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November 21, 2018
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Interest rates and fears of a mounting trade war send tech stocks lower

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Shares of technology companies were battered in today’s trading as fears of an increasing trade war between the U.S. and China and rising interest rates convinced worried investors to sell.

The Nasdaq Composite Index, which is where many of the country’s largest technology companies trade their shares, was down 219.4 points, or 3%, to 7,028.48. Meanwhile, the Dow Jones Industrial Average fell 395.8 points, or 1.6%, to 25,017.44.

Facebook, Alphabet (the parent company of Google), Apple, Netflix and Amazon all fell into bear trading territory, which means that the value of these stocks have slid more than 20%. CNBC has a handy chart illustrating just how bad things have been for the largest tech companies in the U.S.

Some of the woes from tech stocks aren’t necessarily trade war related. Facebook shares have been hammered on the back of a blockbuster New York Times report detailing the missteps and misdirection involved in the company’s response to Russian interference in the U.S. elections. Investors are likely concerned that the company’s margins will shrink as it spends more on content moderation.

And Apple saw its shares decline on reports that sales of its new iPhones may not be as rosy as the company predicted — although the holiday season should boost  those numbers. According to a Wall Street Journal report, Apple has cut the targets for all of its new phones amid uncertainties around sales.

The Journal reported that in recent weeks, Apple had cut its production orders for all of the iPhone models it unveiled in September, which has carried through the supply chain. Specifically, targets for the new iPhone XR were cut by one-third from the 70 million units the company had asked suppliers to produce, according to WSJ sources.

Those sales numbers had a ripple effect throughout Apple’s supply chain, hitting the stock prices for a number of suppliers and competitors.

But the U.S. government’s escalating trade war with China is definitely a concern for most of the technology industry as tariffs are likely to affect supply chains and drive prices higher.

According to a research note from Chris Zaccarelli, the chief investment officer at Independent Advisor Alliance, quoted in MarketWatchinterest rates and slowing global growth are adding to trade war pressures to drive tech stock prices down.

“Tech continues to be caught in the crosshairs of the triple threat of rising interest rates, global growth fears and trade tensions with China,” Zaccarelli wrote. “Trade war concerns with China weigh on the global supply chain for large technology companies while global growth fears worry many that future earnings will be lower,” he said.

News Source = techcrunch.com

Facebook Messenger is building a “Watch Videos Together” feature

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Netflix and chill from afar? Facebook Messenger is now internally testing simultaneous co-viewing of videos. That means you and your favorite people could watch a synchronized video over group chat on your respective devices while discussing or joking about it. This “Watch Videos Together” feature could make you spend more time on Facebook Messenger while creating shared experiences that are more meaningful and positive for well-being than passively zombie-viewing videos solo. This new approach to Facebook’s Watch Party feature might feel more natural as part of messaging than through a feed, Groups, or Events post.

The feature was first spotted in Messenger’s codebase by Ananay Arora, the founder of deadline management app Timebound as well as a mobile investigator in the style of frequent TechCrunch tipster Jane Manchun Wong. The code he discovered describes Messenger allowing you to “tap to watch together now” and “chat about the same videos at the same time” with chat thread members receiving a notification that a co-viewing is starting. “Everyone in this chat can control the video and see who’s watching” the code explains.

A Facebook spokesperson confirmed to TechCrunch that this is an “internal test” and that it doesn’t have any more to share right now. But other features originally discovered in Messenger’s code like contact syncing with Instagram have eventually received official launches.

Watch Party exists on Facebook but could be more popular as a chat feature

A fascinating question this co-viewing feature brings up is where users will find videos to watch. It might just let you punch in a URL from Facebook or share a video from there to Messenger. The app could put a new video browsing option into the message composer or Discover tab.  Or if it really wanted to get serious about chat-based co-viewing, Facebook could allow the feature to work with video partners, ideally YouTube.

Co-viewing of videos could also introduce a new revenue opportunity for Messenger. It might suggest sponsored videos, such as recent movie trailers. Or it could simply serve video ads between a queue of videos lined up for co-viewing. Facebook has recently been putting more pressure on its subsidiaries like Messenger and Instagram to monetize as News Feed ad revenue growth slows down due to plateauing users growth and limited News Feed ad space.

Other apps like YouTube’s Uptime (since shut down), and Facebook’s first president Sean Parker’s Airtime (never took off) have tried and failed to make co-watching a popular habit. The problem is that coordinating these synced-up experiences with friends can be troublesome. By baking simultaneous video viewing directing into Messenger, Facebook could make it as seamless as sharing a link.

