Decoding Cryptocurrencies

By now, you’ve probably heard of Bitcoin which means you’re on the spectrum ranging from heavily invested to totally spooked.

If you’re closer to spooked, allow me to share some simple facts.



Bitcoin is the first decentralized, unregulated, most popular, most valuable, cryptocurrency, sometimes call digital currency.  Bitcoin is the first, but far from the only cryptocurrency.  Other popular cryptocurrencies include Namecoin and Dogecoin (commonly referred to as ALT coins).

Unlike traditional currency, cryptocurrencies rely on cryptography and blockchains.  Even kids in primary school use basic cryptography to pass secret notes to each other in class.  However,  blockchain is a term more familiar to hardcore coders than casual internet users.  In this case, a blockchain is a distributed network of verifiable, updated, encrypted and synchronized ledgers.

Blockchains are maintained by “miners” who receive a reward and/or transaction fee for updating, maintaining, verifying the blockchain.  There are a fixed number of bitcoin, 21 million to be exact.  And “mining” bitcoin requires an increasing amount of time and computing power.

Cryptocurrencies are virtually impossible to counterfeit, hack, duplicate or accidentally “double spend”.  It’s these remarkable features that help bitcoin and other cryptocurrencies to retain their value.

The trifecta of features including anonymity, security and potential reward combine to make cryptocurrencies very attractive to criminals, failed Governments and legitimate investors.

Are you ready to jump in and invest?  Well then, you’ll need some money (which kinda goes without saying) and you will also need to set up a “wallet” on an “exchange” such as Coinbase.  It also goes without saying that you should always backup your data including your private and public key.

We can thank Satoshi Nakamoto for the invention of bitcoin back in 2008.  I’d like to tell you who Nakamoto is, but no one really knows.  We don’t know if Nakamoto is a person or a group.  Like bitcoin itself, the Nakamoto’s true identity is secure and anonymous.

Tech4Life airs every Wednesday morning on @RJR94FM at 8:15 AM

How to Protect Your Credit Card Online

In this day and age, the only way to be sure that your credit card is safe is to, not have one.  Of course, the practical consequence of not having a credit card means no online shopping, no convenient on the go purchases and no easy digital management of various expenses.

Even mobile payments are tied to credit cards with precious few options to avoid the ubiquitous payment method.

Since not having a credit card is not practical (for me at least), let’s look at some tips to add security in an unsure cyber world.

Do Use Secure Sites with HTTPS 

It goes without saying that you should only share your credit card information with trusted sites, but how do you know you can trust the site.  Well, one thing to look out for is a little lock icon in your browser representing the HTTPS; the ’s’ stands for secure (the HTTP means Hypertext Transfer Protocol if your interested).  Traffic on sites designated with the HTTPS is encrypted.

Reputable shopping sites like Amazon and even smaller shopping sites can make use of encryption to add another layer of protection to your personal financial information.  If, it ain’t got the ’s’, don’t drop the $.  Simple.

Do Monitor Statements 

Online shopping is so convenient.  So too, is checking your statement online.  And the two should never be separated.  Continuous monitoring of your transactions with a view to quickly identify and immediately report suspicious charges is a requirement of responsible online shopping practices.

If you consider even that too much, automate the process.  Have your credit card company text you after ever transaction and report any fraudulent transactions faster than a Lamborghini can do zero to 60 mph.

Do Use Unique Passwords

Sure.  It can be a pain to use a different password for every site.  But, it is necessary.  Even reputable businesses can be compromised putting your other accounts in danger.  Unique passwords can help stop hackers in their tracks and keep their nefarious actions at bay.

Develop a system to help you remember the passwords or use a password manager like 1Password or LastPass.  If you’re a Mac, consider the free, built-in, seamless iCloud KeyChain.

Regardless of which system you use, do immediately, if not already done, upgrade to two-factor authentication (2FA) on every account that offers the option.  2FA also adds an extra layer of security; in many cases when logging in, users have to enter a code issued via a text, an app or dedicated device, in addition to the correct password.

Do Secure Your Network

That “free” hotspot is tempting.  But nothing in life is truly free.  Many ask you to register your email address and then hit you with spam.  Some are not secure, deliberately or accidentally.  Tempting as it may be, use secure mobile data, a Wi-Fi analyzer to assess the network or a VPN (Virtual Private Network) to “scramble” your internet signals.

