, because along with Facebook, YouTube is one of the most prominent places to share and watch 360-degree videos.

Indeed, posting 360 videos made on Rylo to YouTube was actually kind of a cumbersome process. I first uploaded them to my Mac. Then I had to use an app I downloaded from Google to tag them as "spherical videos." Finally, I had to log into my YouTube account in my web browser and upload the videos there. It then took a good 30 minutes or so for YouTube to recognize them as spherical videos and display them as such.

One cool feature points to Rylo's most promising use.

 

In the app's sharing feature, you have the option to save your work not only as spherical videos but as standard, flat, high-definition ones, like the ones you'd watch on your regular TV. Combined with the editing features found in the app, that option opens up some really cool possibilities for Rylo's camera.

Budding filmmakers could potentially use the Rylo camera and software to create movies with effects that previously would have required multiple cameras, complex camera rigs, or expensive editing equipment. Take the split-screen view, for example. In the past, creating that kind of shot would have required syncing up videos on two different cameras. With Rylo, you can do it all with video from just one camera, and a couple of taps in an app.

Similarly, creating a video that smoothly panned from one vantage point to another while the camera was in motion would have required a pricey drone camera system or a professional camera equipment. But Rylo allows you to make a similar shot with a few taps in its app.

In the video above, I used the "look here" feature several times to have the video pan from one view to another. It's not Oscar-worthy material, to be sure, but it took all of about five minutes to do and gives a sense of the possibilities. And if I wanted to, I could re-edit the video to have it pan a different way or to create a split-screen view instead. 

Overall, Rylo's system offers more promise than polish.

Rylo

Much about the Rylo system is impressive. The camera is lightweight and appears to be well-made. The automatic stabilization feature works great. That it's able to create spherical videos with few noticeable seams with just two cameras is pretty amazing.

Additionally, Rylo's app offers some exciting possibilities for video makers. The ability to easily create split-screen videos and pan from one vantage point to another are really cool.

Unfortunately, the "follow this" and "look here" features don't work as well as promised. And because the app's other editing functions are fairly basic, the process of taking and sharing videos often isn't as easy as the company suggests. You'll likely need to polish them or do other tweaking elsewhere. 

The quality of the video you shoot with the Rylo device is also disappointing. It doesn't perform will in dim light, and even well-lit scenes can appear pixelated or grainy if you focus on any particular area of them. I might be able to overlook such shortcomings if Rylo's device were an inexpensive device. But it's priced at $500. It's $200 less than GoPro's comparable Fusion camera, but it's not exactly an impulse buy.

Here's hoping Rylo quickly upgrades its app and offers a second-generation, higher-resolution camera that performs better in low light, because I think the company's got a good idea here. It just hasn't yet turned it into a great product.

Rylo's camera is available on its own site and through Amazon.

Original author: Troy Wolverton

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Nov
30

UK Uber users and drivers are considering suing over its massive hack

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Brendan McDermid/Reuters

British customers and Uber drivers are considering suing Uber over a major data breach in 2016 which affected 57 million users globally, including 2.7 million in the UK. UK law firm Leigh Day told Business Insider that more than 10 customers had been in touch with legal queries, but said it hadn't launched formal claims. Leigh Day said it had written to Uber asking for more details about the hacking incident. The news comes after a British government minister suggested Uber had acted illegally.


More than 10 British Uber users and a separate group of Uber drivers have consulted law firm Leigh Day about possible lawsuits against the ride-hailing firm over the massive data breach which affected 57 million users globally.

Speaking to Business Insider hours before Uber revealed the breach had affected around 2.7 million UK users, Leigh Day partner Sean Humber said the firm had written letters to Uber on behalf of clients as a preliminary step.

The letters consisted of 26 questions probing whether Uber has evidence that customer data was accessed inappropriately; whether it paid ransoms to hackers and how much; and details of any other hacks. 

Humber said the process was at an early stage, and that Leigh Day hadn't launched any formal claims.

"We are at the early stages here," he said. "We're just trying to find out more information in relation to the breach itself. We have clients who are customers, but also drivers, all in the UK."

Humber wouldn't disclose who the customers were, but said more than 10 had been in touch.

GMB, a workers' union that also represents some Uber drivers, separately announced it had asked Leigh Day to probe the hack on behalf of its members.

Uber revealed last week that it had covered up a massive hack in 2016, where hackers accessed email addresses, names, and phone numbers. Uber reportedly paid off hackers as part of the cover-up, and failed to notify customers and regulators around the world of the breach. Incoming chief executive Dara Khosrowshahi apologised for the mistake, and fired the firm's security chief, Joe Sullivan. According to the Wall Street Journal report, however, Khosrowshahi knew about the hack when he took the job in August.

Humber said a legal claim would depend on whether Uber responds to Leigh Day's letters, and what the company says. He wouldn't comment on how much Uber could stand to lose.

"If private, confidential information has been mishandled, that could be a breach of the Data Protection Act, and people would have a claim under the act," he said. "It could be the misuse of private information, or it could be breach of confidence.

"If people have suffered distress or loss as a result of that data breach, in principle they are entitled to compensation."

Part of Humber's job is digging further into what Uber has said publicly. When the ride-hailing firm first disclosed the breach, it cited "outside forensic experts" who said there was no evidence customer or driver data had been misused.

"Who are these outside experts?" said Humber. "Would [Uber] provide us with a copy of their reports? It's important to go beyond assurance. That's all we're asking for at this stage."

