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How To Make Zoom Pay

How To Make Zoom PayWho can forget the early days of the COVID-19 pandemic lockdowns and the phenomenon of Zoomboming? Many people cannot forget and they responded with lawsuits. The suits claimed that Zoom (ZM) enabled Zoombombing and was sharing personally identifiable information (PII) without proper notice.

Zoombombing

Zoom bombingTechCrunch defines Zoombombing as the disruption of Zoom calls by unapproved attendees. They would join a Zoom call and disrupt it by sharing offensive content. The content included using backgrounds to spread hateful messages, spouting slurs, anti-Semitism profanities, and pornography. Users of Zoom suffered these events during the first half of the COVID-19 lockdowns.

The frequency of Zoombombing prompted the FBI to issue a public warning about the cyber harassment. I wrote about the problems people were encountering with Zoom on the Bach Seat.  Zoom was slow to respond to these threats. But eventually, they put additional security in place to reduce the frequency of Zoombmombing.

Zoom shared users personal data

Zoom logo

Lawsuits in Florida and California accused the firm of sharing personal user data with third parties. Personal user data was sent to Facebook, Google, and LinkedInMotherboard reported that Zoom’s ‘Company Directory,’ feature was leaking leak personal information including email addresses and photos.

The Company Directory feature would automatically add other people to a user’s list of contacts if they sign up with an email address that shares the same domain. However, according to the report, multiple Zoom users say they signed up with personal email addresses, and Zoom pooled them together with thousands of other people as if they all worked for the same company. This exposed their personal information to unknown others.

Settlement

Zoom agreed to settle the court case

In May 2021 the U.S. District Court for the Northern District of California consolidated the many complaints into a single class-action suit. On 08/03/2021 Zoom agreed to settle the court case. It has proposed an $85 million settlement.

In the settlement, Zoom denied it violated any laws. They also questioned if users actually suffered injury or damages. The settlement would see customers receive a refund. Payment amounts are expected to average $34 or $35 for those who subscribed to Zoom’s paid version. Those who used the free version could get $11 or $12 based on estimates in court documents.

Zoom's annual revenue quadrupled during the pandemic to nearly $2.7 billion

Zoom collected approximately $1.3 billion in subscriptions from paid subscribers according to the documents. Zooms’ lawyers called the $85 million settlement reasonable given the litigation risks.  Zoom’s annual revenue quadrupled during the pandemic to nearly $2.7 billion. U.S. District Judge Lucy Koh in San Jose, CA is expected to finalize the settlement in October 2021.

CNet offers a FAQ on the Zoom settlement.

Can I get a payment from Zoom?

If you registered, used, opened, or downloaded the Zoom app for personal use (not through an enterprise or government account) between March 30, 2016, and July 30, 2021, you are potentially eligible for the refund from Zoom. This also includes people who signed up for Zoom’s free tier. 

How much money could I get?

ou could receive 15%If you are eligible based on the date ranges above and you paid for a Zoom account, you could receive 15% of the money paid to Zoom for your subscription during that time or $25 (whichever is greater). If you are eligible but had a free Zoom account, you can claim $15. However, these rates may change depending on how many people file a claim.

How do I claim my settlement money? 

If the settlement is approved at the October hearing, Zoom will provide available names, emails, addresses, and account numbers to the settlement administrator. Those that are eligible for a refund, will be notified by email or mailed postcard and asked to provide your name, mailing address, email, and claim number. If you’re not notified but think you are qualified, you can still file a claim by providing either an email associated with your Zoom account, a Zoom account number, or documentation showing that you were impacted. A new website (ZoomMeetingsClassAction.com) will have more information, but at the time of this writing was not yet live.

Is Zoom going to be safer?

As part of the settlement, Zoom also said it would continue to take new measures to prevent Zoombombing, such as alerting people when hosts or meeting participants use third-party apps in meetings. They will offer (rb- but not mandate) specialized training to employees on privacy and data handling.

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Of course, you could also delete your zoom account. There is no way to use Zoom and not agree to their privacy terms. If you do use Zoom, you’re giving up a lot of your personal information. By deleting your Zoom account and no longer using the application, you’re stopping it from collecting your data. 

How do I delete my Zoom account?

  1. Sign in to your Zoom account.
  2. Go to the navigation menu at the top of the page.
  3. Click Account Management, and select Account Profile.
  4. Select Terminate My Account.

Stay safe out there!