If you must jump on to a hotspot unprotected, avoid open networks (no password requirement), check with the proprietor to ensure the SSID is not being spoofed, light up a firewall, and limit your online traffic to the essentials.

Make sure your system OS (Operating System), software, apps, anti-virus and anti-malware are all up to date.

Do Consider Alternatives

PayPal and similar services put ‘distance’ between your credit card and the merchant.  Many credit card companies offer excellent alternatives like ‘disposable’ card numbers and secondary PIN verification for transactions.

Don’t Email/IM Credit Card Info

This advice has been repeated over and over and over again.  Yet we keep doing it.  Never, never send your credit card number, expiration date and/or CIS, your PIN or your password via an email message or instant message (IM).

Even if you think your email account is impenetrable (and it is not), the recipient's account could be compromised leaving you exposed.  It is just not worth it.

Don’t Auto Complete Card Numbers

Browsers, under the guise of being helpful, offer to auto-complete forms.  It’s a great idea for when you type your name, not so much when typing your credit card information.  Consider turning off this feature for all sensitive financial data and key in the numbers yourself.

In that same vein, don’t store your card information on the site.  Many sites encourage you to create accounts (with your card information) to make future transactions easier.  Don’t trade ease for security and opt, where possible, not to permanently hand over your account digits.

Don’t Respond to Suspect Email

This one is hard.  Phishing emails are becoming more sophisticated and more difficult to spot.  The email may appear to come from your bank, or your boss or your spouse and ask you to verify your information by clicking on a link.  There are countless other scenarios that appear legitimate but are not.  Don't assume the sender is who they say they are just because they have some information.

The bottom line, be VERY careful.  Pick up the phone and call your financial institution, go directly to the official website and avoid clicking on the link, update your virus protection systems, never auto download attachments and be very suspicious of almost everything.  Paranoid much?  Perhaps.  Protected? Definitely.

Don’t Withdraw Cash Unnecessarily

Aside from being hit with high fees for each withdrawal, you have to watch out for skimmers on ATMs, so the fewer trips to the ATM, the better.

Try to withdraw a little more cash than you immediately need, use your smartphone to make a video recording of the transaction, photograph and keep your receipt, only use well-lit ATM in high traffic/well-populated areas and inspect that machine before and after use.  This, along with vigilant monitoring of your online statements, should help reduce the incidences of fraud.

Sources:
Daily Telegraph
Bank of America

Tech4Life airs on @RJR94FM every Tuesday morning at 8:15 am

Mobile Wallet: Its All About the Trinity

You’ve heard the term mobile wallet, money money and mobile payments used interchangeably because they often refer to the same thing - ditching cash in favour to mobile phones for financial transactions.

Mobile wallet services are popular all around the world; from simple SMS based systems in Kenya, carrier supported systems in Haiti to advanced handset tied systems like Google Wallet and Apple Pay, cellphone based payment systems are gaining acceptance.

Locally, Conec is the first to market with a mobile wallet service with a range of features including bill payments and person to person payments.

Can these services be trusted?  Conec says yes!




Conec, a service of JUCCL, in partnership with global provider Mozido, combines a range of tools to offer a comprehensive security system.  The tools include:

• a guarantee that money will not be lost if the handset is lost or stolen, because the account information including account value, is stored in the cloud
• encrypted data stored in accordance to internationally accepted standards
• online access to account and funds, no handset required
• a trifecta of user based safeguards - a PIN, a personal password and a secret word to restrict access

Tech4Life airs every Wednesday morning at 8:15 AM on RJR94FM.

Dollars & Cents vs Bits & Bytes

Whether you call it a mobile wallet, mobile payments or mobile money, you are likely referring to the same thing - the ability to replace your bulky, plastic filled purse or wallet with a mobile wallet service.




Services vary from provider to provider, but in general, there are a lot of things you can do with a mobile wallet, like:

Cash In, Cash Out
Rather than walking around with cash, you can put ‘cash in’ your mobile wallet at various locations and have immediate access to your funds on your phone.

Top Up Call Credit
Forget the corner store, buy mobile phone credit and top up immediately without surcharges or the inconveniences of having get up and go.

Person to Person Transfer
Send money across the city or across the country to relatives and friends with a few taps on your phone.

Pay Bills
From utilities to stores to vendors, money in mobile wallets can be transferred on demand to creditors to pay for goods and services.

