An anonymous reader quotes a report from Bloomberg: Walmart customers will soon have the option to pay directly from their bank accounts with instant transfers for online purchases. The enhanced feature is a flash point in the escalating tensions between merchants and the card networks setting the fees for payment processing. The world's largest retailer has offered pay-by-bank through Walmart Pay since earlier this year. Until now, the transactions were akin to digital checks and took roughly three days to finalize when being processed through The Automated Clearing House, the same network often used for bill payments or paycheck deposits. Soon, customers opting for pay-by-bank transactions will see the purchase reflected in their bank account balance instantly -- and Walmart will receive the funds immediately. [...]

Walmart's upgraded pay-by-bank offering will be rolled out in 2025. The transactions will occur over bank technology provider Fiserv's NOW Network, which integrates with The Clearing House's Real Time Payments network and the Federal Reserve's FedNow. Until now, large retailers hesitated to launch real time payment options because many banks were not connected to an instant settlement system, meaning their customers would not be able to use the product. NOW Network aims to connect to as many banks as possible to reach 100% of deposit accounts by combining its own network with RTP and FedNow. The instant pay-by-bank product will be available for online checkout on Walmart.com. The Bentonville, Arkansas-based retailer already has customers set up a profile when they shop online. If they opt to add pay-by-bank as a payment option on their profile, they will enter their bank login credentials to connect their account. Fiserv's AllData platform connects with their bank clients and vendors including Plaid, MX, Akoya and Finicity to link and authenticate consumer accounts. With this instant pay-by-bank product, consumers will avoid stacked pending transactions, which can open them up to the risk of overdraft or non-sufficient fund fees from their bank. "When the transaction processes as a real time payment, customers get immediate access to see that payment come through, I see it hit my account and I can properly budget," said Jamie Henry, vice president of emerging payments at Walmart. "It's not as if I've got this phantom payment out there that's going to take place a couple days down the road."

Residents of California can now store their driver's license or state ID in Apple or Google Wallet, according to an announcement today. Apple also shared the news. TechCrunch reports: Californians with an ID in the Apple Wallet or Google Wallet app can use their mobile devices to present their ID in person at select TSA security checkpoints and businesses. They can also use the app to verify their age or identity in select apps. Other states that already support digital driver's licenses and state IDs include Arizona, Colorado, Georgia, Maryland, and Ohio.

Google is updating its Password Manager to allow users to sync passkeys across multiple devices, including Windows, macOS, Linux, and Android, with iOS and ChromeOS support coming soon. Engadget reports: Once saved, the passkey automatically syncs across other devices using Google Password Manager. The company says this data is end-to-end encrypted, so it'll be pretty tough for someone to go in and steal credentials. [...] Today's update also brings another layer of security to passkeys on Google Password Manager. The company has introduced a six-digit PIN that will be required when using passkeys on a new device. This would likely stop nefarious actors from logging into an account even if they've somehow gotten ahold of the digital credentials. Just don't leave the PIN number laying on a sheet of paper directly next to the computer.

An anonymous reader quotes a report from NPR: The State Department announced Wednesday that its online renewal system is now fully operational, after testing in pilot programs, and available to adult passport holders whose passport has expired within the past five years or will expire in the coming year. It is not available for the renewal of children's passports, for first-time passport applicants for renewal applicants who live outside the United States or for expedited applications. "By offering this online alternative to the traditional paper application process, the Department is embracing digital transformation to offer the most efficient and convenient passport renewal experience possible," Secretary of State Antony Blinken said in a statement. The department said it estimated that about 5 million Americans would be able to use this service a year. In 2023, it processed 24 million passports, about 40% of which were renewals.

Assistant Secretary of State for Consular Affairs Rena Bitter, whose bureau oversees passport processing said the department hoped to expand the program in the coming years to possibly include Americans living abroad, those seeking to renew a second passport and children's passports. "This is not going to be the last thing that we do," she told reporters. "We want to see how this goes and then we'll start looking at ways to continue to make this service available to more American citizens in the coming months and years." You can renew your passport at www.Travel.State.Gov/renewonline.

