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Top 10 Tech Fails of 2014

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Here are the top 10 tech fails from this past year. From Mt. Gox to the Icloud nude photo leaks and the more recent Sony hacks, there have been several serious tech fails in 2014: here are the highlights in no particular order.

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Also read: Top 10 Things Bitcoin Can Offer the World

Top 10 Tech Fails

ICloud Nude Photos

tech fails

Nude photos of celebrities including Jennifer Lawrence, Kirsten Dunst, Scarlet Johansson, Ariana Grande, Kate Upton and more than 100 others. Hackers were able to obtain access to celebrities accounts through their ICloud accounts through a phishing scheme. By taking advantage of a security flaw in ICloud that allowed unlimited password guesses, the attackers more than likely used brute-force to gain access into the celebrities accounts. While ICloud itself was not hacked, it still brought into question the safety of users accounts on Apple servers – something you don’t want on the heels of the release your mobile-payment service.

The Amazon Fire Phone and Blackberry Passport

Aptly named, the Amazon Fire phone went up in flames and left nothing but a plume of smoke. While Amazon successful generated much hype for their smartphone, it failed to live up the expectations – especially with their poor 3-D display. Amazon is literally giving away their phones for free now. Blackberry didn’t do so well either with their Passport. The phone is big a clunky, too big to hold in one hand and heavy. Combine this with the buggy performance and poor camera, and it’s easy to see why the Passport never made it.

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Uber

Despite receiving investments that valued the company at more than $40 billion, 2014 hasn’t been the best year for Uber. In fact, one might say that was the only good thing to happen to Uber this year. It has been reported that several Uber drivers harassed and raped passengers, and one driver ran over a six-year-old child. Uber stalked reporters, and an executive suggested the company should dig up personal information on its biggest critics. Uber has pushed subprime loans on cab operators and sabotaged its biggest rival by ordering nearly 6,000 riders and then canceling them all. They even ran a sexist ad campaign in France!

The Sony Hack

A hack on Sony Pictures released information including personal information and emails from executives, internal memos, compromising the upcoming James Bond movie ‘Spectre’ and emails reportedly suggesting star Andrew Garfield might be booted from the Spider-Man series and more. North Korea is the prime suspect for the hacking in retaliation for their upcoming release of “The Interview” – a film where about a plot to kill Kim Jong-Un.

The Home Depot and Chase Bank Hacked

Ignoring urges made by Home Deports contractors to strengthen its cyber defense by activating a key, unused feature of its current security software; Home Depot fell victim to cyber attacks. Hackers stole 56 million credit and debit cards as well as 53 million email address from Home Depot customers over the spring and summer.

Not to be outdone, hackers were able to break into servers hosting data for JPMorgan Chase & Co, stealing the contact information for 7 million small business and 76 million households, nearly 65% of the US households. This has been one of the largest data breaches in history.

Microsoft and Karma

In October, Microsoft CEO Satya Nadella implied that instead of asking for a raise, women should have faith that their effort and work will be noticed and rewarded. When asked, “What do you advise women who are interested in advancing their careers, but not comfortable … with asking for a raise?”, Nadella replied, “It’s not really about asking for the raise, but knowing and having faith that the system will actually give you the right raises as you go along.” He added that “women who don’t ask for raises” have a “superpower … because that’s good karma, that’ll come back … that’s the kind of person that I want to trust.”

Later Satya Nadella disavowed his controversial comments and apologized saying, “I answered that question completely wrong,” he wrote. “I believe men and women should get equal pay for equal work. And when it comes to career advice on getting a raise when you think it’s deserved, Maria’s advice was the right advice. If you think you deserve a raise, you should just ask.”

Bendgate and iOS 8.0.1 Bricking

Immediately after Apple began selling the Iphone 6 Plus in September, the internet was abuzz with images of bent phones. The hashtag “bendgate” was created by internet personality Lewis Hilsenteger after he posted a video of himself bending the much-anticipated IPhone. Apple insisted that only nine customers had complained about their phone bending during the first week of sales. But wait, there’s more!

A week after the Iphone 6 was launched, Apple released an iOS 8.0.1 update to fix some bugs. Instead of fixing these bugs, Apple only made things worse. After updating, users complained that their IPhones were unable to connect to cell networks, and the fingerprint reader no longer worked. Apple quickly pulled the update and released iOS 8.0.2 a few days later.

$400 Million Mt Gox

What began as a website for users of the Magic: The Gathering Online service to let them trade cards like stocks grew into the world’s largest trading platform for Bitcoin, only to crash and burn after losing nearly $400 million worth of Bitcoin valued at the time. Cyber attackers tricked Mt.Gox and were able to siphon off users Bitcoins into their own account. In what only can be called a series of blunders, Mt.Gox made things worse by locked down accounts, stopping investors from withdrawing their funds.