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

Hot Wheels Roll into NFT

Hot Wheels Roll into NFTMattel (MAT) has joined the cryptocurrency craze. The toymaker will offer three pieces of digital art in the form of nonfungible tokens, or NFTs, for auction on its Mattel Creations website. The digital art sale will feature several iconic Hot Wheels vehicles in the Hot Wheels NFT Garage Series. The one-of-a-kind works will feature classic cars in their original colors from the initial release: 

  • The Twin Mill was designed in 1968 as a sleek racer with twin big-block engines.
  • Bone Shaker NFTThe Bone Shaker is a hot-rod-style machine with a skull and bones theme.
  • Finally, the Deroa II represents one of the original 16 cars Mattel released. The model has a bubble windshield, an engine in the back, and a pair of surfboards.

The virtual cars will be auctioned off, beginning on June 22, 2021, at noon Eastern. The auction will run for a week. Mattel is only accepting the cryptocurrency Ethereum (ETH). Bidding starts at $0.99. With only one NFT of each car being created, prices could soar.

Mattel planning more NFT collections

NFT auctionsMattel has stated that it was already in the planning stages to release similar NFT auctions for other intellectual properties. CEO Richard Dickson stated that the Hot Wheels NFT move is part of Mattel’s effort to remain relevant by evolving toys into digital art. “Part of our effort to make Mattel relevant is to make sure that our brands are timeless and timely … We need to be on top of current conversations.”

Some examples of brands owned by Mattel that could release NFTs include:

  • American Girl,
  • Barbie,
  • Fisher-Price,
  • Masters of the Universe, and
  • Matchbox.

What is an NFT

What is an NFTNFTs are non-fungible tokens. An NFT is a piece of digital content that you own that still retains the creator’s information. For instance, artists can sign their artwork by including their signature in an NFT’s metadata. The creator’s information is maintained in the blockchain. Unlike bitcoin (BTC), which also uses a blockchain, you can’t trade an NFTs for a pizza, because the NFT is not fungible. Fungibility is the ability to substitute one unit of a financial instrument for another unit of the same financial instrument. Every dollar or bitcoin has the same value at the same time.

Each NFT is attached to a specific digital asset i.e. a piece of art, or a picture of a Hot Wheels car. An NFT is a unique, digital version of a certificate of authenticity, publicly approved by the blockchain and not money. NFTs have become popular in the art world because they allow artists to have more control over their works by selling limited-edition digital goods directly to consumers. 

Sell  directly to the consumer as an NFTForbes explains that Blockchain technology and NFTs offer content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.

NFTs environmental impact 

NFTs environmental impact Then there is the environmental impact of NFTs, which has attracted real scrutiny. The computing power required to operate the underlying blockchain system of NFTs is immense. By some estimates, one crypto transaction could gobble up more power than the average U.S. household uses in a single day. One artist estimated that generating six NFT pieces consumed more electricity than his entire physical studio did in two years. 

Other firms jumping into NFTs

Other firms jumping into the NFT game include:

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Some people believe this is the future of buying, selling, and trading assets. But critics say the market could crash if cryptocurrencies tumble.

What do you think?

NFTs are

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Stay safe out there!

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

Will Dogecoin Make You Wealthy

The cryptocurrency world is chaos. There are over 4,000 different cryptocurrencies. They go up and down. One day Bitcoin is down 50%, and Dogecoin goes up after a tweet. Dogecoin is the trendy cryptocurrency de jour. Where did it come from?

Dogecoin is digital moneyCNET explains that Dogecoin is a cryptocurrency, a form of digital money that, much like bitcoin, enables peer-to-peer transactions across a decentralized network, based on a meme. There are differences in cryptocurrencies. Bitcoin is the original blockchain proof of concept. True believers say Bitcoin can transform how money works in the 21st century. Dogecoin is a digital coin with a picture of a dog on it.

Dogecoin’s most well-known supporters are multi-billionaires Mark Cuban and Elon Musk. Mr. Musk, the CEO of Tesla Inc. (TSLA) and SpaceX has used his tweets to his 50 million followers to send the cryptocurrency surging. In April, when Mr. Musk tweeted “Doge Barking at the moon” and shared a photo of a painting by Spanish artist Joan Miró, and the cryptocurrency took off. Now Mr. Musk is at it again. He hosted Saturday Night Live and plugged Dogecoin. Most recently he tweeted about taking dogecoin payments for a new Tesla and SpaceX, just revealed it will allow a customer launching a payload on an upcoming lunar mission to pay in dogecoin.

