Old DStv decoders will likely become obsolete

By Jamie McKane for MyBroadband

MultiChoice recently announced the launch of its first channel being broadcast on high-band frequencies, utilising the company’s new DStv satellite it launched in 2016.

The new channel is a Nigerian channel named NTA International, which offers local news, current affairs, and general entertainment.

NTA International may not be accessible for DStv customers with older decoders due to the fact that it is broadcast on high-band frequencies.

Certain older decoders and installations are unable to access content on high-band frequencies, which could prove problematic as new channels come online.

MultiChoice said it was working with customers to upgrade their decoders to support high-band frequencies.

High-band frequencies
MultiChoice told MyBroadband that while it has no plans to move existing channels to high-band frequencies, new channels which launch on DStv may make use of the high-band frequencies.

“We have no plans to move existing channels to high-band frequencies, as they are already allocated to frequencies on our satellites,” MultiChoice said.

“New channels and services still to be launched may be broadcast from high-band frequencies as that is where additional satellite capacity is available.”

“It also depends on whether existing channels are terminated, freeing up space on low-band frequencies,” the company added.

MultiChoice said that while new DStv channels will not necessarily be launched on high-band frequencies, this is where they will most likely be broadcast.

“New channels and services still to be launched will most likely be broadcast from high-band frequencies.”

MultiChoice has been preparing to broadcast on high-band frequencies since 2016, and has upgraded many customers to installations which support the technology.

“We expect that the vast majority of our customers will be able to continue to enjoy their DStv, including any new channels and services added on high-band frequencies in future,” it said.

Outdated decoders
There are a number of older DStv decoders which will not be able to view DStv channels broadcast on high-band frequencies.

These include the DStv SD PVR decoder in addition to other PVR and Explora decoders in certain configurations.

“There are also a handful of installation types that cannot receive signals on both high and low-band frequencies,” MultiChoice said.

The models listed below need to be updated to receive both low and high-band frequencies:

DSR 3000 (SD PVR Decoder) in any installation.
TDS865IMC (2-tuner PVR) in an XtraView installation.
Explora 1 or 2 with a twin LNB installation.
TDS850IMC (4-Tuner decoders) with twin LNB installation.
Single cable installations in a multi-unit dwelling or complex with communal dish/distribution.

MultiChoice added that there are relatively few customers who still have these installation types, and the company offers these users “fantastic” upgrade deals which include product installation.

By Alison DeNisco Rayome for Tech Republic 

Microsoft Office documents packed with malicious macros are the most common malware loader of the past month, accounting for 45% of all delivery mechanisms analysed, according to a Thursday report from Cofense.

Office Macros were followed in popularity by CVE-2017-11882, malicious batch scripts, malicious PowerShell scripts, and WSC downloaders, the report found.

This demonstrates that threat actors tend to leverage tried-and-tested delivery mechanisms, the report noted. Macros may have a low barrier to entry, but they are not used only by immature or low-impact cybercriminals: Malware delivered via macros is among the worst in today’s threat landscape, including Geodo, Chanitor, AZORult, and GandCrab, according to the report.

Macros remain a popular email attachment method of delivering a malicious payload because they are typically enabled on a machine, or easily allowed with a single mouse click, the report noted—making it very easy to launch the first stage of an attack. When used this way, macros are embedded Visual Basic scripts that are often used to download or directly execute further payloads.

The Microsoft Office Macro feature could be enabled by default in your organisation’s IT environment, according to the report. When this is the case, a user may not receive any warning that something is wrong upon opening a malicious document. Even when an organisation has some kind of protection in place—such as a security warning at the top of the document—it can often be dismissed with just one click, or may be ignored by the user.

IT departments can protect their organisation from macros by disabling them enterprise-wide, the report said. However, many businesses rely on macros for their legitimate usage, in which case IT may want to consider enacting a blanket policy of blocking documents at the gateway, or, perhaps more realistically, combining different policies such as blocking or grey-listing documents coming from unknown senders. Security education is also key, the report said.

The big takeaways for tech leaders

  • Microsoft Office documents packed with malicious macros are the most common malware loader of the past month, accounting for 45% of all delivery mechanisms.
  • Malware delivered via macros is among the worst in today’s threat landscape, including Geodo, Chanitor, AZORult, and GandCrab.

SA faces ‘biggest ever’ fuel hike in October

By Tom Head for The South African

You might have heard a few horror stories about the petrol price in South Africa soaring by R1 for next month. Well, we’re here to tell you it all seems completely true.

