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US regulator accepts bitcoin as a commodity
Virtual currencies like bitcoin just came one step closer to legitimacy in the US. As part of its first action against an unregistered bitcoin options trading outfit, the Commodity Futures Trading Commission has determined that digital currencies are commodities subject to its regulations. The move both puts cryptocurrency on the same level as conventional commodity derivatives (like futures contracts or swaps) and rejects the notion that they're 'just' securities, like stocks. This isn't a shocking move when the CFTC had already hinted that it would rule this way, but it could mean a lot if it both gets bitcoin exchanges off the ground and reduces the potential for abuse. [Image credit: Thomas Trutschel/Photothek via Getty Images]
PayPal makes it even easier to call in your debts
While PayPal has made its name (and serious money) helping people pay for their online and in-store purchases, sending cash to friends or family takes a little bit longer than it needs to. That's why the company created the Venmo app, but that's only available to US users. Even though Venmo, Facebook Messenger, Square Cash and other peer-to-peer payment apps are gaining in popularity, many people still shy away from actually asking for the money they're owed. In an attempt to take the friction out of asking for and receiving payments, the e-commerce giant has launched PayPal.me, a new service that makes requesting money as simple as sending someone a web link. Not only that, it's a link that'll never change.
Intel tackles diversity problem through referral bonuses
If the Ellen Pao case showed us anything, it's that Silicon Valley is still very much a (white) boy's club. In response a number of industry leaders including Apple, IBM, and Google, have pledged anywhere from $50 million to $300 million to boost the level of diversity in their workplaces. Intel is the latest firm to address the issue by doubling the referral bonus for any employee that successfully recruits a female, minority or veteran into the company to a whopping $4000. This is part of Intel's $300 million pledge to diversify its workforce.
Indie developers out thousands of dollars in OUYA-Razer deal (updated)
Once upon a time, it looked like OUYA would be able to support itself as an independent gaming company focused on the Android-based, microconsole experience. In 2013, it even offered up $1 million to OUYA developers as part of an initiative called Free the Games Fund, which promised to match crowdfunded cash for certain OUYA projects. Dozens of developers got involved and were banking on OUYA's contributions to complete and ship their games, often tens of thousands of dollars per project. Now that Razer is officially purchasing OUYA, all of this cash is in question and the developers involved are not happy. "Razer/OUYA's insistence that these deals are gone is causing us to have to majorly restructure our plans leading up to release," one developer, who wishes to remain anonymous, tells Engadget.
Winklevoss twins get closer to launching their bitcoin exchange
You may still think of the Winklevoss twins as those guys who claimed to have invented Facebook, but they've just taken a big step toward making their names in the digital currency business. The two have filed a New York trust application necessary for them to launch their Gemini bitcoin exchange. The move won't put Gemini on the same level as a bank if it's approved, but it will let the exchange accept deposits, issue loans and serve as an agent for government institutions.
YouTube millionaire PewDiePie responds to his haters
Felix Kjellberg, better known as PewDiePie, made a lot of money last year. His company, PewDiePie Productions, brought in about $7 million in revenue, mainly off of Kjellberg's YouTube videos where he plays video games and reacts in silly ways. With those videos, he's also raised more than $1 million for charity over the years. Kjellberg has 37.7 million subscribers on YouTube and about 9 billion views overall -- considering that he receives ad revenue based on the number of views his videos get, it's not surprising that he's making serious bank. However, When news of Kjellberg's revenue hit the 'net, quite a few people responded with anger, outrage or thinly veiled jealousy, as they do any time that PewDiePie's revenue goes public. This year, Kjellberg made a video addressing the money issue, including a brief description of his not-so-glamorous life before YouTube.
Bitcoin miners create invalid currency after a botched upgrade
Digital currencies are only as reliable as their software, and some Bitcoin users are learning this the hard way. Thanks to a "problem" with an upgrade that applies a new rule, some Bitcoin mining pools (namely, those that don't usually wait to validate their money) have been generating invalid data blocks. If you're using certain client apps, that could lead to making transactions that aren't really valid -- and mining operations that ran afoul of the change are losing income.