News Source = techcrunch.com

Facebook Messenger starts rolling out Unsend. Here’s how it works

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Facebook secretly retracted messages sent by CEO Mark Zuckerberg, TechCrunch reported seven months ago. Now for the first time, Facebook Messenger users will get the power to unsend too so they can remove their sent messages from the recipient’s inbox. Messages can only be unsent for the first ten minutes after they’re delivered so that you can correct a mistake or remove something you accidentally pushed, but you won’t be able to edit ancient history. Using the Formally known as “Remove For Everyone”, the button also leaves a ‘tombstone’ indicating a message was retracted. And to prevent bullies from using the feature to cover their tracks, Facebook will retain unsent messages for a short period of time so if they’re reported, it can review them for policy violations.

The Remove feature rolls out in Poland, Bolivia, Colombia, and Lithuania today on Messenger for iOS and Android. A Facebook spokesperson tells me the plan is to roll it out globally as soon as possible, though that may be influenced by the holiday App Store update cut off. In the meantime, it’s also working on more unsend features, potentially including the ability to preemptively set an expiration date for specific messages or entire threads.

“The pros are that user want to be in control . . . and if you make a mistake you can correct it. There are a lot of legitimate use cases out there that we wanted to enable” Facebook’s head of Messenger Stan Chudnovsky tells me in an exclusive interview. But conversely, he says  ”we need to make sure we don’t open up any new venues for bullying. We need to make sure people aren’t sending you bad messages and then removing them because if you report them and the messages aren’t there we can’t do anything.”

Zuckerberg did it. Soon you can too

Facebook first informed TechCrunch it would build an unsend feature back in April after I reported that six sources told me some of Mark Zuckerberg’s Facebook messages had been silently removed from the inboxes of recipients, including non-employees with no tombstone left in their place. We saw that as a violation of user trust and an abuse of the company’s power, given the public had no way to unsend their own messages.

Facebook claimed this was to protect the privacy of its executives and the company’s trade secrets, telling me that “After Sony Pictures’ emails were hacked in 2014 we made a number changes to protect our executives’ communications. These included limiting the retention period for Mark’s messages in Messenger.” But it seems likely that Facebook also wanted to avoid another embarrassing situation like when Zuckerberg’s old instant messages from 2004 leaked. One damning exchange saw Zuckerberg tell a friend “if you ever need info about anyone at harvard . . . just ask . . . i have over 4000 emails, pictures, addresses, sns.” “what!? how’d you manage that one?”  the friend replied. “People just submitted it . .  i don’t know why . . . they ‘trust me’ . . . dumb fucks” Zuckerberg replied.

The company told me it was actually already working on an Unsend button for everyone, and wouldn’t delete any more executives’ messages until it launched. Chudnovsky tells me he felt like “I wish we launched this sooner” when the news broke. But then six months went by without progress or comment from Facebook before TechCrunch broke the news that tipster Jane Manchun Wong had spotted Facebook prototyping the Remove feature. Then a week ago, Facebook Messenger’s App Store release notes accidentally mentioned that a ten-minute Unsend button was coming soon.

So why the seven month wait? Especially given Instagram already allows users to unsend messages no matter how old? “The reason why it took so long is because on the server side, it’s actually much harder. All the message are stored on the server, and that goes into the core transportation layer of our how our messaging system was built” Chudnovsky explains. “It was hard to do given how we were architected, but we were always worried about the integrity concerns it would open up.” Now the company is confident it’s surmounted the engineering challenge to ensure an Unsent message reliably disappears from the recipient.

“The question becomes ‘who owns that message?’ Before that message is delivered to your Messenger app, it belongs to me. But when it actually arrives, it probably belongs to both of us” Chudnovsky pontificates.

How Facebook Messenger’s “Remove For Everyone” Button Works

Facebook settled on the ability to let you remove any kind of message — including text, group chats, photos, videos, links, and more — within ten minutes of sending. You can still delete any message on just your side of the conversation, but only messages you sent can be removed from their recipients. You can’t delete from someone else what they sent you, the feature’s PR manager Kat Chui tells me. And Facebook will keep a private copy of the message for a short while after it’s deleted to make sure it can review if it’s reported for harassment.

To use the unsend feature, tap and hold on a message you sent, then select ‘Remove’. You’ll get options to “Remove for Everyone” which will retract the message, or “Remove for you” which replaces the old delete option and leaves the message in the recipient’s inbox. You’ll get a warning that explains “You’ll permanently remove this message for all chat members. They can see that you removed a message and still report it.” If you confirm the removal, a line of text noting “you [or the sender’s name] removed a message” (known as a tombstone) will appear in the thread where the message was. If you want to report a removed message for abuse or another issue, you’ll tap the person’s name, scroll to “Something’s Wrong” and select the proper category such as harassment or that they were pretending to be someone else.