It isn't clear how successful any consumer suit against Uber in the UK might be. Uber has consistently stated that it doesn't believe financial information was accessed in the hack, meaning victims might find it difficult to prove harm. Even if lawyers did uncover evidence that victims' financial data was misused, it would be difficult to pin it on a hack that took place last year.

British lawsuits over data leaks are also still relatively rare in the UK, meaning there's little precedence for an Uber case. An ongoing High Court case brought by workers at the supermarket Morrisons is one of the first data leak class actions in the country. There are, however, at least two class-action lawsuits against Uber in the US, though both have been brought about by states rather than individuals — Washington and Chicago.

Uber declined to comment.

Humber's comments come after Matthew Hancock, the UK's digital minister, suggested that Uber had acted illegally by failing to notify regulators of the breach.

Original author: Shona Ghosh

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Nov
30

Google is bringing its own take on Instagram-like stories to YouTube (GOOG)

YouTube CEO Susan Wojcicki.Justin Sullivan / Getty Images

YouTube is adopting the "stories" format made popular by Instagram and Snapchat, but with its own spin.

The new feature is called "Reels," and will allow creators to take advantage of a dedicated tab inside their channel's page to put stacks of 30-second clips there to share with their audience.

Creators can shoot video from within the app, and then do some basic editing like adding text, filters, stickers, or some background music.

Reels won't be displayed at the top of the app, so they won't have the same prominence as stories have on Facebook's services and Snapchat, but YouTube told TechCrunch that it might reconsider their position if the feature takes off.

There's also another major difference: Videos inside Reels won't disappear after 24 hours, as stories normally do, and won't need to be under a centralised feed either.

This means that youtubers will be able to create multiple, topic-based Reels, and fill them up at will for people to enjoy at any time — putting the focus of Reels on the content's story rather than the person's.

YouTube said that the feature will first arrive in beta, but didn't specify a date, say how long it plans for it to stay in beta, or which creators will get to use Reels first.

Get the latest Google stock price here.

Original author: Edoardo Maggio

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Nov
30

The head of Uber's booming food delivery business in Europe is leaving

A self-employed UberEATS food delivery courier rides his bike in London, Britain September 7, 2016. REUTERS/Neil Hall

Jambu Palaniappan joined Uber in 2012 and he's held a number of executive level positions. He has helped to expand Uber's food delivery service to 200 cities worldwide. Palaniappan is the latest Uber exec to leave the company.


Jambu Palaniappan, the head of Uber's fast-growing food delivery business in Europe, is leaving to become a venture capitalist, according to an internal memo seen by Business Insider.

Palaniappan has been with Uber since 2012 and held a number of high-level positions. He is the latest executive to leave the company, which is going through a turbulent period.

Jambu Palaniappan. Twitter/jpalaniappan

"After more than 5 years leading Uber and UberEats businesses in all corners of the globe, Jambu Palaniappan has decided to embark on a new adventure to pursue his passion working with the startup community at a leading European venture capital firm," the internal company update reads.

The memo was written by VP of Uber Everything Jason Droege and circulated around the company on Thursday.

It's not clear which VC firm Palaniappan is joining but it will be in London. Palaniappan is currently based in Amsterdam, according to his LinkedIn page.

Palaniappan joined Uber in July 2012 to help the company launch its taxi service in countries outside the US.

In June 2013, he was appointed to lead Uber's expansion in EMEA (Europe, the Middle East, and Africa) and India. He became Uber's regional manager in EMEA in February 2014 and, in July 2016, he was appointed to lead Uber's food delivery business, UberEats, in EMEA. At the time, UberEats was operational in a small number of cities.

Today UberEats partners with over 14,000 restaurants in 30 countries and 200 cities around the world. The company is on target to do $3 billion (£2 billion) in sales in 2017, according to a report in The Financial Times in October.

"Despite operating in a highly competitive region, Jambu and his team have built a business that continues to grow," the memo reads. "We're seeing extraordinary growth (even by our standards) in the region. Since Jambu joined mid-2016, EMEA Eats has grown 18x."

Uber has had a tough year. There are the accusations of corporate sexism. The video of its founder angrily berating a driver. Secret "Greyball" software designed to evade authorities. Executives obtaining the medical records of a rape victim. Lawsuits around the world. The resignation of CEO Travis Kalanick. The company also lost its operating licence in London.

But UberEats has managed to stay out of the limelight, with the exception of some protests by couriers who feel they don't get paid enough.

Uber's food delivery operation is underpinned by Uber's existing army of 2 million drivers, which can deliver food as well as passengers in some markets, as well as dedicated UberEats courier fleets.

Each UberEats sale includes the cost of the food and the delivery fee, meaning the average UberEats order is more expensive than the average Uber taxi ride.

But UberEats is unprofitable in most of the markets it operates in, with only 27 cities currently profitable in October.

There's also fierce competition in the delivery market.

UberEats goes head-to-head with the likes of GrubHub in the US and Deliveroo in the UK. Amazon has also launched its own restaurant food delivery service called Amazon Restaurants, which is available to Prime members, while Facebook launched a food delivery service in the US last month.

Palaniappan shared the following message with his team on Thursday. 

Hi Team,

As I've just shared in our all hands meeting this morning, after five incredible years at Uber it's time for me to start a new journey. I'm so grateful for the experience, thankful to you all for your contributions, and proud of what we've achieved over the last five years in both the Rides and Eats business across EMEA. Working with you all at Uber has been one of the great privileges of my life.