The AA forecast a rise of R1.12 per litre of petrol, and a whopping increase of R1.38 for diesel in October – a devastating blow that has been described as “the biggest single hike” in our country’s history. But what’s fuelling this crisis, and why are costs spiralling so dramatically? We’ve got answers.

Oil prices are nearing $100 a barrel
There’s a very bleak outlook for oil prices on a global scale. This is by no means a consolation, but it goes some way to explaining why it’s getting ridiculous in South Africa. It’s not just internal factors that have ramped up the petrol price. Some commentators believe oil prices will hit a 10-year high of $100 a barrel soon.

Tension between the US and Iran
It’s hard to accept, but the world tends to revolve around America at this point. While President Trump is taking a more hostile approach to foreign policy, Iran has become one of his targets. Now, the country is one of the biggest exporters of oil in the world, but there’s trouble on the horizon.

The US government are set to impose further sanctions on Iran while pulling out of an agreement regarding a nuclear deal achieved by the Obama Administration. Production is already dropping in the Middle-Eastern country, and further financial turmoil will have a negative effect on oil costs.

Countries not producing the goods
Energy Minister Jeff Radebe has highlighted that Libya produced 1.5 million barrels of oil a day before the regime collapsed in 2011. That number is now almost at a third of what it used to be.

Venezuela’s current crisis also got a mention. They are a member of the Organization for Petroleum Exporting Countries (OPEC), but the oil industry has all but collapsed in the South American state. To put it in laymen’s terms, production is down and the cost has gone up.

A weak rand value to the dollar
It’s been a nightmare month for the rand, which has had to battle against the fierce knockout blow delivered by the recession. With the financial crisis coming as something of a surprise, the rand plummeted against the greenback and has struggled to find its feet ever since.

It soared above the R15 mark, and only recently came back down to R14.40. Most recently, Turkey’s currency tanked as a result of Trump’s intense import tariffs, aimed at stimulating industrial growth within the US.

In a global market, for every action, there is a reaction, and all emerging economies felt the knock-on effect of Turkey’s wobble.

Government subsidy backfires
Have you ever tried to help a situation but only gone and made things worse? Well, that’s effectively what happened to Jeff Radebe last month. The minister announced that the government would subsidise fuel costs for the month of September, meaning that an increase in the petrol price was smaller than forecast.

However, what were we just saying about actions and reactions? The slight relief felt this month will be compounded by the misery said to be coming our way next week.

For petrol prices to rise by a rand within a 30-day period is sharp, shocking rise. Had there been no government intervention, there’d be less of a knock-on effect. October’s rise could have been as “little” as 50 cents per litre, had South Africans been allowed to pay the full whack in September.

DStv switches off its mobile TV service

Source: Tech Financials

MultiChoice has announced that it is ending its support for DStv Mobile service.

The TV operator company said in a letter to customers that the service will end on 31 October 2018.

DStv Mobile service was launched in 2010 as a DVB-H technology, which was fresh and new at a time.

The company said it’s not feasible to continue to maintain a separate land-based, dedicated network for this service alone, when an even better service can be offered to our customers on DStv Now via the internet and WiFi.

“While the DStv Mobile service will stop completely on 31 October 2018, we’re starting to switch off some of our transmitters already. As this might impact the reception of some of our customers, we are no longer billing for our DStv Mobile service from 1 September 2018,” the company said.

“We’ll also cancel any Decoder Insurance against DStv Mobile devices.”

The company said it has recycling bins available at its branches in Randburg, Durban and Cape Town where customers can drop off their mobile device to recycle. “You can also drop it off at any of our DStv agencies or recycle it through your local recycling centre,” said the company.

MTN and Telkom in rumoured merger

Source: MyBroadband

The Sunday Times reported that MTN South Africa and Telkom have held discussions regarding a possible merger.

A merger between the companies makes sense operationally, as it will create a telecoms powerhouse in South Africa with tremendous scale.

It will combine MTN’s strength in the mobile market and Telkom’s dominance in the fixed-line and fibre arena.

This scale will provide the companies with a competitive advantage in South Africa in both the fixed and mobile markets.

This, however, is the reason why such a merger will not be approved by the Competition Commission – unless strong political forces drive it.

MTN–Telkom plan not new
The plan to merge MTN SA and Telkom is not new. In 2015, MTN considered an acquisition of a majority stake in Telkom to challenge Vodacom’s dominance in South Africa.

