Congressional testimony reveals some faults in Facebook’s digital currency plans


This post is by Jonathan Shieber from TechCrunch


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As Facebook continues to lay the foundation for getting some of the world’s largest payment processing and technology companies a seat at the global monetary policy table, the company faces significant obstacles to enacting its plans from both sides of the Congressional aisle.

In the second of what’s sure to be many (many many many) hearings in front of Congressional committees, David Marcus, the chief executive of Facebook’s new digital payments subsidiary, Calibra, faced hours of questions from Representatives on the House Financial Services Committee about the how and why of Facebook’s digital currency plans.

Facebook’s critics had questions about both sides of the company’s two-pronged approach to transforming the global financial services industry.

Marcus was able to avoid answering some of his toughest questioning by taking advantage of the grey area between Facebook’s role as the chief architect behind Libra (a financial instrument that uses blockchain technology to enable

Continue reading “Congressional testimony reveals some faults in Facebook’s digital currency plans”

Facebook’s regulation dodge: Let us, or China will


This post is by Josh Constine from TechCrunch


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Facebook is leaning on fears of China exporting its authoritarian social values to counter arguments that it should be broken up or slowed down. Its top executives have each claimed that if the U.S. limits its size, blocks its acquisitions, or bans its cryptocurrency, Chinese company’s absent these restrictions will win abroad, bringing more power and data to their government. CEO Mark Zuckerberg, COO Sheryl Sandberg, and VP of communications Nick Clegg have all expressed this position.

The latest incarnation of this talking point came in today and yesterday’s congressional hearings over Libra, the Facebook-spearheaded digital currency it hopes to launch in the first half of 2020. Facebook’s head of its blockchain subsidiary Calibra David Marcus wrote in his prepared remarks to the House Financial Services Committee today that:

“I believe that if America does not lead innovation in the digital currency and payments area, others will. If we

Senate Banking Committee Holds Hearing On Facebook's Proposed Crypto Currency
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Continue reading “Facebook’s regulation dodge: Let us, or China will”

Facebook reportedly hasn’t contacted the regulator it says will oversee Libra’s privacy and data security


This post is by Jonathan Shieber from TechCrunch


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A Swiss regulatory agency that Facebook executive David Marcus said in Congressional testimony would be responsible for overseeing data and privacy protections for the company’s newly launched cryptocurrency, Libra, has not been contacted by Facebook, according to a report.

CNBC is reporting that the Swiss Federal Data Protection and Information Commissioner, who Marcus said would oversee data protections for its cryptocurrency in his testimony before the Senate Banking Committee, has yet to hear from the company which is depending on it for oversight.

In a statement provided to CNBC, Hugo Wyler, who’s the head of communication at the FDPIC said:

“We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra… We expect Facebook or

Continue reading “Facebook reportedly hasn’t contacted the regulator it says will oversee Libra’s privacy and data security”

Daily Crunch: Facebook and Libra go to Washington


This post is by Anthony Ha from TechCrunch


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The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox every day at around 9am Pacific, you can subscribe here.

1. Highlights from Facebook’s Libra Senate hearing

David Marcus, the head of Facebook’s blockchain subsidiary Calibra, testified before the Senate Banking Committee today. He said Calibra will be interoperable, so users can send money back and forth with other wallets, and he committed to data portability, so users can switch entirely to a competitor.

At the same time, Marcus said Facebook will embed only its own wallet into its messaging apps Messenger and WhatsApp, which could give the company a sizable advantage.

2. Twitter.com launches its big redesign with simpler navigation and more features

The company has been testing a new version of its desktop website since the beginning of the year, and yesterday, the final

Curve Cash in App 1

Continue reading “Daily Crunch: Facebook and Libra go to Washington”

What we can learn from DTC success with TV ads


This post is by Arman Tabatabai from TechCrunch


Click here to view on the original site: Original Post




One of the most-discussed plot twists in recent advertising has been the pivot of Direct-to-Consumer (DTC) brands to linear TV. These data-driven, digital-first players are expanding well beyond Facebook and Instagram—and becoming serious players on the largest traditional medium in advertising.