When I joined this company in 2012, Uber was just a small startup with 75 employees focused primarily on the US. I was living in San Francisco, and was excited about the prospect of helping a company scale globally. I packed up my flat in 24 hours, and was fortunate to begin a journey that took me to 35 countries around the world over the next several years.

I will always have fond memories of the many milestones that we’ve achieved together: my first role as a launcher and launch manager included starting Uber in my parents' hometown in India, as Regional General Manager for Eastern Europe, the Middle East & Africa we brought accessible transportation to some of Uber's fastest growing cities globally, and we started and scaled UberEATS across EMEA.

While I learned so much about how dynamic and unique cities and countries around the world are, I also learned that technology can be a powerful equaliser, bringing mobility opportunities and economic empowerment from Johannesburg to Cairo to Lahore, and magical food delivery experiences from London to Warsaw and beyond.

Over the last few months, I've had an opportunity to think about my interests and where I'd like to focus in the future. I like building new businesses and companies, and have been offered an opportunity to do more of that. Leaving Uber was an extremely difficult decision, but I'm excited about the prospect of pursuing my passions of supporting early stage businesses working with a venture capital firm in London.

More than anything, I will truly miss working with you all. Your passion, effort, commitment and resolve has motivated and inspired me since day one. If I can ever be helpful to any of you in your professional or personal journeys, I would be happy to do so.

Thanks for your faith in me, and your commitment to Uber; I will be forever grateful.

Original author: Sam Shead

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Google is being taken to court in the UK for bypassing iPhone privacy settings (GOOG)

Google CEO Sundar Pichai.Justin Sullivan/Getty Images
A group called "Google You Owe Us" is taking Google to court for the way in which it harvested data from people's iPhones. The group claims that 5.4 million people in the UK were affected. The case is likely to be heard in spring 2018 at the High Court.


Google is being taken to court in the UK for allegedly bypassing iPhone privacy settings, the BBC reports.

The Californian tech giant is reportedly facing legal action for harvesting data from 5.4 million UK users in order to deliver targeted ads.

The court case has been brought about by a group called "Google You Owe us," which is being led by former Which director Richard Lloyd.

Lloyd reportedly believes that users could get as much as "several hundred pounds" each if he wins. In such an event, Google could end up paying billions of dollars to UK users. Lloyd is being supported by law firm Mishcon de Reya, according to the BBC.

Google You Owe Us claims that Google placed ad-tracking cookies that can identity which websites you've been to on devices belonging to Safari users. Safari is a browser that blocks cookies by default.

According to Lloyd, Google then used the cookies to collect information that it could use to deliver more targeted ads.

The alleged activity, which became known as the Safari workaround, is reported to have taken place for several months in 2011 and 2012.

"In all my years speaking up for consumers, I've rarely seen such a massive abuse of trust where so many people have no way to seek redress on their own," Lloyd reportedly said.

"Through this action, we will send a strong message to Google and other tech giants in Silicon Valley that we're not afraid to fight back."

Lloyd reportedly claims that Google said he must come to California to pursue legal action.

"It is disappointing that they are trying to hide behind procedural and jurisdictional issues rather than being held to account for their actions," he reportedly said.

Google responded to the claims by saying in a statement: "This is not new — we have defended similar cases before. We don't believe it has any merit and we will contest it."

The case will reportedly be held in the High Court around spring 2018.

Original author: Sam Shead

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30

Robots will put up to 800 million people out of a job by 2030 — and the problem will be worst in rich countries

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Robots will have a massive impact on workers like restaurant dish washers Reuters/Carlos Barria

Robots and automation will put a huge proportion of the global population out of a job by 2030 — and the problem will be worse in developed nations. Jobs that involve repetitive tasks, data, and fewer skills will be the most impacted. Wealthier nations with more to spend on robots will be hit hardest. The good news is that there'll be enough jobs for workers who are willing or able to retrain in jobs such as care for old people.


Robots and automation will cause a major economic shift over the next 13 years, putting up to 800 million people out of a job by 2030, according to a new report from McKinsey.

The UN estimates that the global population will have reached about 8.5 billion by 2030, meaning robots displace about 10% of the future population from their occupations.

The McKinsey study covered 46 countries and 800 occupations, and found the extent of the impact really depends on where you are.

Wealthier nations like Japan, South Korea, the US, and the UK have more money to spend on automation, and therefore their workers will be most impacted. Poorer nations like India won't have the money to spend on automation, therefore jobs for humans will actually grow.

The type of job affected also varies — automation won't just affect low-paid, low-skill jobs. If the work involves repetitive tasks and data, it's vulnerable to automation too — as evidenced by artificial intelligence taking over some of the tasks traditionally done by junior lawyers.

Specialised, low-wage jobs will still require humans too.

Here are the jobs that will be most affected by automation in developed countries:

Machine and building equipment operators Dish washers in restaurants Food preparation workers Office staff like payroll managers and clerical workers Waiters

Here are the jobs that will be least affected in developed economies:

Health workers, such as doctors, nurses, and childcare staff Computer engineers Construction workers School teachers

The good news is, McKinsey predicts there'll still be enough jobs to go around. Anyone displaced by robots though will have to quickly learn new skills. Somewhere like Japan, for example, there'll be higher demand for care workers to look after its rapidly aging population.