An anonymous reader quotes a report from Data Center Dynamics: BlackRock plans to launch a new $30 billion artificial intelligence (AI) investment fund focused on data centers and energy projects. Microsoft and Abu Dhabi-backed investment company MGX are general partners of the fund. GPU giant Nvidia will also advise. Run through BlackRock's Global Infrastructure Partners fund, which it acquired for $12.5 billion earlier this year, the 'Global AI Investment Partnership,' plans to raise up to $30 billion in equity investments. Another $70 billion could come via leveraged debt financing. "Mobilizing private capital to build AI infrastructure like data centers and power will unlock a multi-trillion-dollar long-term investment opportunity," said Larry Fink, chairman and CEO of BlackRock. "Data centers are the bedrock of the digital economy, and these investments will help power economic growth, create jobs, and drive AI technology innovation."

Brad Smith, Microsoft's president, added: "The capital spending needed for AI infrastructure and the new energy to power it goes beyond what any single company or government can finance. This financial partnership will not only help advance technology, but enhance national competitiveness, security, and economic prosperity."

Bayo Ogunlesi, CEO of Global Infrastructure Partners, said: "There is a clear need to mobilize significant amounts of private capital to fund investments in essential infrastructure. One manifestation of this is the capital required to support the development of AI. We are highly confident that the combined capabilities of our partnership will help accelerate the pace of investments in AI-related infrastructure."

An anonymous reader shares a report: Per a recent update to Microsoft's Deprecated Windows features page, Legacy DRM services utilized by Windows Media Player and Silverlight clients for Windows 7 and Windows 8 are now deprecated. This will prevent the streaming or playback of DRM-protected content in those applications on those operating systems. It also includes playing content from personal CD rips and streaming from a Silverlight or Windows 8 client to an Xbox 360 if you were still doing that.

For those unfamiliar, "DRM" refers to Digital Rights Management. Basically, DRM tech ensures that you aren't stealing or playing back pirated content. Of course, piracy still exists, but these days, most officially distributed movies, TV shows, games, etc., all involve some form of DRM unless explicitly advertised as DRM-free. DRM does seem like harmless piracy prevention on paper. Still, it hasn't been all that effective at eliminating piracy -- and where it is implemented, it mainly punishes or inconveniences paying customers. It is an excellent example of DRM's folly. Now, anyone who had previously opted into Microsoft's legitimate media streaming ecosystem with Windows 7 and 8 is being penalized for buying media legitimately since it will no longer work without them being forced to pivot to other streaming solutions.

Google said in a blog post today it will begin labeling AI-generated and AI-edited image search results later this year. Digital Trends reports: The company will flag such content through the "About this image" window and it will be applied to Search, Google Lens, and Android's Circle to Search features. Google is also applying the technology to its ad services and is considering adding a similar flag to YouTube videos, but will "have more updates on that later in the year," per the announcement post.

Google will rely on Coalition for Content Provenance and Authenticity (C2PA) metadata to identify AI-generated images. That's an industry group Google joined as a steering committee member earlier in the year. This "C2PA metadata" will be used to track the image's provenance, identifying when and where an image was created, as well as the equipment and software used in its generation.

Luxury camera maker Leica Camera reported record sales in 2023, defying the global decline in digital camera demand. The German company's Q3 model, priced at $6,000, saw six-month waiting lists upon release last year. Industry data shows premium camera sales are surging as smartphone photography dominates the consumer market, Economist writes.

The Camera and Imaging Products Association reports the average camera price has tripled in six years as manufacturers shift focus to high-end models. Fujifilm's X100 series, launched in February at $1,600, is sold out and commanding higher prices on secondary markets. Nikon and other brands are following suit, prioritizing premium offerings. From a report: In a Japanese interview with Yomiuri, Nikon's president, Muneaki Tokunari, acknowledged that while smartphones harmed overall sales of digital interchangeable lens cameras, they may contribute to the demand for high-end cameras. Not many years removed from dire straits, Tokunari also outlined Nikon's ambitious expansion plans, including its recent acquisition of RED Digital Cinema.