Why the ten minute limit specifically? “We looked at how the existing delete functionality works. It turns out that when people are deleting messages because it’s a mistake or they sent something they didn’t want to send, it’s under a minute. We decided to extend it to ten, but decided we didn’t need to do more” Chudnovsky reveals.

He says he’s not sure if Facebook’s security team will now resume removing executive messages. However, he stresses that the Unsend button Facebook is launching “is definitely not the same feature” as what was used on Zuckerberg’s messages. If Facebook wanted to truly respect its users, it would at least insert the tombstone when it erases old messages from executives.

Messenger is also building more unsend functionality. Taking a cue from encrypted messaging app Signal’s customizable per thread expiration date feature, Chudnovsky tells me “hypothetically, if I want all the messages to be deleted after 6 months, they get purged. This is something that can be set up on a per thread level” though Facebook is still tinkering with the details. Another option would be for Facebook to extend the per message expiration date option from its encrypted Secret messages feature to all chats.

“It’s one of those things that feels very simple on the surface. And it would be very easy if the servers were built one way or another from the very beginning” Chudnovsky concludes. “But it’s one of those things philosophically and technologically that once you get to the scale of 1.3 billion people using it, changing from one model to another is way more complicated.” Hopefully in the future, Facebook won’t give its executives extrajudicial ways to manipulate communications…or at least not until it’s sorted out the consequences of giving the public the same power.

News Source = techcrunch.com

Facebook Lasso app lead Brady Voss leaves for Netflix right after launch

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Facebook Lasso has a steep uphill climb ahead as it hopes to chase the musical video app it cloned, China’s TikTok (which merged with Musically). Lasso lets you overlay popular songs on 15-second clips of you lip syncing, dancing, or just being silly — kind of like Vine with a soundtrack. It’s off to a slow start since launching Friday, having failed to reach the overall app download charts as it falls from #169 to #217 on the US iOS Photo and Video App chart, according to App Annie.

Forme Facebook Lead Product Designer Brady Voss

And now one of the Lasso team’s bosses Brady Voss is leaving Facebook for a job at Netflix. He’d spent five years as a lead product designer at Facebook working on standalone apps like Hello and major feature launches like Watch, Live, 360 video, and the social network’s smart TV app. He previously designed products for TiVo and Microsoft’s XBox.

“After five life-changing years at Facebook, my last day will be this Friday, 11/16” Voss wrote on Facebook. “Following our launch of our new app, Lasso, a project I’ve been working on for a while now, the timing works well to explore what’s coming next . . . As for what’s next? I have accepted a position at Netflix in Los Gatos, California.” A Facebook spokesperson responded that “Yes, I can confirm that Brady is leaving Facebook.”

Voss added some color about joining Facebook, noting  “There was actually a discussion about whether or not I’d be a great culture fit because I wore a tie to my interviews–which is funny because we don’t believe dressing like that is what enables people to bring their best everyday. Thankfully, they saw past the common clichés–because suits and ties are not me.” As for Facebook’s troubles, he wrote that “I was even there for the big freak out moments along the way–we’ll keep them unnamed 🙃”, which could refer to his work on Facebook Live that spawned big problems with real-time broadcasts of violence and self-harm.

While it’s reasonable for anyone to want a change of pace after five years, especially after the brutal year Facebook’s had in the press, his departure just a week after Lasso’s launch doesn’t inspire a ton of confidence in the app’s trajectory. It might have been a sensible stopping point haven gotten the app out the door, but you’d also think that if Lasso had a real shot at popularity, he’d have wanted to stick around to oversee that growth.

Lasso’s First Rodeo

TechCrunch first broke the news that Lasso was in development last month, citing Voss as one of the team’s heads. But in the meantime, the world’s highest valued private startup Bytedance managed to push its TikTok app past Instagram, Snapchat, and YouTube on the download charts. It’s now at #5 on the US iOS overall charts and #1 in Photo and Video. Facebook seems to have shooed Lasso out a little prematurely before losing more ground, given it lacks many of the augmented reality features and filters found in Instagram, Snapchat, and TikTok .

Facebook Lasso

TechCrunch asked the company for some more details about the Lasso roadmap. A spokesperson told me that Facebook will be evolving Lasso and adding new features with time, and may test a feature for uploading videos instead of being restricted to shooting them in-app right now. Voss’ departure post includes a “Made With Lasso” video featuring an augmented reality effect with him conjuring Facebook Like thumbs-ups out of his hand. [Update: He tells me he added this in AfterEffects, but it shows that Facebookers think AR should be part of Lasso.]