The irony is, with a mobile wallet, its your money that moves, not you.


Tech4Life airs every Wednesday morning at 8:15 AM on RJR94FM.

Ditch Your Wallet - Mobile Wallets Demystified

Cash (if you’re lucky), credit cards, loyalty cards, ID’s, discount cards and all manner of other plastic populate our purses and wallets.  For men, a wallet can be an annoying bulge; for women an impossible item to stuff in a clutch.

The promise of mobile wallets seek to remedy these issues.  But, is ditching your wallet practical?  Let’s dispel some myths about
mobile wallets.




Myth 1:  Mobile wallets are only for the first world.

While it is true that some options like Apple Pay and Google Wallet don’t work in Jamaica, there are a plethora of other options that are, or will be, available soon.

Myth 2:  You need a smartphone for a mobile wallet.

Again, there are options that rely on a smartphone running Android or iOS, but there are text, carrier and feature phone based options which don’t require a smart phone.

Myth 3:  You still need a credit card or bank account for a mobile wallet.

Nope, some mobile wallet options are for those without any kind of bank account at all.

Myth 4:  There are a limited number of access points for your mobile wallet.

That depends on what you consider ‘limited’ as the network of access points is growing daily.

Myth 5: If you loose your phone, you’ve lost your money.

Now this one is categorically untrue.  Mobile wallets don’t keep your money “in” the handset, so a lost phone doesn’t mean you’ve lost your money, or access to it.  Different providers have varied protocols, but all mobile wallet providers protect your hard earned cash if you device is lost or stolen, as mandated by the Bank of Jamaica (BOJ).

RJR's Tech4Life airs on RJR94FM every Wednesday morning at 8:15 am

The Changing Business of Music: New Paradigms for Making Money

Contrary to some widely circulated reports, music is not dead.

In some ways, we earn money the way we always have - we make great music, we build a strong brand and we sell it.  What has changed - is always changing in fact - is the way we sell it.  Sheet music, vinyl records, cassette tapes, CD’s, air play, live performances and appearances, publishing, sync rights, sponsorships, merchandising, digital downloads and now streaming.

Streaming.  Digital music transmitted but not downloaded for the listener.  Streaming, is a like a one time license to listen to a track.  If they want to listen again, they need another license.  The cost to the listener for the license? Advertising.  Not quite free, but close.

Musicians all around the world are making money from ad supported streaming of their music,  right this minute.  And good money too.

Jamaican musicians are making good money from ad supported streaming of this music, right this minute.  And good money too.  On YouTube.  Yes.  YouTube.

There are other streaming services - Pandora, iTunes Radio, Spotify.  But from my perspective, there is none more popular or easier to access for both listeners and musicians as YouTube.  Let’s look at the numbers.

Google pays 55% of revenues to rights owners.  This works out roughly (very roughly according to Rolling Stone) to US$2 per 1,000 views.  According to DigitalSpy.com, Rhianna’s estimated YouTube only earnings last year - US$4.15 million.  And she is not the top earning artiste.  Sky News reports that YouTube has paid out over US$1billion to rights owners.

Local musicians don’t publicly share their revenue information, so I can’t quote figures.  You’ll just have to trust my anecdotal evidence.

Locally, let’s look at some examples:

Channel	Subscribers	Views
HeadConcussionTV	107,909	71,434,229
SpiceOfficialVEVO	69,996	25,277,386
vprecords	172,668	238,975,227

I will admit, it is not a simple as flinging up a crappy music video and collecting coin at the bank.  To make money requires strategic effort.

Before any video is posted, it starts with great music and a strong brand.  The mechanics of brand building are for another forum, so let us assume for now that you have a great brand and a new YouTube channel.

There are some basic areas which require attention to build audience.

1. Artwork must pop, after all YouTube is a visual medium.
2. Playlists must be multiple and relevant, so as to truly engage your audience and benefit from cross promotion.
3. Video descriptions need to be detailed. Those video descriptions can be leveraged to generate actual sales with appropriate links to iTunes, Amazon, Google Play and other such services.
4. Videos need to roll out on a strategic schedule, in tandem with your master plan and to satisfy you subscribers.
5. Videos need to be creative, but you are creators, so that goes without saying, to engage audiences.
6. And, perhaps most importantly, tags and meta data must be included.

