India’s central bank is shutting the door on bitcoin and other crypto-currencies

Crypto-Currency

Crypto-currencies may be one of the most intriguing subjects in the world of finance right now but they have failed to impress India’s central bank.

In a fairly definitive expression of its stance, a director of the Reserve Bank of India (RBI) has signalled that virtual currencies like bitcoin won’t be allowed in the country. “Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end,” said S Ganesh Kumar, executive director of the RBI, at a conference in Mumbai on Nov. 06.

Kumar’s comments are likely to end much of the speculation over the legitimacy of virtual currencies in India. However, blockchain technology, which underlies these virtual currencies, has significant potential, added Kumar. Banks in India are already relying on blockchain to enable overseas transactions, international remittances, and other processes.

For a few months now, talk about the government curbing the use of crypto-currencies has gained momentum, although an official notification to ban their use is still awaited. The RBI had earlier hinted at the possibility of India having its own crypto-currency, backed by the central bank, adding that it lacked confidence in existing virtual currencies that are privately held.

In August, a finance ministry panel also reportedly recommended that virtual currencies should be banned in the country because of their potential misuse for money laundering and fraud. Among other reasons, the soaring price of bitcoin has made the government uneasy. On Nov. 06, for instance, a single bitcoin was worth Rs4.92 lakh ($7,610.80), more than twice its value three months ago.

The crypto-currency ecosystem in India is very small: Bitcoin is accepted at only a few restaurants, and some virtual currency exchanges allow users to make payments for books or movie tickets. It is mainly being used as an investment option.

Unsurprisingly, participants in India’s virtual currency trade are displeased. “We will do our best to continue with our efforts to educate the government about crypto-currencies,” said Sandeep Goenka, co-founder of Zebpay, a bitcoin exchange. “It can be useful for India by turning the country into a fintech hub, to increase financial inclusion, and there are several other benefits of it.”

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Apple doesn’t need to charge $1,000 to make a killing on the iPhone X

iPhone X

With the entry-level 64GB iPhone X selling for $999 and the 256GB model retailing for $1149, the iPhone X is handily the most expensive iPhone Apple has ever released. And with good reason, the iPhone X houses more advanced technologies and complex components than Apple has ever managed to pack into a smartphone before. In turn, the iPhone X’s bill of materials (BOM) is also quite high. Citing data obtained from TechInsights, Reuters relays that the 64GB iPhone X costs approximately $357.50 to make. As a point of comparison, the iPhone 7 cost $220 to make while the BOM on the iPhone 4 checked in at $187.51.

Assuming that TechInsights’ estimate is even close to being accurate, Apple, not surprisingly, is making a killing with its latest flagship iPhone. With the $999 buy-in point, every iPhone X nets Apple a healthy gross margin of 64%, an incredibly impressive figure even by Apple’s standards. As a point of comparison, Reuters notes that the margin Apple enjoys on the iPhone 8 checks in at 59%.
As to the increased cost of the iPhone X, the primary culprit is the device’s brand new edge-to-edge display.

Several of Apple’s design choices for the iPhone X pushed up its price. In particular, its 5.8-inch (14.8 cm) edge-to-edge display and associated parts cost $65.50, compared with $36 for the iPhone 8’s 4.7-inch display, the analysis found.

That is largely because the iPhone 8 uses older LCD technology, while the iPhone X uses what is called “Super AMOLED” technology, which allows for more vivid colors and a thinner overall design.

Hardly a surprise, the display panel has long been the most expensive single component of every iPhone model, and seeing as how the iPhone X has a gargantuan OLED display, it’s not outlandish to see a price jump of 81% for the iPhone X display relative to the iPhone 8 display.

Other pricey components on the iPhone X include the device’s stainless steel chasis, which is about $15 more expensive than the aluminum used on the iPhone 8.

For what it’s worth, Apple has never been keen on BOM estimates. Not only has Apple said that most estimates are incredibly off-base, it’s worth noting that the cost of materials does not take into account manufacturing costs and, more importantly, research and development dollars. To this point, Tim Cook said the following during an earnings conference call two years ago: “Generally, there are cost breakdowns around our products that are much different than the reality. I’ve never seen one that is anywhere close to being accurate.”

While Apple could have theoretically priced the iPhone X lower while still enjoying stellar margins, the incredible demand we’ve seen for the iPhone X thus far suggests that Apple priced it just right and, per usual, is now laughing all the way to the bank.

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Google didn’t alter Factory Reset Protection in Android 8.1, isolated bug w/ lock patterns

byPass: Release of the Android 8.1 Developer Preview, new functionality is still being uncovered. One possible feature emerged, suggesting that Android was making a critical change to Factory Reset Protection. However, Google has confirmed to us that this is not the case and that a bug is to blame.

Introduced with Android Lollipop, Factory Reset Protection is a measure designed to prevent nefarious parties from wiping and flashing stolen devices. At first boot, the new owner would have to sign-in with the Google account previously associated with that phone or tablet.

Google didn’t alter Factory Reset Protection in Android 8.1, isolated bug w/ lock patterns

A Pixel 2 XL user running Android 8.1 documented forgetting their recently set screen lock pattern. Having no other remedy, the user factory reset the device in hopes of using their Google account credentials to regain access.

However, once on the “Verify your account” page noting that the “device was reset,” this user reported only having the ability to enter the forgotten Pattern. The expected option of being able to “sign in with a Google Account” was absent. At the time, some speculated that was a new security measure by Google to further deter device theft.

However, that is not the case. Google has confirmed to us that Developer Preview 1 of Android 8.1 has a bug relating to lockscreen patterns. Users in a similar scenario that set a PIN or password would be able to bypass Factory Reset Protection with their Google account.