Tokunari says that many camera businesses were recently operating at a loss and that some competitors excited the photo business altogether. This was, unsurprisingly, driven in large part by the massive growth of the smartphone market and the improving quality of smartphone cameras, which reached the "good enough" stage the late Steve Jobs predicted years before the camera industry felt the sting of smartphones.

However, "We are now in an age where smartphones and digital cameras can coexist," Tokunari explains in the machine-translated Yomiuri interview, initially spotted by Digicame-Info. "Global sales of digital cameras have fallen to one-twentieth of their peak. However, domestic companies are doing well. The top five companies hold most of the world's market share. This is a rare example in Japanese industry."

China's internet regulator has proposed a strict regime that will, if adopted, require digital platforms to label content created by AI. From a report: The Cyberspace Administration of China announced its draft plan, which will require platforms and online service providers to label all AI-generated material with a visible logo and with metadata embedded in relevant files. The draft proposes that logos appear in several locations in a text, image, video, or audio file. In audio files, Beijing wants a voice prompt to inform listeners about AI-generated content at the start and end of a file -- and, as appropriate, mid-file too. Software that plays audio files will also need to inform netizens when they tune in to AI content.

Video players can get away with just posting notices about the content at the start, end, and relevant moments during a clip. Netizens who post AI-generated content will be required to label it as such. If they use generation tools provided by a platform, they'll be required to identify themselves -- and a log of their activities will be retained for six months. Some labels denoting AI-made content will be applied dynamically, based on metadata embedded in AI-generated content.

An EFF article calls out a "brazen attempt to privatize" a wireless frequency band (900 MHz) which America's FCC's left " as a commons for all... for use by amateur radio operators, unlicensed consumer devices, and industrial, scientific, and medical equipment." The spectrum has also become "a hotbed for new technologies and community-driven projects. Millions of consumer devices also rely on the range, including baby monitors, cordless phones, IoT devices, garage door openers." But NextNav would rather claim these frequencies, fence them off, and lease them out to mobile service providers. This is just another land-grab by a corporate rent-seeker dressed up as innovation. EFF and hundreds of others have called on the FCC to decisively reject this proposal and protect the open spectrum as a commons that serves all.

NextNav [which sells a geolocation service] wants the FCC to reconfigure the 902-928 MHz band to grant them exclusive rights to the majority of the spectrum... This proposal would not only give NextNav their own lane, but expanded operating region, increased broadcasting power, and more leeway for radio interference emanating from their portions of the band. All of this points to more power for NextNav at everyone else's expense.

This land-grab is purportedly to implement a Positioning, Navigation and Timing (PNT) network to serve as a US-specific backup of the Global Positioning System(GPS). This plan raises red flags off the bat. Dropping the "global" from GPS makes it far less useful for any alleged national security purposes, especially as it is likely susceptible to the same jamming and spoofing attacks as GPS. NextNav itself admits there is also little commercial demand for PNT. GPS works, is free, and is widely supported by manufacturers. If Nextnav has a grand plan to implement a new and improved standard, it was left out of their FCC proposal. What NextNav did include however is its intent to resell their exclusive bandwidth access to mobile 5G networks. This isn't about national security or innovation; it's about a rent-seeker monopolizing access to a public resource. If NextNav truly believes in their GPS backup vision, they should look to parts of the spectrum already allocated for 5G.

The open sections of the 900 MHz spectrum are vital for technologies that foster experimentation and grassroots innovation. Amateur radio operators, developers of new IoT devices, and small-scale operators rely on this band. One such project is Meshtastic, a decentralized communication tool that allows users to send messages across a network without a central server. This new approach to networking offers resilient communication that can endure emergencies where current networks fail. This is the type of innovation that actually addresses crises raised by Nextnav, and it's happening in the part of the spectrum allocated for unlicensed devices while empowering communities instead of a powerful intermediary. Yet, this proposal threatens to crush such grassroots projects, leaving them without a commons in which they can grow and improve.