According to the report, one third of the US workforce in 2030 will need to find a new job, and about half the workforce in Japan.

About 20% of UK jobs will be "displaced" by automated technologies.

Original author: Shona Ghosh

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30

TSB apologises as payments glitch hits on payday

Chief Executive of the TSB bank Paul Pester. REUTERS/Andrew Winning

Payments to and from TSB bank experiencing issues on Thursday morning. Some customers complain they have been left without their salary on payday. Bank apologises to customers, saying it's "working as hard and as fast as we can to resolve any issues."


LONDON — TSB is investigating problems with standing orders and bank-to-bank transfers, leaving some customers without their salary on payday.

The bank is experiencing issues with payments on Thursday and a customer service assistant confirmed to BI that the bank has been aware of problems since around 7 a.m. (Disclosure: the author is a TSB customer affected by the issue.)

The assistant said it is unclear whether the issue is specific to TSB or affecting other banks too.

Some TSB customers took to Twitter to complain of issues:

@TSB Hi - my salary has not gone in to my account and I believe this is the case for several other people. Is there a problem?

@TSB wages haven’t gone into my a/c today ” is there probs your side?

@TSB are you experiencing problems with pending transactions. My pending transactions disappeared of my account but not showing on my statement either

@AskHalifaxBank @TSB morning. Are there any known problems on either of your systems? Our monthly standing order from Halifax to TSB hasn’t gone through and slightly worried. Thanks

@AskHalifaxBank I have a standing order set up so every week £100 goes in to my TSB to save but today it’s showing as going out my Halifax but not going in to my TSB. What can i do?

A spokesperson for TSB confirmed the bank was aware of problems and investigating.

The spokesperson said: "We’d like to apologise to our customers who might be experiencing some disruption when making or receiving payments to TSB. We’re working as hard and as fast as we can to resolve any issues and will update our customers as soon as we possibly can."

Original author: Oscar Williams-Grut

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26

Here's what the thread count actually means — and why it doesn't matter

It's easy to think that a high thread count means better sheets. That's not really the case, here's why. Following is the transcript of the video:

Thread count doesn't matter as much as you think. It refers to the number of threads in one square inch of fabric. You might think a higher thread count means higher-quality sheets, but manufacturers have tricky ways of manipulating that number.

They can use low-grade cotton that's thin when spun. That way, they can cram more threads into a smaller space. Or, they can create a "multi-ply" thread by twisting two threads together before weaving. Since they've fit two threads in the place of one they can claim double the thread count. They can even twist four threads into a single "multi-ply" thread. This quadruples the thread count but doesn't make the sheets any softer or stronger.

So how do you know you're buying quality bedding? Experts say to look for organic cotton. It’s durable, soft, and breathable. Another good sign is the sheets will improve with each wash. Lower-quality sheets may come with polishes or waxes to make the feel of sheets at the store more pleasant. But those will wash off the first time you clean your sheets.

Also, if you see threads hanging off or nonuniform stitches that's a sign the sheets are cheaply made. Spend a little more, and sweet dreams will follow.

Original author: David Anderson

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26

4 times Google Translate totally dropped the ball

We all slip up every now and then. Scott Barbour/Getty Images

Google Translate is one of the most popular online translators in the world, but it occasionally drops the ball People have gotten bizarre and humorous results when they type in certain characters Sometimes the translations are strangely poetic.


Machine translators have made impressive strides since they first gained popularity online in the early 2000s.

The most popular translating service, Google Translate, upped the ante in 2016 when it introduced a system that translates whole sentences at a time, rather than taking them fragment by fragment.

But despite the advancements in technology, there are still plenty of moments when Google doesn't quite nail a translation, whether because of a glitch, an ambiguous choice of words, or human trickery.

Look what it did with this list of 30 countries

A reader of the linguistics blog Language Log noticed in April that a bizarre thing happened when he entered a list of countries for Google to translate into Spanish.

Ten of the 30 countries got cut from Google's version of the list, and for some reason, Honduras is repeated four times, while Guatemala and the United States appear twice.

Language Log

It also seems the online translation made some attempt to retain the alphabetical order of the original list, but didn't quite get the job done.

Then there's the case of the 'decearing egg'

One of Google Translate's most spectacular fails went viral in April after a user filmed his attempt to translate two Japanese characters.

The video, viewed nearly 4 million times, shows the user entering the two characters repeatedly and noting the increasingly bizarre translations Google comes up with each step of the way.

The first set of characters is translated as "return." Then there's "regret," "eco-production," "Eiffel Tower," and several instances of the perplexing nonsense phrase "decearing egg."

Things go completely off the rails when he gets back translations like "Transportation Eastern maple Egg bag," "Delicaceness of deep-sea squeeze trees," and for good measure, "DECEARING EGUEEGEGUGE deep-sea EEGEGEGYE EGGTAG."

Sometimes Google is strangely poetic

Linguist Ben Zimmer noticed that other sets of Japanese characters, when repeated over and over, yield strangely poetic results. For example, when he repeatedly entered two characters (pronounced e tsu), Google gave him the following work of art:

A house
Etsu
Escorts
Evangelion
Escape to the world
Electric roof top
Eyes
Eyes
A terrible experience
I miss you for a friend
I'm Loveland
I'm afraid to use it
I loan it for you
I miss you for a ___ ___ 0
Irregular situation
IMPORTANT NOT LIABILITIES
I felt it was a big experience.
Meanwhile Canoeing
Meanwhile, it is a must do for you
Meanwhile I can say that I am a
Meanwhile, we are a
Meanwhile, we are a
Take a look at the top of the page
I miss you for a moment.
IMPORTANT: I can not go wrong.