At the time MTN reportedly held exploratory discussions about a possible offer for Telkom.

These discussions followed a planned network-sharing agreement between Telkom and MTN SA in 2014.

The plan was for MTN to take over financial and operational responsibility for the rollout and operation of Telkom’s radio access network.

MTN said at the time it does not expect the deal to require regulatory approval, but it expects resistance from industry participants.

MTN was wrong. In 2015, the Competition Commission recommended that the Competition Tribunal not approve a bilateral roaming agreement between MTN and Telkom.

The Commission said the transaction would impact the structure of the mobile market in South Africa, and would “prevent or lessen” competition.

Bigger deal will be more difficult
If the Competition Commission would not approve bilateral roaming and outsourcing of the operation of Telkom’s radio access network to MTN SA, a bigger deal will nearly certainly be rejected.

However, if there is enough political will to make such a deal happen, approval may be easier to get.

The South African government is a controlling stakeholder in Telkom, and President Cyril Ramaphosa was MTN’s chairman for over a decade – from 2002 to 2013.

If such a move can help the two companies to become more profitable and avoid further job cuts at Telkom, it may receive a favourable reception among political decision makers.

MTN comments on discussions
MTN South Africa’s executive for corporate affairs Jacqui O’Sullivan told MyBroadband that they remain in talks with Telkom regarding its roaming agreement.

“Reports regarding further discussions between the two operators are conjecture and MTN chooses not to comment on market speculation,” she said.

Telkom was asked for feedback regarding the discussions, but the company did not respond to questions.

By Andile Sicetsha for The South African

The South African Police Service’s (SAPS) cybercrime unit has been forced to drop investigations into hundreds of cases because software licenses have not been paid.

A report in the Sunday Times revealed that investigations into organised crimes, hacking and EFT scams have been halted due to expired software licenses for equipment used to decode and interpret cellphone data.

Other forensic capabilities have also been hindered by this. Data that would’ve been vital in the trial of alleged Islamic State members, Aslam Del Vecchio and Fatima Patel, is not available because of this.

Earlier this year, a service provider appointed by the State Information Technology Agency (SITA) threatened to halt essential services due to lack of payment, and the parliamentary portfolio committee on police said several police and SITA agreements were major security risks.

Speaking to the Sunday Times, a source with knowledge of the cybercrime unit’s operations said the police were migrating from technology that could be used in the field to a solution which tied officers to their desks.

In the past, investigators used a system called Cellebrite Touch. This was a device that could be used to interpret cellphone data in the field. It was quick and efficient.

This time, however, it seems that the unit has been moved to a desktop system, meaning that there would be a larger gap in turnaround times, and in this form of crime, time is everything.

Craig Pederson, the head of digital forensics at Computer Guyz, expressed the importance of the work conducted by the cybercrime unit.

“We live in an age where technology is used broadly and plays a definite role in many of the more serious crimes. The unit is a vital link in the complex task of collecting evidence”, Pederson stated.

Brenda Muridili, the SAPS’ spokesperson, could only state that the police would not be commenting on the issue.

“We are not able to disclose any information with regard to covertly required IT solutions”, she said.

By Tom Schoenberg, Greg Farrell and Matt Robinson for Fin24 

All it took to draw the US Justice Department into investigating Tesla was a single tweet by chairperson Elon Musk. But now that prosecutors have a toehold, they can dig in to look for other signs of misconduct at the electric-car maker.

The investigation is in its very early stages and where it leads is anyone’s guess. Many securities fraud probes over the years have started with a bang like the one that knocked as much as 6.6% off Tesla’s shares with Bloomberg’s report of the probe on Tuesday.

Some of those are flash news reports that trickle off without charges. At the other extreme are companies like Theranos, which pumped up its valuation with what the government said were false promises, leading to charges against founder Elizabeth Holmes and another senior executive.

“Criminal investigations are never good if you’re a public company because they open up a Pandora’s box and prosecutors will follow threads wherever they lead,” said Paul Pelletier, a former Justice Department prosecutor.

Tesla co-operating

Tesla said it’s co-operating with the Justice Department, noting that it received queries but no subpoena. The initial scrutiny surrounds Musk’s tweet on August 7 that he had money lined up to take the company private. Shares jumped. Later, he and his board said there was no formal proposal for the funding and they abandoned the plan.

The Securities and Exchange Commission quickly opened a civil investigation into the tweet and issued a subpoena for information, people familiar with the matter told Bloomberg.That was followed by the Justice Department probe. Neither the SEC nor federal prosecutors have accused Musk of any wrongdoing.