A fully optimized YouTube channel generates income primarily from advertising.  Google offers a plethora of options which advertisers love - banner ads, pre-roll ads, demographic targeting ads - each at a different revenue rate.  But the channel can also generate income from sponsorship and branded content.

Global superstars have access to Vevo - a joint partnership between Google, Universal Music Group and Abu Dhabi Media - which manages YouTube music videos.  We have access to other independent agencies which can provide YouTube optimization services and favorable returns.

Favourable returns are important because, the 55% paid over by Youtube has to be split among all rights holders.  That list could include the DJ or singer, the songwriter, the musician, the producer, the record label and the music publisher.  Depending on the deal, the list could include the music video director.  Then the revenues may been to be allocated further to the manager, the attorney and the accountant.

That’s a long list, but do not be daunted.  I have good news.

A fully optimized YouTube video truly exploits ContentID.  Introduced last year, ContentID made it possible to make REAL money without alienating fans or issuing dozens of expensive cease and desist orders.  As Billboard explains it, "Content ID allows rights holders to receive reference files on content they own, metadata describing that content and policies to help them choose what they want YouTube to do with that content -- monetize, track, or block it -- once they find videos that match."

Remember the Harlem Shake?  At it’s peak, there were over 4,000 user-uploaded videos featuring the song totaling over 30 million views.  With ContentID, the Harlem Shake rights owners made money on every single view, regardless of whether the view on their channel or not.  Every fan video, every live video, every video that included the Harlem Shake song posted to YouTube made them money.

Now, musicians can encourage their fans to re-post their videos, add them to playlists, make their own lyric video or even their own lip-sync rendition of their favourite track.  The rise of the dancer video has created a wealth of new revenue opportunities.

Want to make more money?  Compelling Content.  It is not enough for viewers to visit your channel, they need to stay and watch.  Longer views mean more ad revenues which means rights holders make more money.

Want to make even more money?  Sponsored content.  A strong subscriber base and high viewership can attract sponsors interested in product placement, mentions and other exposures.

Want to double down on the money you make?  Ensure that your YouTube roll out plan compliments and capitalizes on your wider marketing plan to build your brand and sell your music.

What is a new paradigm for making money in music today? YouTube.  Tomorrow, perhaps SoundCloud.  But that can be discussed at the next MSBM forum.

Thank you.

JPS eStore Smart Power Challenge

It is no secret that electricity in Jamaica is expensive.  For me, my JPS bill is among my biggest monthly expenses.  I needed to do something ... other than complain about the bill.  So, I have signed myself up for my self imposed JPS eStore Smart Power Challenge.

Challenge
Take this unscientific but possibly surprising journey with me.  Using a few 'tools' I picked up at the eStore, my goal is to reduce my electricity consumption from 267 kwh to 214 kwh.  That is 20% in one month!  A little ambitious no doubt, but where's the fun without the ambitious goal.

Tools
I've armed myself with three tools.

Digital Energy Timer (DET)

Digital Energy Timer (DET) - $3,200 - in effect, this smart plug safety cuts the power to any device plugged into it.  The version I have, was designed by Jamaican inventor Jackie Stuart but made in China.

LED Light - $2,600 - this expensive bulb saves up to 20% over florescent (CFL) bulbs.  I'm not going to even get into incandescent; if your still using those, you're way behind.

Smart Power Strip - $6,900 - this device has an outlet for the master and several for the slaves.  So, you plug, for example, your TV into the master, when the TV goes off, the device automatically cuts power to electronics like the DVD player or cable box plugged into the slave outlets.

Deployment
The DET went straight to the refrigerator.  I didn't need the available digital energy monitor to tell me that the fridge was burning up electricity (pun intended).  The timer can take up to seven different profiles; really I only needed one.  So it took longer to set up than I liked.  Further, I didn't find the instructions very helpful and the worst part is there is no website or customer service number for help.  Urgh!

Nevertheless, I set the timer to cut power to my fridge between 11 pm and 5 am daily.  I am really hoping for big savings and no spoilage.

The single LED bulb went to the kitchen, the light that is on almost all day and much of the night.  Frankly, I don't expect to save a lot here, but boy, the light pretty you see!  Maybe I would have a different result if I was able to replace every bulb in the house.

The JPS eStore smart power strip replaced my Monster Green Power Centre which protects against power spikes for coaxial and phone cables as well in addition to preventing vampire power (it's really fancy, I'll admit).  It's not really a fair trade, but let's see.