Facebook Messenger's money-sending tool arrives for all US users
When it first announced plans to let you send money to your pals in its Messenger app, Facebook said the feature would roll out in the States in the coming months. Well, the time has come. After flipping the switch for folks in New York City and the surrounding areas in late May, the social network is letting users in the rest of the US beam funds to friends, too. To leverage the currency tool, you'll need to link a debit card before money can be transferred from your bank account to a recipient. For added security, you'll have to input a PIN before each transaction and iPhone/iPad users can employ Touch ID to verify their identity. And all of the transferred data travels via an encrypted connection. Messenger may not be your first choice to reimburse someone for concert tickets or for picking up your tab, but if you use the app to chat with friends or family, it could come in handy.
Facebook Messenger's pay-your-friends feature reaches New York City
Facebook has been cautious about rolling out Messenger payments in the US so far, but it just opened them up in a big way. The feature now works for anyone in New York City and the surrounding areas, so you can cover your share of that SoHo pizza when a chat buddy brings it up. The software itself is a little more helpful, too -- it'll automatically link dollar amounts to help you pay them faster, and you can pay individual friends within group discussions. It'll be a while before you can sling cash to any Facebook user you like, but that day is at least getting closer.
MasterCard Send is a new way to distribute funds quickly
Let's face it: checks aren't convenient. If you're using them to pay for something, there's all the extra writing and mailing. If you're receiving them, there's a whole process for getting them into your account. Well, MasterCard says it solved the convenience issue with Send: a new system that allows businesses and individuals to securely exchange funds in minutes. This means that you'll no longer have to wait for a check to clear or for the transfer to go through. While businesses looking to send refunds, claims payments and rebates are a key focus, MasterCard is letting regular folks leverage the system to send money to friends and family, too. What's more, you don't have to be one of its customers to opt in, and you can use Send to pay for goods at participating retailers.
Warner Music made more money from streaming than it did downloads
So it seems that while streaming services don't offer much of a payout for artists, at least one label is apparently doing pretty well off of them. Warner Music Group announced today that for the first time ever it made more money off of streams than it did selling downloads. With income from Spotify and YouTube, the outfit raked in some 33 percent more money in its second quarter while digital music sales only increased by a paltry seven percent. The Deftones' label says that it'll keep working with streaming partners to keep this sort of thing happening and to "ensure artists and songwriters receive appropriate value for their work." Hopefully that means a re-appraisal of streaming royalties for the people who, you know, actually make the music that's being streamed. [Image credit: Getty Images]
Uber will take cash for rides in one Indian city
Part of the point of Uber is paying for a car ride without reaching for your wallet, but the company is willing to make exceptions if it means getting your business. As of May 12th, you can get a lift in Hyderabad, India using old-fashioned cash -- important in a country where online credit card payments are relatively rare. It's just an "experiment" at the moment, but the ridesharing outfit tells the Financial Times that it's considering expanding the option to other developing areas if it takes off. You probably won't be paying for American trips with hard currency, then. Still, the extra choice could mean a lot if the rupees in your pocket are all you have to get to the airport on time. [Image credit: AP Photo/Saurabh Das]
Square's 'cashtags' turn a custom web link into a tip jar
We hope you didn't just get some business cards printed, because you're going to want a new set. Square already simplified card payments with its phone-based swipe widget, and allowed businesses to take money through its Cash app. Now, it's introducing another way to fill (digital) wallets: "$Cashtags." Choose your own tag ($jondoe for example) and then anyone who wants to throw some money your way can just go to https://cash.me/$jondoe and securely wire you the green. Square has also just opened the Cash app to all US businesses (with a 1.5 percent transaction charge).
Send money to your friends with Facebook Messenger
Using Facebook Messenger to chat amongst your pals? Well, now you can employ that same app to send funds, too. After hints dropped last fall, the social network announced its tool that sends money inside Messenger would roll out in the US in the months to come. To send a few bucks to someone who grabbed lunch when your forgot your debit card, just hit the appropriately-labeled "$" icon, enter the amount and hit pay. The currency is transferred immediately, but it'll take a couple of days to show up in the recipient's bank account -- similar to a regular ol' deposit.
IBM's planning to harness bitcoin for its own payments platform
Bitcoin may have a long march toward legitimacy, but that doesn't mean its technical design isn't about to go mainstream. Reuters is reporting that IBM is examining the cryptocurrency's inner workings in an attempt to build a new form of international payment system. The idea behind the scheme is to get people to swap cash without having to use a bank or wire service. Instead, users would use a bitcoin-style system to transmit money anywhere in the world without having to use a third party that charges service fees.
