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Bitcoin

Submission + - Bitcoin Bank Defeats the Purpose of Bitcoin (vice.com)

Daniel_Stuckey writes: "Here's yet another sign that bitcoin is a legit currency: A new bank for bitcoin is up and running at Bitcoin-Central.net. With euro signs in its eyes, French bitcoin exchange Paymium says it plans to regulate and institutionalize the crypto-currency with Bitcoin Central, bringing along insurance standards guaranteed by the French version of FDIC. My eyebrow just hit the ceiling.

Regulating bitcoin? Banking it? Issuing bank cards? Gaining 'attractivity' from second and third-round investors? It's a classic sell-out story cruising along under some shield of financial nerdery. That bitcoin is money, and money is bitcoin, seems to have led these determined guys into the savagery of orthodox financial standards. In itself, the very idea of a centralized, compliant, investment-seizing bitcoin bank defies the earliest notions of the untraceable currency. Just have a look at some of Bitcoin Central's boasted advantages, as posted in an announcement:

Each user will soon be able to order its own debit card that will use their EUR and BTC balance to honor purchases and cash withdrawals
We'll have direct access to the banking networks which will let us 100% automate all incoming and outgoing transfers
Corporations will have an actual financial institution talking with them if they wish to start accepting Bitcoin and be safe from a regulatory point of view
Paymium will have a much better legal standing and a much higher attractivity for second and third-round investors
Let's go back in history to the original unveliing of bitcoin as we know it today. Here's the first sentence from the abstract that bitcoin's pseudonymous creator(s) Satoshi Nakamoto published: "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."

Like an eager child opening his Christmas presents without first reading the card from his aging grandparents, the guys at Bitcoin Central don't seem to give a shit about the founding principles of the P2P system in place."

Cloud

Submission + - Google Axes Free Google Apps (blogspot.com.au)

Macfox writes: In a move to focus on serving small business better, Google has Axed the popular Free Edition of Google Apps. From Dec 6th, it will not be possible to signup for the free edition, instead users must opt the a 30-day trial and pay to continue to use the service past that point. In a statement to the Wall Street Journal, Google's senior vice president in charge of Google Apps said Google wants to provide small businesses that use the free version of the software with dedicated customer support—something only paying customers currently get. "We're not serving them well," he said of the free users.
http://online.wsj.com/article/SB10001424127887323316804578163531826571350.html

Comment In other news they Axe the Free Google Apps. (Score 3, Informative) 86

Google Apps Free Edition

Starting on December 6, 2012, Google will no longer offer new accounts for the free edition of Google Apps. Google Apps free edition is sometimes referred to as "Standard Edition."
If you already have the free edition, you can continue to use it for free. This change has no impact on existing users of the free edition.

Please see the Google Enterprise Blog for additional details.

http://googleenterprise.blogspot.com.au/
http://support.google.com/a/bin/answer.py?answer=2855120

Comment The last Attorney-General to try this... (Score 1) 213

Was the famous Michael Atkinson. There was a massive backlash and he was forced to repeal it a rush. I suspect the same might happen here once the public realise the implications of such a law.

http://www.adelaidenow.com.au/victory-atkinson-loosens-gag/story-e6frea6u-1225826104175

Comment Typical Adelaide. The retirement village of AU (Score 1) 161

This might look like a good thing, but they're basically trying to undo the R18+ reforms, by making MA15+ the same as R18+. As many have pointed out, it will achieve nothing and add complication for retailers and buyers. Why can't we just accept the classifications boards definitions, like the rest of the states.

Under the legislation, movies like the Saw franchise can be seen by minors, but games like GTA and Mortal combat can't be played.

This is just typical Adelaide politics. We endured the idiot Michael Atkinson with his overly conservative views, holding Australian to ransom over game classification reform. He made us look like a joke for too many years. Now we have to suffer another idiot trying to do the same, pandering to a fringe group of religious do-gooders/ nuts-cases, that are hell bent on making this state a retirement village. We all bitch about Adelaide getting a bad rap, but it's this kind of crap that instils SA's backwater reputation.

Comment Re:Why he gets away with it... (Score 1) 356

if you cross the ATO (Australian Tax Office) you're in for a world of hurt, they are relentless and remorseless.

That's hardly the case. There's a few high profiled cases, the ATO brags about, but the reality is much different. CEO's like this guy are too small to bother about, unless he's burned some wealthy creditor, who will make a noise.

I've been involved in two Australian based start-ups and the CEO's/directors that skipped overseas with IP, fistfuls of investor cash and huge debts are quite happily living abroad. They even visit and live in Australia for extend periods without the fear of the ATO.

Comment GEERS (all is not lost) (Score 2, Interesting) 356

I sympathise with the employees. I went through a similar situation in 2007.

GEERS is your friend*, and the liquidator will help you with the information needed to complete your GEERS application. Unfortunately GEERS doesn't cover unpaid super and most companies in these circumstances just fail to pay super and accumulate fines for late super payments rather than the actual amount.

As the law currently stands it very simple for dodgy CEO's to thieve the IP and take operations overseas. The ATO and ASIC are either too slow, bogged down with redtape or just plain toothless.

The sad fact is CEO's/directors don't even need to move overseas. All you need to do is have a parent company overseas that the IP is assigned to. The local company then operates on the smell of an oily rag, runs up liabilities and even gets government RD grants/tax rebates. When creditors/employees come to collect, there's nothing, but a bit of office equipment and furniture. It's even possible to start a new company and then buy the salvaged office assets of the previous company and even trade from the very same office and the ATO and ASIC don't even batter an eye lid.

*As for GEERS and the liquidator, chase them ruthlessly. The department/program is biased to the liquidators findings. If there's incomplete, incorrect or absent employee entitlement records (as is often the case with poorly run companies), GEERS will not pay you a cent, if the liquidator can't provide support or evidence of he amounts. (I found out the hard way and lost 2 years AL)

All the best with your fight.

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