This isn't just about a set of frequencies. We need an ecosystem which fosters grassroots collaboration, experimentation, and knowledge building. Not only do these commons empower communities, they avoid a technology monoculture unable to adapt to new threats and changing needs as technology progresses. Invention belongs to the public, not just to those with the deepest pockets. The FCC should ensure it remains that way.

NextNav's proposal is a direct threat to innovation, public safety, and community empowerment. While FCC comments on the proposal have closed, replies remain open to the public until September 20th. The FCC must reject this corporate land-grab and uphold the integrity of the 900 MHz band as a commons.

"For 75 years Cosm built planetariums," reports a Texas news station, "and then a few years ago realized this technology could take you from the night sky to anywhere under the sun."

So now Los Angeles and Dallas have massive 9,600-square-foot, 8K-resolution screens that one reviewer for SFGate calls "an absolute game-changer" for sports fans. "At its best, Cosm's floor-to-ceiling screen gives anyone with a seat the opportunity to embrace a face full of on-the-field action at such high quality that it can be staggering, almost overwhelming at times — so just be sure to hold on tight, to the handrails and to your wallets."

There's also a bar with a 150-foot band of screens and a rooftop area with mounted TV, but they're "not why anyone has come," SFGate points out. Even the Dome has three distinct floors, though it's the second floor "where full visual immersion happens." The action feels so close, I can almost smell it, and all the focus is pulled to the center of the giant screen. Patrons truly do feel at the absolute heart of the action, with better seats than perhaps they could even pay for at Manchester's Old Trafford stadium. From a sports-viewing standpoint, I can't imagine it gets much better than this... Over the course of just a few minutes, the viewing angle flips from corner looks to right up against the goalkeeper's net, and then it widens out to dead center to catch crisp passes. Some angles put me right in the stands, cheering along with the loyalists at a stadium half a world away...

To be clear, the premium ticket costs are good for recouping Cosm's substantial investment in this gorgeous technological product, which has been in the works for years. The price tag is also likely to be little issue for any Los Angeles fan with money to spend, but the cost really does lay bare the growing division between the haves and have-nots in American sports society... If you paid $20 for a general admission entry that mostly just grants access to the fringes of the action, well ... good luck getting the most out of the Dome... The edges of the massive screen are stretched to comic effect, making the fisheye perspective more disorienting than fun. At the center of the room, it feels like you're absolutely in the meat of the action; at the fringes, you're left to pick at a few digital bones...

[F]or the rest of us, the normal sports fans who like to sway with strangers during the seventh-inning stretch, the ones who want to be able to take their kids to a game without feeling quite so financially wrung out, Cosm is yet another troubling sign of big, expensive things to come. Being a fan of a sports franchise in 2024 is an increasingly costly proposition. Watching your favorite NFL team now requires cable access, as well as multiple streaming services like Amazon Prime... There is no question that Cosm is a unique experience and that it will absolutely have a hand in transforming the modern digital sports-watching landscape, especially for those who want a digital re-creation of the best seat in the house over the camaraderie of a shared, in-person sports experience. The place will be able to charge incredible sums for the Super Bowl or World Series games, and — when at its best, with a prime seat in the middle of the action — the cost will be justifiable for many.

But for the folks at the financial fringes, the ones with the most spirit and often the least to spend, Cosm undoubtedly feels like a widening of the economic chasm that is pulling fans and their favorite teams further apart.
Besides sports events, Cosm's Dome also offers other immersive experiences like Circque du Soleil's "O" and Planetary Collective's "Orbital".

Another Cosm location is planned for Phoenix in 2025.

Samba is "a free software re-implementation of the SMB networking protocol," according to Wikipedia. And now the Samba project "has secured significant funding (€688,800.00) from the German Sovereign Tech Fund to advance the project," writes Jeremy Allison — Sam (who is Slashdot reader #8,157 — and also a long standing member of Samba's core team): The investment was successfully applied for by [information security service provider] SerNet. Over the next 18 months, Samba developers from SerNet will tackle 17 key development subprojects aimed at enhancing Samba's security, scalability, and functionality.