A January 2019 Video Advertising Bureau study found that in 2018, 120 DTC brands collectively spent over $2 billion in TV ads—up from $1.1 B in 2016. 70 of those 2018 advertisers ran TV ads for the first time.

But while we know that they’re advertising on

Continue reading “What we can learn from DTC success with TV ads”

What we can learn from DTC success with TV ads


This post is by Arman Tabatabai from TechCrunch


Click here to view on the original site: Original Post




One of the most-discussed plot twists in recent advertising has been the pivot of Direct-to-Consumer (DTC) brands to linear TV. These data-driven, digital-first players are expanding well beyond Facebook and Instagram—and becoming serious players on the largest traditional medium in advertising.

A January 2019 Video Advertising Bureau study found that in 2018, 120 DTC brands collectively spent over $2 billion in TV ads—up from $1.1 B in 2016. 70 of those 2018 advertisers ran TV ads for the first time.

But while we know that they’re advertising on

Continue reading “What we can learn from DTC success with TV ads”

Highlights from Facebook’s Libra Senate hearing


This post is by Josh Constine from TechCrunch


Click here to view on the original site: Original Post




Facebook will only build its own Calibra cryptocurrency wallet into Messenger and Whatsapp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today.

Calibra will be interoperable so users can send money back and forth with other wallets, and Marcus committed to data portability so users can switch entirely to a competitor. But solely embedding Facebook’s own wallet into its leading messaging apps could give the company a sizable advantage over banks, PayPal, Coinbase, or any other potential wallet developer.

Other highlights from the “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations” hearing included Marcus saying:

3 lessons from Roblox’s growth to gaming dominance


This post is by Arman Tabatabai from TechCrunch


Click here to view on the original site: Original Post




Our recently published EC-1 on Roblox recounts the origin story and growth prospects of the company. But there’s one more piece to the story: what Roblox’s impact will be on gaming and the broader startup industry, if the company manages to multiply its current 90 million users.

roblox maus 1

Sources: TechCrunch, VentureBeat, Roblox

We’ve distilled three key ideas out of the EC-1 — lessons that may apply not only to game developers and gaming entrepreneurs, but also to the broader startup industry.

Lesson 1: UGC is a missed opportunity in games

Roblox has shown that user-generated content (UGC) is a missed opportunity for much of the game industry. The company aspires, in a way, to be the YouTube of games. And it is succeeding, with 2 million experiences to date.

The game industry generally has two problems with UGC. One is the games themselves: AAA games today are too complex, and lack

Continue reading “3 lessons from Roblox’s growth to gaming dominance”

3 lessons from Roblox’s growth to gaming dominance


This post is by Arman Tabatabai from TechCrunch


Click here to view on the original site: Original Post




Our recently published EC-1 on Roblox recounts the origin story and growth prospects of the company. But there’s one more piece to the story: what Roblox’s impact will be on gaming and the broader startup industry, if the company manages to multiply its current 90 million users.

roblox maus 1

Sources: TechCrunch, VentureBeat, Roblox

We’ve distilled three key ideas out of the EC-1 — lessons that may apply not only to game developers and gaming entrepreneurs, but also to the broader startup industry.

Lesson 1: UGC is a missed opportunity in games

Roblox has shown that user-generated content (UGC) is a missed opportunity for much of the game industry. The company aspires, in a way, to be the YouTube of games. And it is succeeding, with 2 million experiences to date.

The game industry generally has two problems with UGC. One is the games themselves: AAA games today are too complex, and lack

Continue reading “3 lessons from Roblox’s growth to gaming dominance”

UK Facebook users now have a tool to report scam ads


This post is by Natasha Lomas from TechCrunch


Click here to view on the original site: Original Post




Facebook has launched a tool for UK users to report ads they suspect of being scams.

The feature can be accessed by clicking the three dots in the top right corner of each ad on Facebook, then selecting ‘Report ad’, then ‘Misleading or scam ad’ and finally: ‘Send a detailed scam report’.