And typing every single letter in order apparently means something too

Perhaps the weirdest Google Translate quirk yet involves the Vietnamese alphabet. As another Language Log user observed, when you type each letter of the Vietnamese alphabet in order as they appear on a keyboard, Google spits out a vaguely coherent sentence riddled with legalese:

Language Log

I tried the same thing with a slightly different set of letters, and started deleting characters one by one, with interesting results:

While Google Translate has certainly come a long way, there are clearly a few wrinkles it still needs to iron out.

Original author: Mark Abadi

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26

How a harsh criticism turned 'Coco' into Pixar's most uniquely made movie yet

"Coco." Disney/Pixar

"Coco" is the latest Pixar movie and is directed by Lee Unkrich ("Toy Story 3"). The movie focuses on the Mexican holiday, Dia de los Muertos ("Day of the Dead"), and marks the first time Pixar has told a story around a cultural celebration. Unkrich brought on cultural consultants to make sure the story was representing Mexican culture correctly. This is the first time a Pixar movie has welcomed in outsiders to a project still in production. This came after the Latino community protested Disney for attempting to patent the phrase "Dia del los Muertos" for the movie.


Director Lee Unkrich was hot off the box office success and Oscar win for 2010’s “Toy Story 3” when he delved into making a movie that focused on the Mexican holiday, Dia de los Muertos. Seven years later, the project now known as “Coco” is finally ready for release (in theaters November 22), but the experience of making it was unlike any other Pixar movie before. 

Under the watchful eye of Pixar/Walt Disney Animation head John Lasseter, Disney animation has been a powerhouse for over two decades. A big reason for that is the visionaries behind the scenes who are always looking for a challenge. For Unkrich, it was the Day of the Dead holiday that really fascinated him as an entry into telling a story. 

“It wasn't until I started to learn about the tradition, and what it was truly all about, and its history, that I started to really see the potential of telling a story that could be very adventurous and visually dazzling, full of music and color, but could also have a real emotional resonance,” Unkrich told Business Insider. “And that's what we're all really looking for ultimately in the stories that we tell. We don't want to just tell a story that's gimmicky and clever.”

It would be new terrain for Pixar: the first time it would tell a story around a cultural celebration. But Lasseter was game. He gave Unkrich the okay and the filmmaker got started in September of 2011.

The story follows a young boy named Miguel who secretly wants to be a famous musician, though his family has forbidden music after his great-great-grandfather left the family to seek out fame as a musician. While celebrating Day of the Dead, Miguel magically ends up in the Land of the Dead, and must go on a journey to find his way back to the living while also searching for his great-great-grandfather.

Miguel in the Land of the Dead. Disney/Pixar

“Many of us have lost loved ones and have spend time thinking about them and wanting to keep their memories alive, so we felt even though this was a culturally specific setting for our story that it was going to be full of ideas that people all over the world could relate to,” Unkrich said.

But finding the right tone for the culture it was spotlighting turned out to be the project’s biggest challenge. At first, to stay clear of stereotypes and making sure to be culturally respectful, Unkrich said he used many Pixar artists and employees who are Mexican or Mexican-American as a sounding board. However, a major roadblock hit the production in 2013 when Disney filed an application to patent Dia de los Muertos for the release of the movie. The Latino community went into an uproar on social media and a petition to stop Disney went up on Change.org and received over 21,000 signatures. The company quickly withdrew the application.

Unkrich admits making “Coco” has been a learning process from the start, but he said they really hit their stride when they put together a group of cultural consultants. Made up of people like Lalo Alcaraz — author of the nationally syndicated comic “La Cucaracha,” who was one of the most vocal opponents of the patent — and Latino playwright Octavio Solis, the group would meet with Unkrich, codirector Adrian Molina, and their team every few months and look at the development of the project. It was the first time on any Pixar movie that outsiders were allowed into the studio’s creative process. And getting the feedback of outsiders didn’t stop there.

“We ended up bringing in periodically big groups of all sorts of folks from the Latino community, from artists to writers to political figures to media executives, because we wanted to get a lot of different perspectives,” Unkrich said. “What we quickly learned is there is no one right way to tell a story set in the Latino community, there are a lot of different opinions. Part of our challenge was trying to navigate all those different opinions to figure out our path forward.”

These meetings with the consultants and Latino community didn’t lead to any major changes to the story, Unkrich said, however they were responsible for many small tweaks that increased the movie’s connection to Mexican culture.

One example is a change in how the character of Miguel’s grandmother, Abuelita, disciplines people.

Don't mess with Abuelita and her chancla. Disney/Pixar

“In her earlier conception we gave her a wooden spoon that was tucked into her apron string and she would whip that out and kind of hit you to express displeasure,” Unkrich said. “It was at one of our earlier screenings that a couple of our cultural consultants said, ‘A spoon has nothing to do with Latino culture, she should really pull off her chancla, her slipper, and hit them with it.’ And that was the first time we learned about la chancla, and we embraced the idea fully. That one adjustment has proven to win us a lot of points in the Latino community because it's something a lot of people grew up fearing.”