The Sovereign Tech Fund is a German federal government funding program that supports the development, improvement, and maintenance of open digital infrastructure. Their goal is to sustainably strengthen the open source ecosystem.

The project's focus is on areas like SMB3 Transparent Failover, SMB3 UNIX extensions, SMB-Direct, Performance and modern security protocols such as SMB over QUIC. These improvements are designed to ensure that Samba remains a robust and secure solution for organizations that rely on a sovereign IT infrastructure. Development work began as early as September the 1st and is expected to be completed by the end of February 2026 for all sub-projects.

All development will be done in the open following the existing Samba development process. First gitlab CI pipelines have already been running and gitlab MRs will appear soon!
Back in 2000, Jeremy Allison answered questions from Slashdot readers about Samba.

Allison is now a board member at both the GNOME Foundation and the Software Freedom Conservancy, a distinguished engineer at Rocky Linux creator CIQ, and a long-time free software advocate.

Apple unveiled a multitrack recording feature for Voice Memos at its recent iPhone event, exclusive to the iPhone 16 Pro. The feature allows users to layer vocals over guitar tracks without headphones, utilizing advanced microphone technology and machine learning algorithms to reduce ambient noise.

Engadget argues the feature's exclusivity to the new $1,000+ model is unnecessary, given modern smartphones' processing power far exceeds that of early digital audio workstations. They contend that basic multitrack recording functionality could be implemented on older iPhone models. Apple's decision to limit this feature contradicts its inclusion of GarageBand on all iPhones and the availability of Audio Mix on base iPhone 16 models, which offers similar noise reduction capabilities. The story adds: Why is this particular feature walled behind the iPhone 16 Pro? It's a simple multitrack recording function. From the ad, it looks like the app can't even layer more than two tracks at a time. This can't exactly be taxing that A18 Pro chip, especially when the phone can also handle 4K/120 FPS video recording in Dolby Vision.

The tax agency again delays a vital software upgrade, at the cost of billions. WSJ's Editorial Board: Taxpayers endure drudgery to file on time each year, but the tax collectors seem less concerned with deadlines. A new Internal Revenue Service database, more than a decade in the making, will be delayed another year. And its cost is billions of dollars and climbing. The IRS told the press this week that it won't replace its Individual Master File until the 2026 tax year, at the earliest. That falls short of Commissioner Danny Werfel's goal of launching a new system in time for 2025 taxes, and the delay could mean another year of grief for countless taxpayers. The file is the digital silo in which more than 154 million tax files are held, and keeping it up-to-date helps to enable speedy, accurate refunds.

The code that powers the database was written in the 1960s by IBM engineers at the same time their colleagues worked on the Apollo program. The system runs on a nearly extinct computer language known as Cobol, and though it retains its basic functionality, maintaining it requires bespoke service. By 2018 the IRS had only 17 remaining developers considered to be experts on the system. The agency has sought and failed to overhaul or replace the database since the 1980s. It spent $4 billion over 14 years to devise upgrades, but it canceled that effort in 2000 "without receiving expected benefits," according to the Government Accountability Office.

The costs continue to mount. IRS spending on operating and maintaining its IT systems has risen 35% in the past four years, to $2.7 billion last year from $2 billion in 2019. These costs will "likely continue to increase until a majority of legacy systems are decommissioned," according to a report last month by the agency's inspector general. Each year major upgrades are pushed back adds a larger sum to the final tab. The IRS usually pleads poverty as an excuse for failing to stay up-to-date. Yet Congress gave the agency billions of extra dollars through the Inflation Reduction Act to fund a speedy database overhaul. Since 2022 it has spent $1.3 billion beyond its ordinary budget to modernize its business systems. Taxpayers will have to wait at least another year to see if that investment has paid off.

An anonymous reader quotes a report from Ars Technica: One of the things enterprise storage and destruction company Iron Mountain does is handle the archiving of the media industry's vaults. What it has been seeing lately should be a wake-up call: roughly one-fifth of the hard disk drives dating to the 1990s it was sent are entirely unreadable. Music industry publication Mix spoke with the people in charge of backing up the entertainment industry. The resulting tale is part explainer on how music is so complicated to archive now, part warning about everyone's data stored on spinning disks. "In our line of work, if we discover an inherent problem with a format, it makes sense to let everybody know," Robert Koszela, global director for studio growth and strategic initiatives at Iron Mountain, told Mix. "It may sound like a sales pitch, but it's not; it's a call for action."