Where did Dogecoin come from?

Dogecoin valueDogecoin has become one of the buzziest cryptocurrencies. Its price has surged more than 10,000% so far in 2021. Dogecoin has a murky history at best. Its first exchange is wrapped up in charges of fraud, extortion, and assault. While Dogecoin has gotten all the attention, the original cybercurrency – Bitcoin continues. But the two cryptocurrencies have major differences. There are three important distinctions between dogecoin and bitcoin, according to CNBC.

Dogecoin is inflationary

Meltem Demirors, CoinShares chief strategy officer calls Dogecoin inflationary. She told CNBC,

Dogecoin is inflationary…more doge is printed every minute of every day, giving doge a potentially infinite supply … every minute of every day, 10,000 more dogecoin are issued. That equates to nearly 15 million doge per day or over 5 billion doge per year.

An unlimited cap on supply can negatively impact value over time.

On the other hand, Bitcoin has a finite supply of 21 million. James Ledbetter, editor of fintech newsletter FIN told CNBC the finite quantity creates a “built-in scarcity … akin to the way that gold or diamonds are valuable because they are scarce.” He explained that because Bitcoin is limited, as demand increases, the price of bitcoin should also increase

Dogecoin was ‘created for sillies’

original image of the doge memeAnother difference between dogecoin and bitcoin is the reason each was created. Bitcoin launched in 2009 to become a decentralized digital currency. Bitcoin supporters see the cryptocurrency as digital gold and a hedge against inflation. Trust in bitcoin has grown with investors during its 12-year run, which led to the cryptocurrency selling for record-high prices this year.

In comparison, dogecoin was created as a joke. In 2013, IBM software engineer Billy Markus and Adobe developer Jackson Palmer, based the cryptocurrency on the “Doge” meme. The  meme involves the inner monologue of a shibu inu dog expressed in comic sans with broken modifiers: “so scare,” “much noble,” “wow.”  In a Reddit post, Mr. Markus explained the cryptocurrency  was “created for sillies.”  He continues. “… I threw it together, without any expectation or plan. It took about 3 hours to make.” As a result, dogecoin lacks technical development and isn’t as secure as bitcoin.

Dogecoin is missing an ecosystem

Dogecoin is missing an ecosystemBitcoin has an extensive and well-funded ecosystem that does not exist with dogecoin. Mike Novogratz, CEO of Galaxy Digital, told CNBC that bitcoin is “a well-thought-out, well-distributed store of value that’s lasted for 12 years and is growing in adoption, where dogecoin literally has two guys that own 30% of the entire supply.” He continues;

… there’s no developers on it, there’s no institutions coming in. But it’s got this moniker of the people’s coin right now … It’s a little bit of a middle finger to the system. I think it’s dangerous because once that enthusiasm dies, if it dies, you could have a long way down…

A find-and-replace job

Dogecoin was a find-and-replace jobCNET reports that most of dogecoin is a copy and replace job from the bitcoin. Most of the development was Ctrl+F ‘Bitcoin,’ replace with ‘Dogecoin.’ Mr. Markus says, “…from ‘that seems like it’s funny’ to actually doing it, took about three hours. It’s almost trivial to create a new cryptocurrency.

Mr. Markus admits he knew enough to change a few core elements for Dogecoin. For example, Mr. Markus created 100 billion dogecoins (as opposed to bitcoin’s 21 million) and made them easier to mine. (Dogecoin is already close to being mined out, while bitcoin’s final coin will be mined in 2140.) He changed the font (to comic sans of course) and changed every mention of the word ‘mine’ to ‘dig’ (because dogs don’t mine, they dig…).

Bitcoin vs. Dogecoin

BitcoinDogecoin
SymbolBTCDOGE
Year developed20092013
Initial purposeCreated to be used as a currency or store of valueCreated as a joke spoof of Bitcoin and the doge meme
Approximate market capitalization*$1.02 trillion$41.4 billion
Number of coins*18.69 million129.24 billion
Maximum number of coins21 millionUnlimited
Bankrate.com

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While it may be nice to buy a Slim Jim with a dogecoin or go to a basketball game or ship things to the moon – there is no real reason to buy into dogecoin. 

In Economics terms – Is Dogecoin (or any cryptocurrency) liquid? How easy is it to buy a gallon of gas, your dry cleaning or a Slurpee with the cryptocurrency de jour? 