RBS and NatWest add Touch ID login to their banking apps
If you manage your personal finances from a smartphone, you'll be familiar with the tiresome verification procedures that banks use to double-check your identity. To make everything a little simpler, RBS and NatWest are introducing Touch ID support to their iOS banking apps tomorrow. So rather than punching in a long-winded passcode, you'll just need a fingerprint to log in to your account. The feature is entirely optional though, so if you're worried that Touch ID isn't quite secure enough to protect your lifelong savings, it can easily be disabled on your iPhone 5S, 6 or 6 Plus. More importantly, the BBC reports that some in-app features will still require additional verification and, similar to contactless credit and debit cards, there will be an upper limit for new payments. So even if a crafty crook copies your fingerprint, most of the app should remain under lock and key.
Google now lets Brits send money over Gmail
Instead of smartphone apps and traditional bank transfers, Google is hoping that its Gmail and Google Wallet integration can strike a chord with people wanting to send money in the UK. The feature has been available in the US for ages, but finally it's headed for British shores too. Once you've finished writing an email, you'll soon see a new "£" symbol at the bottom of Gmail's composer: type in an amount, select the source of your funds and then hit the "attach" option. Job done. It doesn't matter if the recipient has a Gmail address and, in addition, when someone sends you some cash Google will give you the option of redeeming it or returning it straight away. You can keep it in your Google Wallet account for further transactions, or transfer it to your bank account if you need it immediately. Google says the feature will roll out in the UK "over the coming weeks," so hang tight if you're not seeing it straight away. Is this a precursor to a full Google Wallet roll-out, with contactless mobile payments and physical cards galore? We aren't getting our hopes up.
App devs made more money than the box office last year
Mobile apps have become an absolutely massive business in just a few years, and sometimes it can be difficult to truly grasp how fast the industry is growing. This little tidbit, courtesy of Asymco's Horace Dediu, is a great data point to help put it in perspective: In 2014, iOS app developers as a whole made more money than the movie industry did off of box office receipts. According to Apple's latest brag rag, the company paid out a whopping $10 billion to app developers last year which puts it a good deal above Hollywood's box office earnings for the same time period. Based on Apple's 30 percent "take" of each app sale, that puts App Store billings at about $14.3 billion. It's important to note that box office intake doesn't accurately capture the entirely of the Hollywood economy, which extends to retail sales, streaming, licensing, and many other revenue-generating products and services. But as Dediu points out, Apple's payout is only a portion of the overall app economy as well, and when you add competing platforms, licensing for products, and other revenue to the top, apps are likely still bigger than the overall Hollywood picture. [Image via Asymco]
Gamestop holiday sales down 6.7 percent to $2.94 billion
As it does every January, ubiquitous mall retailer Gamestop has issued its holiday sales report. Though sales of $2.94 billion mark a year-on-year decline in business, it comes as little surprise and the retailer remains optimistic. That $2.94 billion figure is overshadowed by the $3.15 billion Gamestop reported last year (though it tops the $2.88 billion from the previous year's sales report). The key reason for this is a year-on-year 32 percent decline in new hardware sales. While that seems dire, keep in mind that the 2013 holiday season saw the launch of both the Xbox One and PlayStation 4, so the $3.15 billion Gamestop reported last year is likely greatly enhanced by the appearance of new hardware on the market. The highlight of Gamestop's holiday sales report is a 5.8 percent increase in new software sales, which the retailer attributes primarily to a 94.4 percent jump in sales of games for the now-established Xbox One and PlayStation 4 consoles. "During the holiday period, consumer demand for video games was strong, resulting in new software sales growth," said Gamestop CEO Paul Raines. "We expect that trend to continue into the first quarter. Overall, each of our business units performed well giving us positive momentum as we look toward 2015."
Elite: Dangerous rolls back decision on billionaire rollback
There was a bit of a to-do recently about money in Elite: Dangerous. A bug caused numerous players to receive a credit "refund" that wound up making them instant billionaires, which might have had some long-term ramifications for anyone who had hoped to actually play in the sandbox economy in the future. While the developers had initially opted against wide-scale rollbacks, asking instead for affected players to choose whether to be rolled back or not, that decision has been reversed. Unexpected billionaires will find all of their bug-gotten gains rolled back and removed, with the development team contacting those affected personally to make sure that nothing legitimate gets caught in the crossfire. Meanwhile, players who found a way to exploit the game explicitly will also see their gains removed. So those who were hoping for rollbacks in the wake of these issues will be happy; those happy with billions of credits for no real effort will be... less happy. [Thanks to Cotic for the tip!]
