Tech
Dogecoin surges 40% as Elon Musk’s Twitter deal approaches close
Published
5 months agoon
By
ironity
Suzanne Cordeiro | AFP | Getty Images
The price of the token often moves in lockstep with comments made by the Tesla CEO. Doge is up 10% in the last 24 hours, after the SpaceX chief changed his Twitter bio to “Chief of Twit” on Wednesday. Similarly, the meme token saw a price surge in April when Musk first floated the idea of adding dogecoin as a payment method for Twitter’s subscription service, Blue, as well as a sell-off in June after Musk tried to back out of the purchase.
But after a months-long battle between Musk and Twitter over the sale, all signs point to Musk closing the deal by his deadline of 5 p.m. on Friday. The alternative is Musk facing trial in a Delaware courtroom.
The price surge in dogecoin – pronounced “doje coin” with a soft “g” sound – also coincides with rumors that Twitter is prototyping its own crypto wallet.
Jane Manchun Wong, a popular tech blogger known for her prescient calls in the space, tweeted on Monday that Twitter was “working on a ‘wallet prototype’ that supports ‘crypto deposit and withdrawal.’”
“We don’t know which kind of cryptocurrency will be supported yet, or which network,” Wong told CNBC.
Twitter has not announced a cryptocurrency wallet product, but the social media company did roll out a tip feature last year, which allows users to send creators bitcoin via the platform. In Feb., Twitter added ether to its tips function.
Host Elon Musk during the monologue on Saturday, May 8, 2021.
Will Heath | NBCUniversal
The Elon Musk effect
It isn’t totally clear when or why dogecoin captured the heart of Elon Musk. The billionaire Tesla and SpaceX CEO has spent years talking up the token.
Musk’s tweets with sometimes oblique references to dogecoin have often sent it to new record-high prices. These posts have also helped drive retail investor interest.
“You have this one guy who is sort of like the cult leader,” said Asheesh Birla, a general manager at Ripple, which manages an alternative cryptocurrency used for payments.
Musk, however, isn’t alone in his celebrity endorsement of the animal-branded token. Dallas Mavericks owner Mark Cuban, Snoop Dogg and Kiss bassist Gene Simmons have all publicly rallied behind dogecoin in the past. Even beef jerky brand Slim Jim is got in on the action at one point.
Doge’s price surge in 2021, attributed by one analyst to the run-up to Elon Musk’s “Saturday Night Live” appearance on May 8, 2021, even managed to crash Robinhood’s trading app.
But there was more to dogecoin’s record price run than just celebrity backing. There has also been the enduring sentiment to “stick it” to the establishment.
“Dogecoin is like this kind of big F-U to the system,” said Avi Felman, Head of Trading at BlockTower Capital. “It’s like, ‘Yeah, this thing can have value, too. And I’m just going to buy it, because I’m going to buy it.’”
“Elon is basically pushing up this message of, ‘Why can’t dogecoin have value?’” said Felman of doge’s 2021 price rise. “People like these narratives. They like these stories. They like these jokes. And dogecoin just captured the mind and imagination of every single retail investor.”
“You have a rabid online community,” Birla said of the fanbase of doge evangelists.
In 2013, software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of bitcoin and the many other cryptocurrencies boasting grand plans to take over the world.
“You have Twitter and Reddit, where they’re all sort of congregating and thinking about how to pump dogecoin,” said Birla.
Valuing dogecoin
The question of whether dogecoin holds value is debatable.
At the moment, there are very few use cases for the token. Though more merchants began to accept dogecoin as a method of payment last year, it is nowhere near the level of adoption necessary to be used as any sort of actual currency substitute.
“These days it’s all one big marketing ploy,” Mike Bucella, BlockTower Capital general partner, previously told CNBC.
Unlike rival cryptocurrencies such as ether, which let programmers build applications on their platform to do things like lend and borrow money, there isn’t much anyone can do with dogecoin.
Dogecoin isn’t really a reliable store of wealth either, given that this typically requires a certain degree of long-term faith in the coin and the blockchain upon which it’s been built.
“If you look at the dogecoin protocol itself, I don’t even know if there’s anyone over the last several years who has added new functionality or code to it,” said Birla. “Dogecoin doesn’t really have a development team behind it.”
Given these limitations, the run-up in dogecoin appears to be purely speculative. Dogecoin has value because other people believe that it has value — and because they believe that someone else is willing to buy it from them at a higher price.
Disclosure: “Saturday Night Live” is a TV show of NBCUniversal, the parent company of CNBC. CNBC owns the exclusive off-network cable rights to “Shark Tank,” which features Mark Cuban as a panelist.
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Tech
Google’s failure to preserve employee messages in Epic antitrust case merits sanctions, judge says
Published
24 mins agoon
March 29, 2023By
ironity
Annegret Hilse | Reuters
The company “adopted a ‘don’t ask, don’t tell’ policy for keeping messages, at the expense of its preservation duties,” the judge said in the filing.
The judge did not yet determine what sanctions Google should face, writing that, “the Court would like to see the state of play of the evidence at the end of fact discovery. At that time, plaintiffs will be better positioned to tell the Court what might have been lost in the Chat communications.”