Until the day when it is easy to convert a dogecoin to something I want when I want it – dogecoin is nothing more than a speculative play for redddiers and billionaires – who can afford to lose their investments.

Stay safe out there!

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

VMware Jumped the Shark

VMware Jumped the SharkWikipedia says an organization has jumped the shark when it uses an out of character gimmick in an attempt to generate new publicity. The phrase “jump the shark” evolved from a 1977 episode of Happy Days, in which Fonzie jumps over a shark while on water skis. The Free Encyclopedia says this gimmick strayed absurdly outside the original storyline of the sitcom. 

VMware logoVMware (VMW) has jumped the shark. The virtualization giant now has its own anthem. The VMware anthem performed by The Viarengo Band is set to Steppenwolf’s 1968 hit Born to be Wild. The song was most famously featured in the 1969 film Easy Rider.

Dell Technologies (DELL) stablemate EMC (EMC) jumped the shark in 2011. The storage provider staged an event where motorcycle daredevil Bubba Blackwell jumped over a parking lot of EMC Symmetrix storage units.

 

Stay safe out there !

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.

Web Pioneers AOL and Yahoo Liquidated by Verizon

Web Pioneers AOL and Yahoo Liquidated by VerizonWeb pioneers AOL and Yahoo have been sold. Verizon sold the two early Internet powerhouses to the private equity firm Apollo Global Management. For these once tech titans, the deal represents a failure to adapt and thrive as the internet evolved. A history of missteps and bad timing leads both AOL and Yahoo to be sold for 10% of their peak values

America Online

AOL, founded in 1991 as a BBS for Commodore 64 computers, went public in 1992. Estimates put AOL’s value at $226 billion by 2001. Over 35 million users accessed the Internet via AOL. The firm had a history of preventing users from canceling their subscriptions. In 2001 America Online bought Time Warner for $182 billion in cash and stock. The move buried the company in debt just before the dotcom bubble burst and the rise of broadband made AOL’s dial-up services virtually obsolete. AOL languished until Verizon bought the property in 2015 

Yahoo

Yahoo (YHOO), founded in 1994 had 3 billion users at its peak. It had total revenue of over $1.8 billion at its peak in 2008. Yahoo has a history of misses as well. In 1999 it spent nearly $10 billion to buy GeoCities and Broadcast.com, both of which the company eventually shut down. It spent $1.1 billion on Tumblr in 2013 and sold it for less than $3 million in 2019. The Internet pioneer rejected a $44.6 billion takeover offer from Microsoft in 2008, only to sell to Verizon for 10% of that value less than ten years later. Yahoo has the dubious honor of enabling the largest know data breach – leaking all 3 billion accounts. Verizon bought Yahoo in 2017 for $4.5 billion.

Verizon (VZ) sold the Verizon Media group for $4.25 billion in cash and a 10% stake in the new company. The former internet empires will be rebranded “Yahoo,” according to the announcement. Verizon said they expect the sale to close in the second half of 2021. The sale includes online news outlets TechCrunch, Yahoo Finance, and Engadget.

Verizon is cutting its losses

The deal values the former powerhouse businesses at significantly lower prices than Verizon paid just a few years ago.

David Sambur, co-head of private equity at Apollo, said in a statement that touted the company’s strong recent recovery from last year’s lows in CEO-speak;

We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology, and consumer internet platforms.

The deal is Verizon’s latest step toward exiting the media market. Verizon sold HuffPost to BuzzFeed last year. it also shut down other popular properties including Yahoo Answers.

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Call me cynical, but what happens to the few remaining staff? The PE playbook says to remove assets and pump in debt to either spin out the remains in an IPO or go bankrupt and write off the debt in a fire sale. Meanwhile, Verizon Media CEO Guru Gowrappan gets to keep his CEO position at the new Yahoo.

Hopefully, Verizon will focus on its core wireless networks business and other internet provider businesses. Opensignal reports that 5G connections are still rare for U.S. consumers. They found that users connected to mmWave 5G less than 1% of the time. Verizon was the “best” for a time connected – a whopping 0.8%, compared to 0.5% for both AT&T and T-Mobile users. 

Yahoo and AOL were early tech titans as the consumer internet formed, but have now fallen into the hands of private equity.

Stay safe out there!

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Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedInFacebook, and Twitter. Email the Bach Seat here.