Next time you visit Canada, you might use digital currency to purchase your poutine, using something called MintChip backed by the Canadian government. The Royal Canadian Mint announced it’s getting rid of the penny and starting a new e-currency instead, and it wants the software community to help develop it.
A simple tool that can turn any iPhone into a credit card machine can also be a simple way for crooks to steal cash, hackers demonstrated this week. Square can eliminate the hassle of money laundering.
Instead of stealing credit card numbers, buying items and then selling those items for cash, Square can deposit money directly into a user’s account. Computer security experts from a firm called Aperture Labs described the process at the Black Hat security conference in Las Vegas.
Determined to keep physical currency relevant in an age of bitcoins and NFC-equipped phones, the Dutch are turning their coins into little high-tech toys. These are purportedly the world’s first coins with QR codes, which currently link to the national mint, but after June 22 will link to a “surprise.”
A new ATM for a Russian bank turns money machines into truth machines, using fingerprint recognition, 3-D face scans and voice analysis to determine whether customers are worthy of applying for credit cards.
The Russian bank Sberbank plans to install the ATMs in bank branches and locations like malls, the New York Times says.
The real-life housing market might be in the dumps, but a Hollywood real estate mogul is making a killing in the virtual world. Jon Jacobs, aka “Neverdie” in the massively multiplayer Entropia Universe, just sold a virtual nightclub for the actual price of $635,000.
Proceeds from the sale will fund Jacobs’ virtual planet-building ventures, which could in turn create actual revenue streams for Hollywood, the recording industry and traditional media sources. Really.
A pair of new computerized credit cards can re-program their own magnetic stripes and hide their account numbers, providing added security for bank customers who don’t want to carry lots of plastic inside RFID-proof metal wallets.
What makes investors do the wrong thing, all together, pretty much all the time?
By Robert Armstrong and Jacob Ward
Posted 02.19.2008 at 5:54 pm 3 Comments
There's just no nice way to say it: You're stupid with your money. You may fancy yourself a shrewd investor, but if you have normal human instincts—if you stand up and cheer at sporting events, if you follow the crowd toward the exit at the theater—then you have the instincts that make investors alternate between delirious greed and inconsolable fear. Like most of your peers, you are wired to buy high and sell low, and that's why Richard Peterson is about to become one very rich psychiatrist.
In our all-digital economy, only the computer knows
By Michael Dumiak
Posted 01.28.2008 at 7:26 pm 5 Comments
Once upon a time, when banks observed the gold standard, every dollar was backed by an equal amount of metal. Put simply, your money was in the vault. But now cash is all most people ever get to hold, and as the dollar goes digital, the only tangible vestige of your wealth will soon be the computer that keeps track of it. So where is your money today?
All across the globe, experts are devising high-tech methods to combat counterfeiters. See which world currencies are most impervious to fraud and why in our gallery of bills
By Elizabeth Svoboda
Posted 01.23.2008 at 4:10 am 6 Comments
Anti-Counterfeiting Around the World:
In the United States alone, there's at least $70 million in fake currency floating around. Fortunately as the technology counterfeiters use improves, so does that of the bills. Color-changing ink, special polymers and holographs are just some of the innovative technologies incorporated into today's banknotes. In 2007, the International Association of Currency Affairs picked the best new counterfeiting technologies and tactics.
Five amazing, clean technologies that will set us free, in this month's energy-focused issue. Also: how to build a better bomb detector, the robotic toys that are raising your children, a human catapult, the world's smallest arcade, and much more.