Hard drives gained popularity over spooled magnetic tape as digital audio workstations, mixing and editing software, and the perceived downsides of tape, including deterioration from substrate separation and fire. But hard drives present their own archival problems. Standard hard drives were also not designed for long-term archival use. You can almost never decouple the magnetic disks from the reading hardware inside, so that if either fails, the whole drive dies. There are also general computer storage issues, including the separation of samples and finished tracks, or proprietary file formats requiring archival versions of software. Still, Iron Mountain tells Mix that "If the disk platters spin and aren't damaged," it can access the content.

But "if it spins" is becoming a big question mark. Musicians and studios now digging into their archives to remaster tracks often find that drives, even when stored at industry-standard temperature and humidity, have failed in some way, with no partial recovery option available. "It's so sad to see a project come into the studio, a hard drive in a brand-new case with the wrapper and the tags from wherever they bought it still in there," Koszela says. "Next to it is a case with the safety drive in it. Everything's in order. And both of them are bricks." "Optical media rots, magnetic media rots and loses magnetic charge, bearings seize, flash storage loses charge, etc.," writes Hacker News user abracadaniel in a discussion post about the article. "Entropy wins, sometimes much faster than you'd expect."

Some executives are embracing old technology like dumbphones and fax machines, seeking digital detox and prioritizing focus. They see these vintage tools as power moves, allowing them to control their time and avoid constant distractions, WSJ writes in a story. These bosses believe old tech enhances leadership, enabling them to be present and productive.

A Google executive told colleagues the goal for the company's then-nascent online advertising business in 2009 was to "crush" rival advertising networks, according to evidence prosecutors presented at the tech titan's antitrust trial on Wednesday. From a report: The statements underscored the U.S. Department of Justice's claim that Google has sought to monopolize markets for publisher ad servers and advertiser ad networks, and tried to dominate the market for ad exchanges which sit in the middle. On the third day of the trial, prosecutors began to introduce evidence of how Google employees thought about the company's products at the time when the government alleges it set out to dominate the ad tech market.

"We'll be able to crush the other networks and that's our goal," David Rosenblatt, Google's former president of display advertising, said of the company's strategy in late 2008 or early 2009, according to notes shown in court. Google denies the allegations, saying it faces fierce competition from rival digital advertising companies. Rosenblatt came to Google in 2008 when it acquired his former ad tech company, DoubleClick, and left the following year. The notes of his talk showed him discussing the advantages of owning technology on both sides and the middle of the market. "We're both Goldman and NYSE," he said, he said, according to the notes, referring to one of the world's biggest stock exchanges at the time and one of its biggest market makers. "Google has created what's comparable to the NYSE or London Stock Exchange; in other words, we'll do to display what Google did to search," Rosenblatt said.

An anonymous reader quotes a report from Ars Technica: Microsoft has updated a key cryptographic library with two new encryption algorithms designed to withstand attacks from quantum computers. The updates were made last week to SymCrypt, a core cryptographic code library for handing cryptographic functions in Windows and Linux. The library, started in 2006, provides operations and algorithms developers can use to safely implement secure encryption, decryption, signing, verification, hashing, and key exchange in the apps they create. The library supports federal certification requirements for cryptographic modules used in some governmental environments. Despite the name, SymCrypt supports both symmetric and asymmetric algorithms. It's the main cryptographic library Microsoft uses in products and services including Azure, Microsoft 365, all supported versions of Windows, Azure Stack HCI, and Azure Linux. The library provides cryptographic security used in email security, cloud storage, web browsing, remote access, and device management. Microsoft documented the update in a post on Monday. The updates are the first steps in implementing a massive overhaul of encryption protocols that incorporate a new set of algorithms that aren't vulnerable to attacks from quantum computers. [...]