Microsoft Kinect 2.0 and Sony PlayStation TV

The Kinect 2.0 was supposed to be Microsoft’s answer to the PS4, but it turned out that gamers were more interested in playing games over talking to their consoles. Despite voice recognition and other features, it just didn’t do well. Microsoft unbundled the Kinect 2.0 in May to make their console more price-competitive. Despite this set back, the Xbox One outsold PS4 in November – so there’s that.

It seems like a no-brainer, but gamers care about the gaming experience first and the TV second. The PlayStation TV fails to deliver on both accounts. If you’re going to launch a streaming box, you need to have Netflix, Hulu, Amazon and Youtube at the very least. The gaming experience was lacking as well – the PS Vita graphics look blurry on big screens. The PlayStation TV doesn’t even support 1080p resolution.

Heartbleed

At least 81% of sites run on the web server programs Apache and Nginx, which were both vulnerable to the Heartbleed bug. These sites include Amazon, Google and Yahoo to name a few. Security researchers discovered a fatal flaw in the key safety feature for surfing the web – the one that turns your emails, banking, shopping and passwords into strings of random numbers and letters. It’s the padlock image in the address bar you seen when you supposedly on a secure website. The bug was exploited in August and resulted in the theft of 4.5 million records from one of the country’s largest hospital networks.

Images from Shutterstock.

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Trade.io Aims to Solve the Problems Plaguing Online Forex Brokers

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If you’re looking to trade online forex, the first question is determining which brokers are reliable and which are total scams. The annals of Web 2.0 are filled with an ungodly number of forex scams, shady businesses and multi-level marketers. This has spawned an entire community of vigilantes looking to keep pace with the latest forex scam hitting the market.

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Although reputable brokers have secured a mile-wide lead on the competition, the retail forex world still has a long way to go to clean up its image. Exuberant fees and a lack of transparency are just some of the issues that currently plague the industry.

It is against this backdrop that Trade.io launched its blockchain-based trading platform.

Trade.io Platform

The company recently launched its pre-ICO with great fanfare, attracting nearly $9 million in funding with time to spare. According to the company’s whitepaper, the platform offers cryptocurrency trading as well as broad access to forex and contracts for difference (CFDs) spanning precious metals, oil, commodities, indices and equities.

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Trade.io will use blockchain technology to launch a peer-to-peer trading platform that also functions as a launchpad to other token raises. Hacked has also learned from the team at that it will sponsor an academic incubator to further advance the blockchain space. Clearly, this is about more than just trading.

But on the subject of trading, the Trade.io team identified three major problems their platform was trying to solve.

Problem 1: Dealing desks

When it comes to forex trading, a dealing desk allows brokers to offset trades issued by their clients. In other words, they can give their client real market conditions on MT4, but don’t actually fulfill the trade. In the event that the trader earns profit, the broker pays out of pocket. From the broker’s perspective, this is where solid risk management skills are needed.

By leveraging blockchain and peer-to-peer technology, all brokerage transactions will appear on the public ledger. This effectively makes it impossible for brokers to trade against the client.

To be fair, dealing desks aren’t inherently bad, provided that the broker is liquid and in good standing. It’s also never a good idea to claim you do not operate a dealing desk when you do in fact work one. (Let’s just say this is more common than you think.)

Problem 2: Lack of transparency

One of the most powerful aspects of the blockchain is transparency, and this cuts across many lines. Online brokerages have been known to nickel and dime their customers via inefficiencies and exorbitant fees. Trade.io says its platform will reduce, and in some cases, eliminate high fees associated with the financial markets. We are not sure if this also applies to spreads, but we may soon find out.

Problem 3: Lack of innovation

Although forex brokers have been known to move swiftly on technology, they all tend to follow the same standard template. This extends beyond the assets covered to include the trading infrastructure (i.e. MT4/MT5) governing their platform. According to Trade.io, these brokers have been especially slow at integrating new blockchain solutions. This, in fact, is currently impacting much of the financial industry.

The people at Trade.io are attempting to incentivize participation through the public ledger. This appears to be more of a holistic strategy than any one particular selling point. According to the whitepaper:

“Blockchain technology changes all that for the first time due to its decentralized, incorruptible nature. Control isn’t handed over to a single entity, organisation or government, but rather is shared among all of its network users, thus transparency may be achieved at last.”

It remains to be seen whether Trade.io or platforms like it will be able to solve the myriad of challenges facing online brokers. The blockchain certainly isn’t the only new paradigm shift impacting the forex world. However, there’s little to suggest that brokers cannot integrate it to their benefit.

Social trading is another paradigm shift that the brokerage community has embraced with open arms. The results have been quite positive as more platforms enable collaboration among traders, analysts and other market participants. Blockchain might prove a little more complex, but resilience isn’t something that the best brokers have necessarily lacked.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Artificial Intelligence

Bitcoin Giant Bitmain Enters the High Stakes AI Race

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Artificial Intelligence

The Sophon, named for a fictional proton-sized supercomputer, could be the tool to train neural networks in data centers worldwide. It is the latest project being developed by Bitmain Technologies Ltd., the bitcoin mining giant that has carved out a dominant position in bitcoin mining.