So if you want to think of it as a reporting ‘button’ it’s a button that actually requires four presses to function as intended…

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Once a scam ad report has been filed, the feature will alert a dedicated internal ops team at Facebook that is tasked with handling reports — so will be reviewing reports and removing violating ads.

The new consumer safety feature follows a defamation lawsuit filed in April last year by consumer advice personality, Martin Lewis, who had become exasperated by the volume of scam ads misappropriating his image

Continue reading “UK Facebook users now have a tool to report scam ads”

Snap turns to search giant Baidu to court Chinese advertisers


This post is by Rita Liao from TechCrunch


Click here to view on the original site: Original Post




Two years have passed since Snap Inc first struck a deal with Baidu that authorized China’s largest search engine to be a reseller of Snapchat ads for companies in Greater China as well as Japan and South Korea, where Baidu runs a portfolio of mobile apps.

This week, the pair announced they have renewed the sales partnership without revealing how revenues are divided between the two and when the extended agreement expires.

Despite being blocked in China like most other western social media services, Snap has shown interest in China in various capacities, including a research and development center in Shenzhen for Spectacles. It’s also serving the country’s game developers, e-commerce merchants and other export-led advertisers who wish to capture the network’s 190 million daily active users around the world.

Facebook and Twitter are in the same overseas ad business in China. Facebook, with an “experience center” in Shenzhen for

Continue reading “Snap turns to search giant Baidu to court Chinese advertisers”

What to expect from tomorrow’s antitrust hearing featuring big tech


This post is by Jonathan Shieber from TechCrunch


Click here to view on the original site: Original Post




Tomorrow, representatives from Facebook, Google, Amazon and Apple will testify before Congress in the second hearing organized as part of the House Judiciary Committee’s antitrust investigation into the world’s largest technology companies.

While the first hearing focused on the ways technology companies busted the traditional news business, this one promises to look at the “impact of market power of online platforms on innovation and entrepreneurship,” according to the committee.

Unlike the previous hearing, which featured representatives from media outlets and industry trade organizations attacking or defending the ways in which online advertising had gutted the news business, this latest outing led by Rhode Island Democratic Rep. David Cicilline will have actual tech company execs on hand to answer congressional queries.

One section of the testimony will feature Google’s economic policy head, Adam Cohen; Amazon’s associate general counsel, Nate Sutton; Facebook’s global head of policy, Matt Perault; and Kyle Andeer, Apple’s

Continue reading “What to expect from tomorrow’s antitrust hearing featuring big tech”

Facebook snags former Vine GM to run product for its new experimental app division, NPE Team


This post is by Sarah Perez from TechCrunch


Click here to view on the original site: Original Post




Is Facebook preparing to launch a serious competitor to TikTok? If so, the company just picked up some key talent to make that happen. Last week, Facebook announced plans for a new division, called the NPE Team, which will build experimental consumer-focused apps where it will try different ideas and features, then see how people react. Now, Facebook has picked up former Vine GM Jason Toff to join the NPE team as a Product Management Director.

Toff’s experience also includes time spent at Google, most notably as a Product Lead for YouTube before exiting to Vine in

Continue reading “Facebook snags former Vine GM to run product for its new experimental app division, NPE Team”

Hello HomePod. So Long Sonos & Bose


This post is by Om Malik from On my Om


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Sonos founder John MacFarlane’s vision of a connected speaker that could wirelessly stream music was too seductive to resist for a broadband and connectivity junkie like me. Even before the product evolved from a concept to design, I was sold on the idea of Sonos and what it represented. For years, the company’s speakers have been the preferred way of listening to music in my tiny apartment. But it is time to say goodbye to Sonos — though, not for the reason you might think.

Yes, most of my Sonos gear is over a decade old and needs an upgrade. And I’m told their new speakers look nicer and sound better than ever (of course, they only need to sound as good as the high-def stream on Spotify). But I am not going to be upgrading with Sonos. This has nothing to do with their core product. The problem is that they are bundling the speakers with voice assistants, specifically Amazon Alexa and Google Home. Yes, you have to turn on these features and enable them for use, but I remain highly suspicious of what can be done surreptitiously. You can blame it on a growing mistrust of the big tech, and their decision making processes. Continue reading “Hello HomePod. So Long Sonos & Bose”

‘The Operators’: Understanding your user – The art and science of UI/UX behind Facebook, Google, Mint, and Edmodo


This post is by Arman Tabatabai from TechCrunch


Click here to view on the original site: Original Post




Welcome to this transcribed edition of The Operators. TechCrunch is beginning to publish podcasts from industry experts, with transcriptions available for Extra Crunch members so you can read the conversation wherever you are.

