"This is the first in a two-part series exploring Butterfly Labs and its lineup of dedicated Bitcoin-mining hardware. In part one, we look at the company and the experiences customers have had with it. In part two, to be published on June 29, we share our experiences running a Bitcoin miner for a couple weeks. Spoiler alert: we made money." Continue reading →
"Bitcoin, the world’s first peer-to-peer digital currency is now being accepted by cosmetic surgeon to the stars, Dr. Aaron Rollins, at his Elite Body Sculpture centers in Beverly Hills and Sacramento. Elite Body Sculpture is excited to be the very first cosmetic surgery center to accept this form of cutting edge payment. Bitcoin is the newest frontier in currency—decentralized and unbound by any country. This purely electronic system allows anyone to send a payment, anywhere in the world, for little or no cost. Secure and internationally accepted, Bitcoin is being rapidly adopted by pioneering users and businesses around the world." Continue reading →
"When it comes to trusting Bitcoin, U.S. consumers also lag their Argentinian and British counterparts, but trust levels are still apparently running high among U.S. Bitcoin-aware. The survey found 62% of U.S. consumers who are Bitcoin-aware said they trust the currency, vs 73% of Bitcoin-aware Argentinians and 69% of Bitcoin-aware Brits. Greater awareness of Bitcoin appears to help foster greater levels of trust, as you might expect. Trust in Bitcoin is still relatively low when compared to trust in national currencies. Unsurprisingly, Argentinians also come out on top as most likely to trust Bitcoin more than their national currency." Continue reading →
"The Reserve Bank of India has expressed concern over the rise of 'virtual currencies' which are the likes of bitcoin. Virtual currencies or crypto currencies have also come under the focus of the police. In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. 'The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will,' RBI said." Continue reading →
"Brazil’s ruling party is reviving a proposal to tax millionaires’ wealth to help pay for measures demanded by protesters staging the largest demonstrations in two decades. The move is part of a congressional rush to pass laws that placate demands from protesters for cheaper transportation, better education, and less corruption. Over the past three weeks, more than 1 million Brazilians have taken to the streets. The proposal, which has been considered for at least 25 years, came back to life as pressure for more spending coincides with a tighter budget. President Dilma Rousseff’s Workers Party, known as the PT, agreed this week to push for the approval of the bill." Continue reading →
"An Internal Revenue Service deputy director whose office awarded more than $500 million in contracts to a friend’s technology company wouldn’t testify before a congressional committee. Greg Roseman was subpoenaed to appear today before a U.S. House committee investigating how Strong Castle Inc., a small business formed in late 2011, managed to attract so much contract work in such a short time. At a House Oversight and Government Reform Committee hearing, he declined to answer questions about his relationship with Braulio Castillo, president of Washington-based Strong Castle." Continue reading →
"While I'm not a big fan of Frank Rich, I did enjoy his absolutely devastating stream of insults hurled at David Gregory, the NBC 'journalist' who accused Glenn Greenwald of being a traitor. Rich then linked to this video of David Gregory showing his great journalist chops by dancing with Psy, Gangnam Style. Rich is wrong that there's anything bad about dancing with Psy, who is a better human being than any member of Congress. The truly revealing video of David Gregory is this one in which he is dancing and yukking it up with Karl Rove. We're supposed to believe that Gregory will deliver hard hitting journalism about people Gregory gets drunk with?" Continue reading →
"Public outrage over recent revelations of IRS corruption and abuse has prompted Nina Olson, employed by the agency as its 'National Taxpayer Advocate,' to suggest making 'apology payments' of $1,000 to taxpayers who have been mistreated. If adopted, Olson’s plan would cap payments at a total of $1 million a year. To understand the magnitude of the insult offered by Olson’s proposal, consider a recently publicized IRS conference that took place in Atlanta in 2008. The cost of that single event was $2.4 million – more than twice the amount proposed by the IRS to buy off public outrage over their profligacy, corruption, and state-sponsored terrorism." Continue reading →
"The IRS allows some of its 90,000 employees to use company charge cards to buy work-related items, such as office supplies. However, employees made a host of 'improper' purchases -- ranging from a dinner averaging $140 per person to Thomas the Tank Engine rubber wristbands. The inspector general said the IRS has been negligent when it comes to catching employees who circumvent $3,000 caps on transactions, by splitting purchases into several transactions. The agency also doesn't have a good record at turning off credit cards as soon as employees depart or retire." Continue reading →
"Federal prosecutors asked for permission Friday to seize the homes of former Rep. Jesse Jackson, Jr. (D-IL) and his wife, former Chicago Ald. Sandi Jackson, in addition to an IRA of Jackson's with an almost $80,000 balance, the Chicago Tribune reported. According to the Tribune, prosecutors asked a judge in U.S. District Court for the District of Columbia to let them seize the Jacksons' homes in both Chicago and Washington, D.C.'s DuPont Circle. Jackson Jr. pleaded guilty in February to misuing hundreds of thousands of dollars from his campaign accounts, while his wife pleaded guilty to filing false tax returns." Continue reading →