Then there were the factors surrounding the movie that were beyond Unkrich and Pixar’s control, like how immigration suddenly became a hot-button topic after the election of Donald Trump as president. Unkrich said he and his crew were in Mexico on election night, recording music by local musicians for the movie. He said the news of the Trump win didn’t dampen anyone’s spirits, but he does recognize the current climate about immigration and race, and how it’s changed substantially since back when they began working on “Coco.”

“I feel like this has been a confusing time for many people, and there's lots of negativity in the air, and we just hope that with this film we are bringing some needed positivity,” he said.

Unkrich doesn’t know if “Coco” can be a unifier, but he does believe that telling stories like this is important.

“I think a lot of great change in history has come from stories and storytelling, there's a power to it,” he said. “The one thing that everyone knows for sure these days is that we're living in super unpredictable times. All I can really say is that I firmly believe that by bringing this movie out we're trying to be part of the solution rather than trying to be part of the problem.”

Original author: Jason Guerrasio

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26

Here's how many people watched the original shows that Facebook is renewing for second seasons (FB)

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Samantha Lee / Business Insider

Facebook has ordered second seasons for only a handful of the original shows it's funding for its Watch video section. The shows all share the same kind of viewership numbers: Significant views in the tens of millions followed by steep declines in viewership for subsequent episodes.

Watch is Facebook's three-month-old effort to foster television-like viewing habits on its service by offering original, episodic video programs (and to rake in the billions of dollars spent on TV advertising). Business Insider recently spoke with multiple partners that produce shows for Watch about how Facebook is judging the success of early shows.

The sheer number of views a show garners isn't as important a factor in determining whether a show gets renewed for another season. For example, Refinery29's scripted "Strangers" show reached nearly 9 million views but none of the following episodes cracked even 200,000 views, according to viewer data Facebook publicly shares on its website.

Other Facebook Watch shows that got re-upped include: "Ball in the Family," a reality show about the basketball family known for its high-scoring siblings and more recently the father's war of words with President Trump. "Returning the Favor," another Watch show getting a second season, stars Mike Rowe of "Dirty Jobs" fame going around to random towns and giving people gifts. 

Total views to these shows aren't setting any records right now. But Facebook thinks they have the potential to create a loyal audience.

Original author: Alex Heath

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26

What makes gluten-free diets unique from every other diet

Gluten-free diets are one of the few that doctors actually prescribe. So why are so many Americans following it.  Peter Green, the director of Celiac Disease Center at Columbia University, explains the myths surrounding gluten-free diets. Following is a transcript of the video.

I’m Peter Green. I'm the director of the Celiac Disease Center at Columbia University.

We’re not sure why a gluten-free diet has become so popular but of all the diets if you look at the diets such as veganism, organic food, low carb, South Beach Diet, paleo diet, etc they don't have the medical legitimacy that a gluten-free diet has.

A gluten-free diet is prescribed as a treatment for celiac disease.

Also, there’s a lot of mythology that's going on.

There are several books that tout that gluten is the source of all evil, causing autoimmunity, causing dementia and brain issues, and responsible for us being obese, big bellies, wheat bellies, and there's very little scientific evidence to support the benefit of a gluten-free diet in anything except celiac disease.

So, celiac disease is an autoimmune disease that occurs in genetically predisposed individuals that develop this immune response to gluten which is the term for the storage protein of wheat, rye, and barley and it's actually very common.

It occurs in about 1% of the population which makes it one of the most common autoimmune genetically-determined condition but in this country, only about 20% of the individuals with celiac disease are actually diagnosed.

Now, in the time that celiac disease has been noted to increase, a gluten-free diet has become very popular.

More than twice that percentage, like 2-3% of the population are actually avoiding gluten and we not sure why that is.

The people who avoid gluten or PWAGs “people who avoid gluten”, we don’t know why they are doing that, so it's a very trendy diet, it's a popular diet.

Original author: Rob Ludacer and Jessica Orwig

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26

Here’s how much you need to exercise if you sit all day

So many of us sit all day at work, although countless studies have concluded it’s terrible for our health. A massive study found out how much you have to exercise in order to prevent these health problems.

Editor's note: This video was originally published on July 29, 2016.

Original author: Brad Streicher and Rebecca Harrington

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26

One of Wall Street's biggest bears just doubled his bitcoin forecast to $11,500

Bloomberg TV

Tom Lee of Fundstrat has nearly doubled his forecast for bitcoin, calling for the cryptocurrency to hit $11,500 by mid-2018. Lee says that a recent dip in bitcoin's price wiped out weak, low-conviction holdings, clearing the path for further gains.


Well that sure escalated quickly.

Tom Lee, the managing partner and head of research at Fundstrat Global Advisors, has almost doubled his forecast for bitcoin. He now expects the scorching-hot cryptocurrency to hit $11,500 by mid-2018, up from his previous estimate of $6,000 released in August.

The adjustment comes just a few weeks after Lee turned neutral on bitcoin, when it was hovering around the $7,400 level. At the time, he felt that there were simply too many "weak hands" holding the cryptocurrency with low conviction, leaving it susceptible to a sharp drop at the first sign of turbulence. In his mind, the appropriate level to start loading up on more bitcoin was around $5,500.

And sure enough, bitcoin fell last week to $5,600, which Lee says wiped out those fickle holdings and allowed him to resume his bullish view.

"This move to $5,600 cleaned up weak hands and we no longer feel caution is warranted," Lee wrote in a note to clients on Wednesday.