The Operators highlights the experts building the products and companies that drive the tech industry. Speaking from experience at companies like Airbnb, Brex, Docsend, Edmodo, Facebook, Google, Lyft, Mint, Slack, Uber, WeWork, etc.,

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As FTC cracks down, data ethics is now a strategic business weapon


This post is by Danny Crichton from TechCrunch


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Five billion dollars. That’s the apparent size of Facebook’s latest fine for violating data privacy. 

While many believe the sum is simply a slap on the wrist for a behemoth like Facebook, it’s still the largest amount the Federal Trade Commission has ever levied on a technology company. 

Facebook is clearly still reeling from Cambridge Analytica, after which trust in the company dropped 51%, searches for “delete Facebook” reached 5-year highs, and Facebook’s stock dropped 20%.

While incumbents like Facebook are struggling with their data,

Continue reading “As FTC cracks down, data ethics is now a strategic business weapon”

Facebook reportedly gets a $5 billion slap on the wrist from the FTC


This post is by Jonathan Shieber from TechCrunch


Click here to view on the original site: Original Post




The U.S. Federal Trade Commission has reportedly agreed to end its latest probe into Facebook‘s privacy problems with a $5 billion payout.

According to The Wall Street Journal, the 3-2, party-line vote by FTC commissioners was carried by the Republican majority and will be moved to the Justice Department’s civil division to be finalized.

A $5 billion payout seems like a significant sum, but Facebook had already set aside $3 billion to cover the cost of the settlement and the company could likely make up the figure in less than a quarter of revenue (the company’s revenue for the last fiscal quarter was roughly $15 billion). Indeed, Facebook said in April that it expected to pay up to $5 billion to end the government’s probe.

The settlement will also include government restrictions

Continue reading “Facebook reportedly gets a $5 billion slap on the wrist from the FTC”

Facebook reportedly gets a $5 billion slap on the wrist from the FTC


This post is by Jonathan Shieber from TechCrunch


Click here to view on the original site: Original Post




The U.S. Federal Trade Commission has reportedly agreed to end its latest probe into Facebook‘s privacy problems with a $5 billion payout.

According to The Wall Street Journal, the 3-2, party-line vote by FTC commissioners was carried by the Republican majority and will be moved to the Justice Department’s civil division to be finalized.

A $5 billion payout seems like a significant sum, but Facebook had already set aside $3 billion to cover the cost of the settlement and the company could likely make up the figure in less than a quarter of revenue (the company’s revenue for the last fiscal quarter was roughly $15 billion). Indeed, Facebook said in April that it expected to pay up to $5 billion to end the government’s probe.

The settlement will also include government restrictions

Continue reading “Facebook reportedly gets a $5 billion slap on the wrist from the FTC”

Twitch continues to dominate live streaming with its second-biggest quarter to date


This post is by Sarah Perez from TechCrunch


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Twitch continues to lead rivals including YouTube Live, Facebook Gaming, and Microsoft’s Mixer when it comes to live streaming video. Despite experiencing its first decline in hours watched in Q2 2019, the Amazon-owned game streaming site still had its second-biggest quarter to date, with over 70% of the hours watched during the quarter.

According to a new report from StreamElements, Twitch viewers live-streamed a total of 2.72+ billion hours in Q2 — or 72.2% of all live hours watched — compared with 735.54 million hours on YouTube Live (19.5%), 197.76 million on Facebook Gaming (5.3%), and just 112.29 million hours (3%) on Mixer.

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Combined, the total hours watched across all four platforms was 3.77 billion in Q2.

While none of Twitch’s rivals are nearly catching up, YouTube Live did have a good month in May, breaking its own record with 284 million

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