According to Google, the bug will be resolved in the next developer preview that is scheduled to come later in the month.

The user in this case was fortunately able to get Google to replace the device via an RMA, but this incident does serve as a reminder that bugs are expected in any Developer Preview.

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New Galaxy S9 Leak Reveals Samsung's Sneaky Advantage

byPas: Samsung’s Galaxy S9 and S9 Plus are expected to be two of the fastest Android handsets when they are revealed early next year. Not only that, but the South Korean manufacturer’s agreement with Qualcomm will protect that position from competing smartphones.

DJ Koh, president of mobile communications business at Samsung, introduces the new Samsung Galaxy S8

The S9 family will have access to Qualcomm’s to-be-announced SnapDragon 845 processor (potentially alongside the Adreno 630 GPU). The 845 is expected to deliver performance gains of up to twenty-five percent over the current 835.

If you fast forward twelve months to Q4 2018, I have no doubt that there will be an army of Android-powered devices that will have the SnapDragon 845 hiding inside. Qualcomm will, once more, set the benchmark for another iteration of smartphones.

But the increased capability of the 845 will not be available to everyone in the first half of the year. The Galay S9 is expected to have a period of exclusivity where it will be the only handset that will carry the 845. After that period is up the volume of Galaxy S9 sales will likely preserve an effective monopoly until other manufacturers build up sufficient stock to go to market.

This follows a similar pattern from 2017, where the Galaxy S8 and Galaxy S8 Plus launched with exclusive access to the SnapDragon 835, which is now the de facto chip for many Android flagship handsets. Performance Queens who will demand the extra power and features that the SnapDragon 845 offers will have the choice to go for the Galaxy S9 or wait up to six months for a realistic chance of another handset picking up the same chipset.

Qualcomm is expected to reveal the SnapDragon 845 in early December 2017, which may give an indication as to some features that will be included in the Galaxy S9. Samsung is expected to launch the S9 during February 2018, probably just before Mobile World Congress.

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iPhone X order status: Apple is predicting a record holiday quarter and Wall Street is loving it

byPass: Apple’s most important number in its fourth-quarter financial results, just published: Its forecast for the current fiscal first quarter, which is both the launch period for the new iPhone X and the busy holiday shopping season.

Apple CEO Tim Cook

And Apple says to expect record sales, between $84 billion and $87 billion, representing roughly 9 percent year-over-year growth at the midpoint. That’s in line with what Wall Street was expecting, and suggests Apple will be able to meet enough iPhone X demand to drive growth.

Apple CEO Tim Cook

iPhone X orders “have already been very strong,” Apple CEO Tim Cook said on the company’s earnings call. He also said the supply ramp-up is “going well,” but “can’t predict” when supply will be in balance with demand.

Investors are pleased enough, and Apple shares are up more than 3 percent in after-hours trading, around $173.41 — representing an all-time high.

Apple’s earnings call, where the company is expected to offer some color on iPhone X sales, starts at 5 pm ET, 2 pm PT. We’ll be listening in and will update this post with more details.

As for the previous quarter, which includes the iPhone 8 launch last month, Apple shipped 46.7 million iPhones, generating $52.6 billion in total revenue — up 12 percent year over year — and $10.7 billion in profit.

That represents accelerating revenue growth, and Apple’s fourth quarter in a row of year-over-year growth.

Apple’s “other products” category, which includes the Apple Watch, Apple TV and AirPods, was its fastest growing percentage-wise, up 36 percent year over year to $3.2 billion. Cook says Apple Watch unit shipments grew 50 percent year over year for the third quarter in a row, though Apple does not disclose specific sales numbers for it.

Europe was Apple’s fastest-growing region last quarter, while China returned to growth — up 12 percent year over year — after six consecutive quarters of decline. Cook said Apple increased market share there for iPhone, Mac and iPad during the quarter. Meanwhile, India revenue doubled year over year, the company said.

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Robots might replace humans in future, warns Stephen Hawking

byPass: This is not the first time Stephen Hawking has raised an alarm about artificial intelligence. In 2015, he said that robots we design could crush humanity like an anthill.

While renowned physicist Stephen Hawking has been quite vocal about his views on how contacting aliens would be the downfall of humans, this time he has meted out a warning saying that robots will eventually replace humans completely.

The cosmologist has called artficial intelligence (AI) 'a new form of life', that will eventually take over mankind and 'outperform humans'.

According to a report in the Mirror, he said: He said: "I fear that AI may replace humans altogether.

"If people design computer viruses, someone will design AI that improves and replicates itself.

"This will be a new form of life that outperforms humans."

In an interview with WIRED magazine, Hawking had said that he doesn't believe there's a difference between what a human brain and a computer can achieve, so it follows that at some point the machines can become better than us.

‘I believe we have reached the point of no return,’ he said. ‘Our earth is becoming too small for us, global population is increasing at an alarming rate and we are in danger of self-destructing,’ he said according to a report in the Metro.

With this, he also stressed upon the gravitas of young people taking an interest in space research, so we can colonise other planets and save our species.

This is not the first time Stephen Hawking has raised an alarm about artificial intelligence. In 2015, he said that robots we design could crush humanity like an anthill.

He’s also said we should prepare to leave earth in 100 years, and that a ‘world government’ could be our only hope, the Metro report said.

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A mysterious message is locking Google Docs users out of their files

For anyone who stores work in the cloud, suddenly being unable to access your data especially due to a terms of service violation may sound scary. And it's really happening to some people, according to reports on Twitter. Rachael Bale, a wildlife crime reporter for National Geographic, said Tuesday that a draft of her story was "frozen" by Google.

Imagine you're working on a Google Doc when, seemingly out of nowhere, your ability to edit the online file gets revoked. What you see instead is an error message indicating that you've violated Google's terms of service.

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