To prove criminal securities fraud, prosecutors would have to show not only that Musk’s statements were false, but that they were made willfully. That would require establishing that Musk purposely planned to inappropriately drive the shares higher or prevent them from going lower.

One area investigators would look for such evidence is in emails or other internal documents, according to former federal prosecutors.

Musk has often vented his frustrations with short sellers on social media. In May, Musk tweeted that he was expecting the “short burn of the century” and suggested that investors who were betting against the company start “tiptoeing quietly to the exit …”

The “funding secured” tweet did in fact trip up bearish sellers when the company’s shares rallied more than 10%. Government investigators will be trying to determine whether there was any connection to that statement and his desire to hurt short sellers.

Once federal prosecutors begin looking into Musk’s comments, they may also examine other things, including why the company’s new chief accountant picked up and left after just a month on the job – though he said at the time he had “no disagreements with Tesla’s leadership or its financial reporting.”

Under securities fraud laws, prosecutors could go back five years and more if they find evidence of a conspiracy.

Very often what starts out as an investigation of one subject takes a completely different turn, said Michael Koenig, who prosecuted former Qwest CEO Joseph Nacchio for insider trading.

‘Wait a minute’

“When we were investigating Qwest, we initially thought there were accounting fraud and revenue recognition type issues,” said Koenig, now a partner at Hinckley, Allen & Snyder. “As we started digging into it, however, we realised, ‘Wait a minute. Joe Nacchio is selling large amounts of his stock at the same time he’s telling the general public that the company is doing great, when he knew it was not.’”

Nacchio served four years and five months in prison after his 2007 conviction in the case.

A more recent example, according to Koenig, is the Hillary Clinton email investigation, which was reopened by the FBI after agents came across possible undiscovered evidence while investigating former New York congressman Anthony Weiner for sexting with a minor.

The lack of a subpoena from the Justice Department doesn’t mean its investigation is limited, according to Pelletier. Prosecutors can piggyback on the SEC’s subpoena to get a hold of whatever information Tesla discloses, obviating the need to issue a grand jury subpoena of its own, he said.

“That’s the normal course of action when the SEC has already issued a subpoena,” Pelletier said.

The SEC already was investigating whether Musk’s vehicle production forecasts misled investors before the regulator started scrutinising whether he had secured funding for a Tesla buyout, Bloomberg News reported on August 9.

Some of Musk’s predictions have been way off. Musk said during a May 2016 earnings call that, during the second half of 2017, he expected Tesla would produce 100 000 to 200 000 Model 3 sedans – the lower-priced car that’s pivotal to the company generating profit. Tesla ended up building fewer than 3 000 Model 3s in last year’s second half.

The Justice Department’s interest in Tesla isn’t good for investors, who saw the company’s share price drop just after the investigation was revealed. But the probe doesn’t mean that Palo Alto, California-based Tesla will go the way of Theranos.

Unlike Theranos, Tesla manufactures popular automobiles. While the SEC and the Justice Department might find that the company and some of its executives exaggerated Tesla’s financial performance, government officials would probably be hesitant to inflict a critical blow on a company that employs more than 35 000 people globally.

The nature and depth of any exaggerations by Tesla will ultimately determine how the company is treated.

If Musk’s conduct at Tesla is deemed to be a case where the CEO’s unregulated passion led him to hyperbolic claims, the resulting penalties are likely to be serious, but measured. But if evidence emerges that a win-at-all-costs mentality from the top led some executives to cook the books, the penalties could be severe.

The future of work in a digital world

By Cathy Smith, MD at SAP Africa

The digital age, and the new technologies it’s brought with it – blockchain, artificial intelligence (AI), robotics, augmented reality and virtual reality – is seen by many as a threat to our way of life as we know it. What if my job gets automated? How will I stay relevant? How do we adapt to the need for new skills to manage customer expectations and the flood of data that’s washing over us?

The bad news is that the nature of work has already changed irrevocably. Everything that can be automated, will be. We already live in an age of “robot restaurants”, where you order on a touch screen, and machines cook and serve your food. Did you notice the difference? AmazonGo is providing shopping without checkout lines. In the US alone, there are an estimated 3.4 million drivers that could be replaced by self-driving vehicles in 10 years, including truck drivers, taxi drivers and bus drivers.

