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Bitcoin

Bitcoin Is Disrupting the Argentine Economy 253

HughPickens.com writes: Nathaniel Popper writes in the NYT that with its volatile currency and dysfunctional banks, Argentina is the perfect place to experiment with a new digital currency. The number of Bitcoin users in Argentina is relatively small; it barely registers on most charts of global Bitcoin usage. But Argentina has been quietly gaining renown in technology circles as the first, and almost only, place where Bitcoins are being regularly used by ordinary people for real commercial transactions. For example, BitPagos is selling bitcoins in over 8,000 Argentine convenience stores and is helping more than 200 hotels, both cheap and boutique, take credit-card payments from foreign tourists. The money brought to Argentina using Bitcoin circumvents the onerous government restrictions on receiving money from abroad

The Rock Hostel is one of hundreds of hotels in the country using BitPagos to collect credit-card payments from foreign customers. If owner Rodriguez Pons accepted credit-card payments from American customers through the usual financial channels, customers would be billed in dollars, and when those dollars came to Pons's Argentine bank account, they would be converted at the official rate, about 30 percent lower than the black-market rate. It would also take 20 days for Pons to get her pesos. BitPagos helped counter these drawbacks by taking the credit-card payment in the United States and then using the dollars to buy Bitcoins, generally from Coinbase, before sending them to Pons immediately.

Bitcoin proponents like to say that the currency first became popular in the places that needed it least, like Europe and the United States, given how smoothly the currencies and financial services work there. It makes sense that a place like Argentina would be fertile ground for a virtual currency. Inflation is constant: At the end of 2014, for example, the peso was worth 25 percent less than it was at the beginning of the year. And that adversity pales in comparison with past bouts of hyperinflation, defaults on national debts and currency revaluations. "In the long run, Bitcoin will be very disruptive to the developed world," says Dan Morehead, a former Goldman Sachs executive who now runs a hedge fund focused on Bitcoin. Things are happening sooner in Argentina, he says, because its financial system creates hassles for the people there. But, he added, "Argentina is just a more extreme example of the situation in every country."
Businesses

Disney Replaces Longtime IT Staff With H-1B Workers 636

Lucas123 writes: Disney CEO Bob Iger is one of eight co-chairs of the Partnership for a New American Economy, a leading group advocating for an increase in the H-1B visa cap. Last Friday, the partnership was a sponsor of an H-1B briefing at the U.S. Capitol for congressional staffers. The briefing was closed to the press. One of the briefing documents obtained after the meeting stated, "H-1B workers complement — instead of displace — U.S. Workers." Last October, however, Disney laid off at least 135 IT staff (though employees say it was hundreds more), many of them longtime workers. Disney then replaced them with H-1B contractors that company said could better "focus on future innovation and new capabilities." The fired workers believe the primary motivation behind Disney's action was cost-cutting. "Some of these folks were literally flown in the day before to take over the exact same job I was doing," one former employee said. Disney officials promised new job opportunities as a result of the restructuring, but the former staff interviewed by Computerworld said they knew of few co-workers who had landed one of the new jobs. Use of visa workers in a layoff is a public policy issue, particularly for Disney. Ten U.S. senators are currently seeking a federal investigation into displacement of IT workers by H-1B-using contractors. Kim Berry, president of the Programmer's Guild, said Congress should protect American workers by mandating that positions can only be filled by H-1B workers when no qualified American — at any wage — can be found to fill the position."
Space

NASA Probe Spies Possible Polar Ice Cap On Pluto 60

astroengine writes: As NASA's New Horizons spacecraft rapidly approaches Pluto for its historic flyby in July, the dwarf planet is gradually sliding into focus. And in the latest series of observations beamed back from the fringes of the Kuiper belt, surface features are becoming evident including the stunning revelation that Pluto may possess a polar ice cap. "As we approach the Pluto system we are starting to see intriguing features such as a bright region near Pluto's visible pole, starting the great scientific adventure to understand this enigmatic celestial object," said John Grunsfeld, associate administrator for NASA's Science Mission Directorate in Washington D.C. "As we get closer, the excitement is building in our quest to unravel the mysteries of Pluto using data from New Horizons."

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