Result
Check back in a month and let's see!

Silent Chill

I am ashamed to admit that, I've been startled awake in the middle of the night by the compressor on my fridge kicking in.  That sucker is loud.

If I had the new, recently launched, Samsung Refrigerator with a digital inverter compressor, I could sleep like a baby.

Samsung Refrigerator
with Digital Inversion Compressor

Thanks much the people over at CME for inviting me to the launch at Courts Constant Spring.  During the event, everyone went through great pains to highlight the energy efficiency of the fridge.  They say, the digital inverter compressor uses a 5 speed RPM to automatically manage temperature fluctuations.

In effect, if you open the door a lot, or your put in Sunday dinner right off the stove, the fridge is smart enough to know to speed up the cooling process to re-establish the perfect temperature.  This saves you money in two ways - saving on electricity and saving on food spoilage.  Sounds like a win/win.

The stainless steel finished kitchen appliance is reported to be durable too.  All that power cooling leads to less wear and tear on the compressor that sports a 10 year warrant from the manufacturer.

I sure liked the cool, if unnecessary, digital display on the door, the super efficient LED lights, the recessed door handles and the very high capacity water dispenser (we really should drink more water).

But the coolest feature (no pun this time) is, the remarkably quiet compressor.  If I had this fridge, I would have to open the door to know it if was on.  Sweet.

Turn Off To Turn On

This is in effect the new pitch from the Jamaica Public Service Company – JPSCO.  Turn off to turn on.

I think it is safe to say that most Jamaicans hate JPS.  Yes.  I do know that hate is a strong word.  Yet, we love our power hungry devices.  We run the fridge, heat up the water, leave on the TV day and night, charge up the cell phone and, well you get the point.

Then, we turn around and blame JPS for the massive bill we get each month as we take a cleaver to our limbs to cover the bill.  It seems JPS is tired of that cycle (pun intended – just in case you weren’t sure).

Enter, the eStore and the concept of ‘conservation as fuel’.  JPS is encouraging us to take charge (I’m killing me) of our energy consumption using a variety of gadgets and gizmos to help us be, “energy safe, energy save and energy smart”. The flagship store on Ruthven Road stocks over 40 devices, which they say will save us money.  Just what we like to hear.

JPS eStore Surge Protector

JPS Director Sales and Marketing, Garth McKenzie broke it down for me.  Energy safe products include surge protects and other products that protect your equipment from power spikes and other catastrophes.  I will bet good money that you already have every appliance in your house connected to a surge protector.

Ok.  Moving on.  Energy save sounds a little more exciting.  I changed out all my incandescent bulbs to fluorescents a decade or so ago.  Seems like I need to spend some money on LED bulbs to save some money.  JPS is also offering a number of power switches and timers.  These save us money by stopping energy leakage – appliances using power when they don’t need to.

Work and entertainment electronics are BIG culprits in this department.  The TV, cable box, DVD player, printer/fax, well, again, you get the point.  These items, even when ‘powered off’ suck power from your grid.  We can save money by plugging these power hog devices into timers, which can automatically kill their electricity supply.  And its idiot proof!

Again, not new.  But, JPS is offering a locally designed Digital Energy Timer (DET) well suited for our 50-cycle power grid.  Jamaican inventor, Jackie Stuart says the DET can hold 16 programmes in a day and the days can be individually programmed.  Power outages don’t affect the DET, because it has it own back up battery.

Andrew Simmonds suggested that you could use the DET to turn off your TV at night.  I suggest that you could use it to cut power to your fridge while cutting cost from your bill!

For me, the most exciting product category was also the most expensive.  Energy smart.  Here’s the deal: you can call up JPS and arrange for an Energy Audit after the audit, they can install an energy monitor.  In effect, the monitor tells you where and when, you are burning up fuel.  But it is not cheap.  The most advanced monitor will set you back over forty grand.  But, it can give you really detailed reports on consumption and cost of energy use in real time.  No more waiting for the bar chart on the bill.

In his presentation at the store launch earlier this month, it was The Hon. Phillip Paulwell that said, “Conservation is the new fuel.”  JPS President and CEO Kelly Tomlin supported the sentiment with, “turn off to turn on.”  I will add my two cents (equivalent to about 45 sec of LED lighting) – spend more to save.