Google faces similar allegations about destroying potential evidence by the Department of Justice in its antitrust litigation against the company. A Google spokesperson said at the time of the DOJ’s filing that it disagrees with the DOJ’s claims.
The latest filing included a string of messages between Google executives debating whether they needed to keep chat history on issues that might relate to the litigation.
Epic alleged that Google failed to retain chat messages between employees that it should have preserved while under a litigation hold. Google allegedly left it to employees to determine when to turn on and off their chat history when discussing matters relevant to the legal proceedings. Epic said Google should have ensured those messages were preserved by default. Exhibits presented by Epic seem to show that Google employees saw chats as a less formal way to communicate.
The judge, James Donato, made clear the case “will not be decided on the basis of lost Chat communications,” but said deciding on the proper non-monetary sanction requires more proceedings.
Donato ordered Google to cover reasonable attorneys fees related to the motion over the evidentiary issue.
“Our teams have conscientiously worked, for years, to respond to Epic and the state AGs’ discovery
requests and we have produced over three million documents, including thousands of chats,” a Google spokesperson said in an emailed statement.
Epic did not provide a statement for this story.
WATCH: Colorado Attorney General weighs in on Google lawsuit

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Kevin Mazur | Getty Images
Affirm dropped 4% on the news.
Apple Pay Later users will be able to manage, track and repay their loans in their Apple Wallet, the company said in a release Tuesday. Individuals can apply for Apple Pay Later loans between $50 and $1,000 and use them for in-app and online purchases made through merchants that accept Apple Pay. Payments have no interest and no fees.
Users can apply for a loan within the Apple Wallet app without it impacting their credit score, Apple said. Once they select the amount they would like to withdraw, a soft credit pull will be conducted to make sure they are in “a good financial position” to take on a loan, according to the release.
Apple will invite select people to access a prelease version of Apple Pay Later Tuesday, and the company said it plans to expand access to all eligible users in the coming months.
Approved users will see a “Pay Later” option while using Apple Pay to check out online and in apps on iPhones and iPads. They will also be able to apply for a loan right at checkout. Apple said purchases using the software will be authenticated using Face ID, Touch ID or a passcode.
The company said users can see the amount due for their existing loans, as well as the total amount due in the next 30 days, in Apple Wallet. Users will be asked to link a debit card as their loan repayment method. Credit cards won’t be accepted.
This story is developing. Please check back for updates.
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Tech
Microsoft introduces an A.I. chatbot for cybersecurity experts
Published
8 hours agoon
March 28, 2023By
ironity
John Taggart | Bloomberg | Getty Images
The company has been busy bolstering its software with artificial intelligence models from startup OpenAI after OpenAI’s ChatGPT bot captured the public imagination following its November debut.
The resulting generative AI software can at times be “usefully wrong,” as Microsoft put it earlier this month when talking up new features in Word and other productivity apps. But Microsoft is proceeding nevertheless, as it seeks to keep growing a cybersecurity business that fetched more than $20 billion in 2022 revenue.
The Microsoft Security Copilot draws on GPT-4, the latest large language model from OpenAI — in which Microsoft has invested billions — and a security-specific model Microsoft built using daily activity data it gathers. The system also knows a given customer’s security environment, but that data won’t be used to train models.
The chatbot can compose PowerPoint slides summarizing security incidents, describe exposure to an active vulnerability or specify the accounts involved in an exploit in response to a text prompt that a person types in.
A user can hit a button to confirm an answer if it’s right or select an “off-target” button to signal a mistake. That sort of input will help the service learn, Vasu Jakkal, corporate vice president of security, compliance, identity, management and privacy at Microsoft, told CNBC in an interview.
Engineers inside Microsoft have been using the Security Copilot to do their jobs. “It can process 1,000 alerts and give you the two incidents that matter in seconds,” Jakkal said. The tool also reverse-engineered a piece of malicious code for an analyst who didn’t know how to do that, she said.
That type of assistance can make a difference for companies that run into trouble hiring experts and end up hiring employees who are inexperienced in some areas. “There’s a learning curve, and it takes time,” Jakkal said. “And now Security Copilot with the skills built in can augment you. So it is going to help you do more with less.”
Microsoft isn’t talking about how much Security Copilot will cost when it becomes more widely available.
Jakkal said the hope is that many workers inside a given company will use it, rather than just a handful of executives. That means over time Microsoft wants to make the tool capable of holding discussions in a wider variety of domains.
The service will work with Microsoft security products such as Sentinel for tracking threats. Microsoft will determine if it should add support for third-party tools such as Splunk based on input from early users in the next few months, Jakkal said.
If Microsoft were to require customers to use Sentinel or other Microsoft products if they want to turn on the Security Copilot, that could very well influence the purchasing decisions, said Frank Dickson, group vice president for security and trust at technology industry researcher IDC.
“For me, I was like, ‘Wow, this may be the single biggest announcement in security this calendar year,’” he said.
There’s nothing stopping Microsoft’s security rivals, such as Palo Alto Networks, from releasing chatbots of their own, but getting out first means Microsoft will have a head start, Dickson said.
Security Copilot will be available to a small set of Microsoft clients in a private preview before wider release at a later date.
WATCH: Microsoft threatens to restrict data from rival AI search tools

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