As for monetization, Facebook tells me there are no plans to show ads right now. Typically, Facebook tries to build products to have hundreds of millions of users before it potentially endangers growth by layering in revenue generators. I asked if users might be able to pay their favorite video creators with tips, and the company says that while that’s not currently available, it hopes to explore ways to allow creators to earn money in the future. Instagram said the same thing about IGTV when it launched in June, and we still haven’t heard anything on that front. Facebook likely won’t be able to lure creators to new platforms with smaller audiences than their main channels unless it’s going to let them earn money there.

If Facebook is truly serious about challenging TikTok, it may need to build closer ties between Lasso and Instagram. Facebook left its previous standalone video apps like Slingshot and Poke out to dry, eventually shuttering them after providing little cross promotion. Given the teen audience Lasso craves is already on Instagram, it will be fascinating to see if former VP of News Feed Adam Mosseri who’s now running Instagram will insert some links to Lasso. A Facebook spokesperson says that Facebook may investigate promoting Lasso on its other apps down the line.

And one final concern regarding Lasso is that Facebook isn’t doing much to prevent underage kids below 13 from getting on the app. Tweens flocked to Musically, leading to some worrisome content. 10-year-old girls in revealing clothing singing along to the scandalous lyrics of pop songs frequently populated the Musically leaderboard. That prompted me to question Musically CEO Alex Zhu on stage at TechCrunch Disrupt London 2015 about whether his app violated the Child Online Privacy Protection Act (COPPA) that prohibits online services from collecting photos or videos of kids under 13. He denied wrongdoing with flimsy excuses, claiming parents were always aware of what kids were doing, and stormed out of the backstage area after our talk.

So I asked Facebook how it would prevent such issues on Lasso, where all content is public and adults can follow children. A spokesperson told me that you need a Facebook or Instagram account to sign up for Lasso, and those services require people to be 13 older. But “require” isn’t exactly the right word. It asks people to state they’re of age, but doesn’t do anything to confirm that. Lasso does have a report button for flagging inappropriate content, and the company claims to be taking privacy and safety seriously.

But if the tech giants are going to build apps purposefully designed for young audiences, asking for kids to merely promise they’re old enough to join may not be sufficient.

News Source = techcrunch.com

Facebook bug let websites read ‘likes’ and interests from a user’s profile

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Facebook has fixed a bug that let any website pull information from a user’s profile — including their ‘likes’ and interests — without that user’s knowledge.

That’s the findings from Ron Masas, a security researcher at Imperva, who found that Facebook search results weren’t properly protected from cross-site request forgery (CSRF) attacks. In other words, a website could quietly siphon off certain bits of data from your logged-in Facebook profile in another tab.

Masas demonstrated how a website acting in bad faith could embed an IFRAME — used to nest a webpage within a webpage — to silently collect profile information.

“This allowed information to cross over domains — essentially meaning that if a user visits a particular website, an attacker can open Facebook and can collect information about the user and their friends,” said Masas.

The malicious website could open several Facebook search queries in a new tab, and run queries that could return “yes” or “no” responses — such as if a Facebook user likes a page, for example. Masas said that the search queries could return more complex results — such as returning all a user’s friends with a particular name, a user’s posts with certain keywords, and even more personal demographics — such as all of a person’s friends with a certain religion in a named city.

“The vulnerability exposed the user and their friends’ interests, even if their privacy settings were set so that interests were only visible to the user’s friends,” he said.

A snippet from a proof-of-concept built by Masas to show him exploiting the bug. (Image: Imperva/supplied)

In fairness, it’s not a problem unique to Facebook nor is it particularly covert. But given the kind of data available, Masas said this kind of data would be “attractive” to ad companies.

Imperva privately disclosed the bug in May. Facebook fixed the bug days later by adding CSRF protections and paid out $8,000 in two separate bug bounties.

Facebook told TechCrunch that the company hasn’t seen any abuse.

“We appreciate this researcher’s report to our bug bounty program,” said Facebook spokesperson Margarita Zolotova in a statement. “As the underlying behavior is not specific to Facebook, we’ve made recommendations to browser makers and relevant web standards groups to encourage them to take steps to prevent this type of issue from occurring in other web applications.”

It’s the latest in a string of data exposures and bugs that have put Facebook user data at risk after the Cambridge Analytica scandal this year, which saw a political data firm vacuum up profiles on 87 million users to use for election profiling — including users’ likes and interests.

Months later, the social media giant admitted millions of user account tokens had been stolen from hackers who exploited a chain of bugs.

News Source = techcrunch.com

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