Further, two variables that explain 94% of bitcoin's historical moves — according to a statistical model developed by Lee — have rebounded, further fueling his optimism. Those variables are unique bitcoin network addresses and transaction volume per user, which, when regressed against the price of bitcoin, can provide signals suggesting possibilities for the future direction of the cryptocurrency.

The price of bitcoin compared with the projected value of bitcoin, based on the FundStrat model using unique addresses and transactions. Fundstrat

Lee is also optimistic about the coming launch of bitcoin futures, which many think will increase the cryptocurrency's legitimacy, thereby expanding its potential user base. Bitcoin hit a new record on the news. Lee does warn, however, that the use of futures could further concentrate mining power.

Looking beyond bitcoin, Lee is one of the most bearish analysts on Wall Street when it comes to the stock market. He sees the benchmark S&P 500 ending 2017 at 2,475, which puts him in the bottom quartile of strategists surveyed by Bloomberg. The average price target is 2,524.

Markets Insider

Original author: Business Insider

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26

Here's everything you need to know about blockchains, the ground-breaking tech that could be as disruptive as the internet

Samantha Lee/Business Insider

From a 'castle' full of bitcoin millionaires to the initial coin offering (ICO) craze, it's hard to escape the chatter about how some people are building their fortunes off the new world of cryptocurrencies. But behind those cryptocurrencies sits a technology called blockchains, which some people believe could fundamentally rewrite how transactions are handled online.

With analysts at UBS estimating that blockchains could be a $300 billion to $400 billion global industry by 2027, it's clear that regardless of what happens in the bitcoin bubble, blockchain technology is here to stay.

Here's what you need to know about blockchains, the technology that's set to disrupt the world of contracts, finance, shipping and countless other industries.


Blockchains are digital ledgers

Samantha Lee/Business Insider

Simply put, a blockchain is a digital ledger. Each unit of the ledger is a "block," and these blocks are linked in order of when they are created. The blocks are linked together using cryptography, which binds them together in a way that is virtually un-editable. 

Inside every block is a complete history of everything that has ever happened on that chain, as well as the rules that all of the blocks follow. 

Think of a blockchain as an ever evolving music playlist

Darren Hauck / Stringer

Imagine that you start a new playlist on Spotify. Every time you add a song, you create a new version of the playlist, or a new "block" in the chain.  The new block contains your newly added songs and the previous songs. 

If your cousin decides to add some country music songs onto the playlist, she creates the next block in the chain. If that block is approved by all participants, a new block gets added to the chain and becomes the new version of your playlist. If your cousin also decides to delete one of your songs from the playlist, the next version of the playlist would contain a note that the song was previously on the list, but has been deleted.

 

 

They are most useful in situations where you need a trustworthy system of record

Bernie Madoff was sentenced to 150 years in prison in 2009 for running the biggest fraudulent scheme in U.S. historyMario Tama/Getty Images

Blockchains are good for two things: recording events, and making sure that record is never erased. 

This makes them particularly useful in situations where two people want to make a deal but don't trust one another.

Some think blockchains could put an end to fraudulent deals, such as the Ponzi scheme that led to famed investor Bernie Madoff's demise around 2009.

Blockchains could eventually replace institutions like banks and law firms

Spencer Platt/Getty Images

As a society, we've developed institutions, like law firms and banks, to handle the exchange of property and money. 

But many of these exchanges can also be achieved using blockchain technology as a smart contract — or a self-executing contract. Smart contracts use rules to require that one thing happens in order to get a desired outcome. 

If Person A is leasing an apartment, for example, the smart contract could require that Person B transfer $1,000 to Person A in exchange for the apartment door code.

Blockchains eliminate the risk of having a middleman who defrauds someone on either side of the transaction or who takes the money and runs.

Bitcoin, the first blockchain ever, was created in 2009 to do just that

A Japanese American man named Dorian Prentice Satoshi Nakamoto was misidentified as the creator of bitcoin in 2014. The true identity of bitcoin's creator or creators remains unknown.REUTERS/David McNew

Bitcoin — the uber popular cryptocurrency whose price soared above $8,000 a pop this month — was the first blockchain ever created.

Bitcoin was created in 2009, following the instructions set out in a white paper written by a mysterious figure known as Satoshi Nakamoto, whose true identity is still unknown.

The original idea was to create an electronic form of cash that could be sent "peer-to-peer" without going through a bank — an objective which was inspired by the banking crisis during the 2007-2008 recession.

The whole system is "distributed," which means no single institution has control

Samantha Lee/Business Insider

Because there is no central server to hack or attack, hackers cannot just take over a single computer and make a change. This is compared to a bank, for example, which may have a central database of information, or a central vault in which all of the money is stored.

It also protects users from relying on institutions, such banks, which often make decisions in their own self-interests, and which can be volatile and susceptible to collapse in some regions.

Every change on the blockchain has to be approved of by the network

Samantha Lee/Business Insider

One of the reasons that it's so hard to edit blocks is that a blockchain lives across a distributed network of computers that all have to approve of any change that happens on the network.

This process is called consensus, and it's considered to be one of the major security benefits of working on a blockchain.

One major drawback of blockchains is that they are still pretty slow

Flickr / Nick

Every application that is built on top of a blockchain processes the entire history of that blockchain every time a change is made. This means that transactions on blockchains are extremely slow when compared to normal computer speeds.