We’re not immune from this phenomenon in Africa. In fact, the World Economic Forum (WEF) predicts that 41% of all work activities in South Africa are susceptible to automation, compared to 44% in Ethiopia, 46% in Nigeria and 52% in Kenya. This doesn’t mean millions of jobs on the continent will be automated overnight, but it’s a clear indicator of the future direction we’re taking.

The good news is that we don’t need to panic. What’s important for us in South Africa, and the continent, is to realise that there is plenty of work that only humans can do. This is particularly relevant to the African context, as the working-age population rises to 600 million in 2030 from 370 million in 2010. We have a groundswell of young people who need jobs – and the digital age has the ability to provide them, if we start working now.

Make no mistake, there’s no doubt that this so-called “Fourth Industrial Revolution” is going to disrupt many occupations. This is perfectly natural: every Industrial Revolution has made some jobs redundant. At the same time, these Revolutions have created vast new opportunities that have taken us forward exponentially.

Between 2012 and 2017, for example, it’s estimated that the demand for data analysts globally grew by 372%, and the demand for data visualisation skills by more than 2000%. As businesses, this means we have to not only create new jobs in areas like data science and analytics, but reskill our existing workforces to deal with the digital revolution and its new demands.

So, while bus drivers and data clerks are looking over their shoulders nervously right now, we’re seeing a vast range of new jobs being created in fields such as STEM (Science, Technology, Engineering and Mathematics), data analysis, computer science and engineering.

This is a challenge for Sub-Saharan Africa, where our levels of STEM education are still not where they should be. That doesn’t mean there are no opportunities to be had. In the region, for example, we have a real opportunity to create a new generation of home-grown African digital creators, designers and makers, not just “digital deliverers”. People who understand African nuances and stories, and who not only speak local languages, but are fluent in digital.

This ability to bridge the digital and physical worlds, as it were, will be the new gold for Africa. We need more business operations data analysts, who combine deep knowledge of their industry with the latest analytical tools to adapt business strategies. There will also be more demand for user interface experts, who can facilitate seamless human-machine interaction.

Of course, in the longer term, we in Africa are going to have to make some fundamental decisions about how we educate people if we’re going to be a part of this brave new world. Governments, big business and civil society will all have roles to play in creating more future-ready education systems, including expanded access to early-childhood education, more skilled teachers, investments in digital fluency and ICT literacy skills, and providing robust technical and vocational education and training (TVET). This will take significant intent not only from a policy point of view, but also the financial means to fund this.

None of this will happen overnight. So what can we, as individuals and businesspeople, do in the meantime? A good start would be to realise that the old models of learning and work are broken. Jenny Dearborn, SAP’s Global Head of Learning, talks about how the old approach to learning and work was generally a three-stage life that consisted largely of learn-work-retire.

Today, we live in what Ms Dearborn calls the multi-stage life, which includes numerous phases of learn-work-change-learn-work. And where before, the learning was often by rote, because information was finite, learning now is all about critical thinking, complex problem-solving, creativity and innovation and even the ability to un-learn what you have learned before.

Helping instill this culture of lifelong learning, including the provision of adult training and upskilling infrastructure, is something that all companies can do, starting now. The research is clear: even if jobs are stable or growing, they are going through major changes to their skills profile. WEF’s Future of Jobs analysis found that, in South Africa alone, 39% of core skills required across all occupations will be different by 2020 compared to what was needed to perform those roles in 2015.

This is a huge wake-up call to companies to invest meaningfully in on-the-job training to keep their people – and themselves – relevant in this new digital age. There’s no doubt that more learning will need to take place in the workplace, and greater private sector involvement is needed. As employers, we have to start working closely with should therefore offer schools, universities and even non-formal education to provide learning opportunities to our workers.

We can also drive a far stronger focus on the so-called “soft skills”, which is often used as a slightly dismissive term in the workplace. The core skills needed in today’s workplace are active listening, speaking, and critical thinking. A quick look at the WEF’s “21st Century Skills Required For The Future Of Work” chart bears this out: as much as we need literacy, numeracy and IT skills to make sense of the modern world of work, we also need innately human skills like communication and collaboration. The good news is that not only can these be taught – but they can be taught within the work environment.

It sounds almost counter-intuitive, but to be successful in the Digital Age, businesses are going to have to go back to what has always made them strong: their people. Everyone can buy AI, build data warehouses, and automate every process in sight. The companies that will stand out will be those that that focus on the things that can’t be duplicated by AI or machine learning – uniquely human skills.