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Such chips, called application-specific integrated circuits (ASICs), could unleash a new wave of distributed computing, according to Michael Bedford Taylor, a University of Washington professor who studies bitcoin mining and chips.

Sophon is due to debut before the end of the year.

Bitmain Has The Know-How

Bitmain has the background to play a role in the expanding artificial intelligence industry. The company designs the silicon that goes in bitcoin mining equipment, assembles the machines and sells them worldwide, in addition to its own bitcoin mining operation and the ones that it manages for other mining pools.

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Bitmain’s founders are not averse to playing a spoiler role.

Jihan Wu, the co-founder of Bitmain, supports the New York Agreement that seeks to double the bitcoin block size under the SegWit2X proposal, a move that some in the bitcoin community view as an attempt to give the miners control over bitcoin.

Some also believe Wu was behind the recent bitcoin split known as bitcoin cash, which at least one of Bitmain’s miners supported, a contention that Wu has denied. Wu points out that he was among the supporters of Bitcoin Unlimited, an earlier bitcoin scaling proposal that did not get activated.

Why Wu Supports Forks

Wu nonetheless said splits should be allowed. He said a fork is inevitable since people in the bitcoin community do not agree on how to best scale bitcoin.

Wu met Micree Zhan, Bitcoin’s co-founder, when Zhan was running DivaIP in 2010, a company that made a device that allowed a user to stream a TV show on a computer screen.

In 2011, Wu needed a chip designer to build a mining operation and approached Zhan. Zhan first designed an ASIC to run SHA-256, the cryptographic calculation used in bitcoin, at maximum efficiency. It took him six months to finish the job. His first rig, Antminer S1, was ready in November 2013.

Bitmain felt the sting of the 2014 Mt. Gox meltdown. But by 2015, bitcoin’s price bottomed out and later recovered. In the meantime, Bitmain introduced its Antminer S5.

Bitmain now employs 600 people in Beijing.

Also read: Bitmain clarifies its ‘bitcoin cash’ fork position

Ready To Take On Google

Bitmain has since developed a deep learning chip with improved efficiency. Users will be able to build their own models on the ASICs, enabling neural networks to deliver results at a faster pace. Google’s DeepMind unit used this technique to train its AlphaGo artificial intelligence.

Bitmain plans to sell the chips to any company looking to train its own neural nets, including firms like Alibaba, Tencent and Baidu. Bitmain could build its own data centers with thousands of deep learning rigs, renting out the computation power to clients the way it does with bitcoin mines.

Professor Taylor said companies like Bitmain that have excelled in bitcoin mining could take on the Googles and Nvidias since they have developed the skills to survive in an ultra-competitive and highly commoditized industry, and have the system level design expertise and the ability to reduce data center costs.

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Analysis

Cloud Storage: Mature Saturation or Early Adopter Phase?

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Cloud storage options have been available at a consumer level for decades, in fact, if you consider them properly. One of the earliest such options was called iDrive, which began operations in 1995. A private company, they are still in operation, offering services that directly parallel that of their newer rival, Dropbox. Additionally there have been efforts like Carbonite and Google Drive.

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It seems that the curve of technological adoption begins with centralized services and is later revolutionized by decentralized ones. In the same way that Bitcoin and cryptocurrencies in general are in the early stages of disrupting how people transmit money, Storj, Filecoin, Siacoin, and others are in the process of disrupting cloud storage. However, what is unclear to this author at this point is how much this market really can be worth long-term.

While there has been a period of time where extremely fast local storage was more expensive, these prices are coming down now. You can buy a 1TB SSD drive for a few hundred bucks, and with two of them you can have a RAID setup for redundancy. The price of extremely reliable, extremely fast, and extremely large drives is only going to continue coming down. How long before it’s so inexpensive that the concept of charging for access to it is less enticing? Even large firms with scaling needs might eventually be able to do it cheaper in house as the cost of hardware comes down.

Okay, so it’s unlikely that this will be a huge problem for the industry. In digital services, virtually everything has a market. Fair enough. But we must also consider what advantages these decentralized offerings have over their centralized counterparts. For one thing, encryption and security are sort of at the heart of the networks. As such, only the file owners are able to view their contents. This has great value to international firms, legal firms, and more. There may be cases where someone determines a file is safer in an encrypted cloud than in a local semi-encrypted disk.

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Then there are businesses where no amount of redundancy is too much, such as web hosting companies. Apart from Siacoin, Storj, and Filecoin, there is also SONM, for which storage is just one more computer resource they would like to allow people to distribute in a decentralized manner. SONM appears to this author as one of the most technologically interesting solutions to the problem of computer resource costs.

Forbes says that that we will see close to $300 billion spent on cloud services this year alone. It would seem that as more and more people come online from remote parts of the world, there will be a higher demand for inexpensive storage and back-up services. The long-term trajectory of all decentralized efforts in this category is probably, if executed correctly, nearly vertical.

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