Bitcoin, for example, can only handle seven transactions for second, while Ethereum can handle around 13. This is compared to Visa, which as of 2014 could handle 56,000 transactions per second.

As blockchains like Bitcoin and Ethereum gain momentum, engineers will have to adapt the technology so that it is able to scale to its full potential.

When something does need to be edited, that requires a "fork"

Samantha Lee/Business Insider

Like a fork in the road, blockchain forks are when one chain diverges to become two. Forks are used in blockchains when there is a rule change or a block that needs to be removed.

However, because of the distributed network — which requires every computer to consent to any change — forks are not easy to achieve. Forks often become political issues in the communities that make such decisions.

Forks can get pretty political, especially when it comes to cryptocurrencies

REUTERS/Bobby Yip

The Bitcoin blockchain, for example, has seen several forks as the larger community works to create a blockchain that can handle more transactions-per-second than is possible on the original blockchain.

One of those forks took place in August with the creation of "bitcoin cash." The new blockchain has all the same history as the original bitcoin blockchain up until the moment that it forked. 

To take just one example of how political things got: the highly-valued cryptocurrency exchange Coinbase saw users flee in response to the company's decision not to host the new currency, bitcoin cash. The company quickly reversed its decision and decided to support the newly created currency. 

Ultimately though, most consumers will never notice a difference

Consumer-facing applications will look exactly the same.Matt Cardy / Stringer / Getty Images

Despite the hype, blockchains are designed to be a backbone for the transaction layer of the internet. While you may notice better tracking on items you buy online, or lower international transfer fees, most consumers won't ever interact with blockchains directly. 

Hyperledger Fabric lets corporations build private blockchain projects

Ginni Rometty, CEO of IBM, has positioned the company as a leader in blockchain.IBM

Hypderledger Fabric is a hybrid private/public blockchain created by the Linux Foundation, which makes it easy for large corporations to create blockchain products with more privacy than other public blockchains allow.

It's been embraced by a host of large corporations like IBM, Cisco, and Oracle, which use the technology in their own blockchain products.

IBM is using it to track food around the world to improve food safety.

Tim Boyle / Staff / Getty Images

IBM has a few different blockchain projects, including a product that aims to prevent food-borne illnesses by improving the system that tracks produce from farm to grocery store.

The company is also teaming up with the fintech startups Stellar.org and KlickEx Group to use blockchain technology to process financial transactions across borders and currencies — a process which is often prohibitively slow and costly for small business owners, especially when they are in developing regions with smaller banking infrastructures.

Oracle is releasing a platform to let its customers build their own smart contracts

Oracle

Oracle plans to release a product in 2018 that has "pre-assembled" tools for enterprises to use for anything that requires contracts, transactions, or tracking. 

It's one of the biggest projects to date which will let companies benefit from blockchains without having to interact directly with the complicated and hard-to-use technical infrastructure behind the technology.

Analysts predict that blockchain could be a $400 billion market by 2027

Blockchain tech could have a significant impact on industries in the next 10 years.iStockPhoto

In October, the UBS Chief Investment Office published a report called "Cryptocurrencies: Beneath the bubble," which estimated that blockchain technology could about add $300 billion to $400 billion to the global economy by 2027.

"Investing in the blockchain wave is akin to investing in the internet in the mid-nineties," the note reads.

But the analysts at UBS are not without their reservations. The note said that while it could lead to "significant disruptive technologies" in the next 10 years, that there are still "technological shortcomings" which need to be resolved before it will be clear which applications will be the most profitable to invest in.

Original author: Becky Peterson

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Nov
26

A bakery in Finland wants humans to eat high-protein bread made with crushed crickets

A Finnish bakery is using ground flour from dried crickets.Each loaf contains about 70 crickets.It contains more protein than normal bread.More than 2 billion people eat insects worldwide.

 

Finnish bakery and food service company Fazer has launched what it said was the world's first insect-based bread to be offered to consumers in stores.

The bread, made from flour ground from dried crickets as well as wheat flour and seeds, contains more protein than normal wheat bread. Each loaf contains about 70 crickets.

"The crickets are in the form of flour and they have been ground as a whole cricket and then made into dough and then baked to a very delicious product," said Markus Hellström, CEO of Fazer Bakeries.

The demand to find more food sources and a desire to treat animals more humanely have raised interest in using insects as a protein source in several Western countries.

In November, Finland joined five other European countries - Britain, the Netherlands, Belgium, Austria and Denmark - in allowing insects to be raised and marketed for food use.

A spokesman said Fazer had been developing the bread since last summer. It had to wait for legislation to be passed in Finland for the launch.

"It tastes like bread. It's really good....I don't know!" said Sara Koivisto, a student from Helsinki after trying the new product.

Due to a limited supply of crickets, the insect-bread will initially only be sold in 11 Fazer bakery stores located in Helsinki region hypermarkets, but the company plans to offer it in all 47 of its stores by next year.

The company buys its cricket flour from the Netherlands, but said it was also looking for local suppliers.

Fazer, a family business with sales of about 1.6 billion euros last year, did not give a sales target for the product.

Insect-eating, or entomophagy, is common in much of the world. The United Nations estimated last year that at least 2 billion people eat insects and more than 1,900 species have been used for food.

In Western countries, edible bugs are gaining traction in niche markets, particularly among those seeking a gluten-free diet or wanting to protect the environment because farming insects uses less land, water and feed than animal husbandry.

Produced by Claudia Romeo 

Original author: Claudia Romeo

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