I have no doubt that the future will not be humans OR robots: it will be humans AND robots, working side by side. For us, as business people and children of the African continent, we’re on the brink of a major opportunity. We just have to grasp it.

Facebook accused of job ad gender discrimination

Source: BBC 

Van driving, roofing, police work – all jobs for men. At least, that’s what a cluster of job ads placed on Facebook seemed to suggest.

The American Civil Liberties Union (ACLU) on Tuesday submitted a complaint to the US Equal Employment Opportunity Commission (EEOC) alleging that Facebook’s advertising system allows employers to target job ads based on gender – a practice the ACLU says is illegal.

Specifically, the complaint refers to three women in the states of Ohio, Pennsylvania and Illinois who were not shown advertisements for what have traditionally been considered male-dominated professions.

The complaint highlights 10 different employers who posted job adverts on Facebook – for roles such as mechanic, roofer and security engineer – but used the social network’s targeting system to control who saw the ad. In one example, that targeting meant one job was promoted to “men” who were “ages 25 to 35”, and lived “or were recently near Philadelphia, Pennsylvania”.

A separate investigation by ProPublica discovered what it said were more examples showing a similar pattern.

Earlier this year the investigative journalism site released a tool which readers could use to collect data on the Facebook ads they had seen, and send that information directly to ProPublica for analysis.

Using that method, the site said it discovered men were targeted specifically in dozens of cities around the US for driving jobs with Uber. This conclusion was based on 91 ads placed by Uber’s recruitment arm, only one of which was targeted specifically at women, with three not targeting any particular gender. The rest were designed to be seen by men only.

In a statement, Uber said: “We use a variety of channels to reach prospective drivers – both offline and online – with the goal of enabling more people, not fewer, to earn on their own schedule.”

Missing information
However, this data should be treated with caution. It is not clear that any broad conclusions can be made about perceived discrimination on Facebook.

While one advertisement in isolation may be targeting men specifically, there may have been an equivalent advertisement targeting women running in the same time frame – ads that may not have been picked up by ProPublica’s tool. Furthermore, if a user clicks on an ad to see why it has been targeted – as in the ACLU complaint – they will be told why they specifically saw the ad, but not details on the entire audience for the ad.

The BBC understands Facebook is in the process of putting together data to dispute the findings and respond to the ACLU’s complaint.

While targeting users based on gender may seem relatively harmless when it comes to, for instance, clothing brands, doing so for job advertisements may be against US law. The Civil Rights Act of 1964 specifically prohibits discriminating against a person because of “race, colour, religion, sex, or national origin”. The law applies to every stage of employment, including recruitment.

Facebook said it was looking into the complaint
“When employers in male-dominated fields advertise their jobs only to men, it prevents women from breaking into those fields,” said Galen Sherwin, from the ACLU’s Women’s Rights Project, arguing that “non-binary” people, those who choose not to identify with a specific gender, are also excluded.

“What’s more, clicking on the Facebook ads brought viewers to a page listing numerous other job opportunities at these companies for which job seekers might be qualified.

“Because no women saw these ads, they were shut out of learning not only about the jobs highlighted in the ads, but also about any of these other opportunities.”

Facebook said it was reviewing the ACLU’s complaint and looked forward to “defending our practices”.

“There is no place for discrimination on Facebook,” said spokesman Joe Osborne.

“It’s strictly prohibited in our policies, and over the past year, we’ve strengthened our systems to further protect against misuse.”

The company has recently removed over 5,000 targeting options for advertisers. The move was prompted by a lawsuit accusing the firm of unlawfully targeting users based on race or sexual orientation.

Source: Forbes

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80%. The tumble has now surpassed the Nasdaq Composite Index’s 78% peak-to-trough decline after the dot-com bubble burst in 2000.

Like their predecessors during the Internet stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check.

The virtual-currency mania of 2017 — fueled by hopes that Bitcoin would become “digital gold” and that blockchain-powered tokens would reshape industries from finance to food — has quickly given way to concerns about excessive hype, security flaws, market manipulation, tighter regulation and slower-than-anticipated adoption by Wall Street.

Crypto bulls dismiss negative comparisons to the dot-com era by pointing to the Nasdaq’s recovery to fresh highs 15 years later, and to the Internet’s massive impact on society. They also note that Bitcoin has rebounded from past crashes of similar magnitude.

But even if the optimists prove right and cryptocurrencies eventually transform the world, this year’s selloff has underscored that progress is unlikely to be smooth.

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