The first new algorithm Microsoft added to SymCrypt is called ML-KEM. Previously known as CRYSTALS-Kyber, ML-KEM is one of three post-quantum standards formalized last month by the National Institute of Standards and Technology (NIST). The KEM in the new name is short for key encapsulation. KEMs can be used by two parties to negotiate a shared secret over a public channel. Shared secrets generated by a KEM can then be used with symmetric-key cryptographic operations, which aren't vulnerable to Shor's algorithm when the keys are of a sufficient size. [...] The other algorithm added to SymCrypt is the NIST-recommended XMSS. Short for eXtended Merkle Signature Scheme, it's based on "stateful hash-based signature schemes." These algorithms are useful in very specific contexts such as firmware signing, but are not suitable for more general uses. Monday's post said Microsoft will add additional post-quantum algorithms to SymCrypt in the coming months. They are ML-DSA, a lattice-based digital signature scheme, previously called Dilithium, and SLH-DSA, a stateless hash-based signature scheme previously called SPHINCS+. Both became NIST standards last month and are formally referred to as FIPS 204 and FIPS 205. In Monday's post, Microsoft Principal Product Manager Lead Aabha Thipsay wrote: "PQC algorithms offer a promising solution for the future of cryptography, but they also come with some trade-offs. For example, these typically require larger key sizes, longer computation times, and more bandwidth than classical algorithms. Therefore, implementing PQC in real-world applications requires careful optimization and integration with existing systems and standards."

An anonymous reader shares a report: A giant unregulated currency is undermining America's fight against arms dealers, sanctions busters and scammers. Almost as much money flowed through its network last year as through Visa cards. And it has recently minted more profit than BlackRock, with a tiny fraction of the workforce. Its name: tether. The cryptocurrency has grown into an important cog in the global financial system, with as much as $190 billion changing hands daily. In essence, tether is a digital U.S. dollar -- though one privately controlled in the British Virgin Islands by a secretive crew of owners, with its activities largely hidden from governments.

Known as a stablecoin for its 1:1 peg to the dollar, tether gained early use among crypto aficionados. But it has spread deep into the financial underworld, enabling a parallel economy that operates beyond the reach of U.S. law enforcement. Wherever the U.S. government has restricted access to the dollar financial system -- Iran, Venezuela, Russia -- tether thrives as a sort of incognito dollar used to move money across borders. Russian oligarchs and weapons dealers shuttle tether abroad to buy property and pay suppliers for sanctioned goods. Venezuela's sanctioned state oil firm takes payment in tether for cargoes. Drug cartels, fraud rings and terrorist groups such as Hamas use it to launder income.

Yet in dysfunctional economies such as Argentina and Turkey, beset by hyperinflation and a shortage of hard currency, tether is also a lifeline for people who use it for quotidian payments and as a way to protect their savings. Tether is arguably the first successful real-world product to emerge from the cryptocurrency revolution that began over a decade ago. It has made its owners immensely rich. Tether has $120 billion in assets, mostly risk-free U.S. Treasury bills, along with positions in bitcoin and gold. Last year it generated $6.2 billion in profit, outearning BlackRock, the world's largest asset manager, by $700 million.

Television has ceased to be the main source of news in the UK for the first time since the 1960s as Britons turn increasingly to online news and social media apps, according to research by the media regulator. From a report: Ofcom said on Tuesday that viewing of TV news had continued to fall steeply, with online platforms such as Facebook, YouTube and TikTok and digital versions of broadcasters now slightly more widely used as a source of news.ÂIn its annual study of audience habits, the watchdog said 71 per cent of adults obtained news online, compared with 70 per cent via TV -- a finding it described as "marking a generational shift in the balance of news media."

The reach of TV news has fallen from 75 per cent last year. More than four-fifths of people between the ages of 16 and 24 obtained their news from social media, Ofcom found. The report underlines the pressure on more traditional linear broadcasters such as the BBC, Sky and Channel 4 to accelerate moves to digital platforms, which include their own streaming sites as well as social media apps such as TikTok.Â