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Business, Financial & Legal Posts - Page 118

Bitcoin exchange Bitfloor closes its doors, could be a sign of things to come

Not all that glitters is gold, and this morning Bitcoin investors who traded on the Bitfloor Bitcoin exchange are waking up to that hard to learn lesson. Bitfloor has announced that it has been forced to cease all operations due to reasons "outside of our control."

 

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Bitfloor, while not as popular as Mt. Gox, was still a key player in the Bitcoin game. In the wake of last week's Bitcoin crash, the exchange has had its bank account closed and as a direct result, must end all trading. We are guessing that when the massive sell off was over, the bank deemed Bitfloor too much of a risk and opted to part ways in an act of self-preservation.

 

Roman, the founder of Bitfloor, had the following to say:

 

"I am sorry to announce that due to circumstances outside of our control BitFloor must cease all trading operations indefinitely. Unfortunately, our US bank account is scheduled to be closed and we can no longer provide the same level of USD deposits and withdrawals as we have in the past. As such, I have made the decision to halt operations and return all funds. Over the next days we will be working with all clients to ensure that everyone receives their funds. Please be patient as we process your request."

Continue reading 'Bitcoin exchange Bitfloor closes its doors, could be a sign of things to come' (full post)

Cirrus' revenue earnings down due to 'lacklustre iPhone demand'

Apple's shares received yet another stab in the heart, getting themselves stuck in a riptide below $400. Now we have chip vendor Cirrus Logic, a company that Apple has used for a long time now for iPhone audio chips reporting some not so great earnings.

 

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Barron's latest node from Needham & Co analyst Vernon Essi Jr. says that one of the big reasons Cirrus will miss their quarterly revenues is because Apple is "losing its mobility mojo". The analyst says that the guidance "indicates that the recent fears of Apple's lackluster iPhone demand in 2013 are warranted" and that sales "are more likely in the 55M range for 1H2013 vs. Street forecasts that are above 60M units".

Reddit co-founder wants to buy out Jay-Z's share of the Brooklyn Nets NBA team

Right now, Jay-Z is a part-owner of the NBA's Brooklyn Nets, but if Reddit co-founder Alexis Ohanian has his way, he'll soon replace the rapper as the part-owner. Jay-Z announced earlier today that he intends to become an agent for NBA players, which means he'll have to sell his 0.067% stake in the Nets.

 

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These shares, are what the Reddit co-founder are after, and he actually tweeted his interest in the Nets earlier this week. Ohanian hit Twitter up again on Wednesday, posting the above tweet. In the thread he linked to, he makes a compelling case on what he could bring to the table if he had that sliver ownership of the Nets:

 

I realize it's a token amount. But I actually live in Brooklyn and I'm pretty good with the Internet - I reckon that could be helpful. Also - AMAs from ALL THE PLAYERS.

Wireless Charging Alliance sees new recruits in Samsung, HTC and LG - all three will release compatible devices in 2014

Power Matters Alliance have announced that they've found some new recruits in Samsung, HTC and LG to help their wireless charging group chug along. The PMA have a long list of members currently, with AT&T, Google, Blackberry, NEC, Texas Instruments and ZTE.

 

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The wireless charging advocacy group are pushing for a unified charging standard, where they've developed more than 1500 charging stations in Starbucks coffee shops, airports and other locations around the world. The PMA have asked their partners to integrate PMA-certified wireless charging solutions into their products by near year, with AT&T have also pledged to bake the technology into their smartphones within the same timeframe.

 

Until then, the wireless charging group are working with their partners to "deploy PMA-certified handsets and accessories as quickly as possible".

RumorTT: Amazon acquires True Knowledge, the creator of a Siri-like voice assistant app

Amazon have reportedly acquired True Knowledge, a company behind a Siri-like voice assistant Evi. True Knowledge are "a British startup with a natural langage search engine developed in university labs" according to unnamed sources, reports TechCrunch.

 

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TechCrunch haven't received confirmation on this just yet, which is why we've stamped it with a RumorTT tag. But, according to TC, Amazon have paid around $26 million to acquire the app, so if this does end up being confirmed, we could see future Kindle products feature a Siri-like voice assistant.

Google Glass Explorer Edition owners prevented from loaning or selling device

As part of the terms of sale for the Google Glass Explorer Edition, users are prevented from reselling, loaning, transferring, or giving them away. Users who break this rule could see their Glass deactivated and neither person would be entitled to a refund, support, or warranty. Ouch.

 

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You may not resell, loan, transfer, or give your device to any other person. If you resell, loan, transfer, or give your device to any other person without Google's authorization, Google reserves the right to deactivate the device, and neither you nor the unauthorized person using the device will be entitled to any refund, product support, or product warranty.

 

This is somewhat understandable. This is essentially a pre-release product that Google is allowing people to have and use. However, it's not clear if Google can legally deactivate a user's hardware because he sold it. While it's true that the purchaser agreed to the terms, it seems a bit overbearing and something where the government might step in to protect consumers.

 

We still don't know when Google will be releasing a finalized version Google Glass for public purchase and consumption.

Aereo CEO responds to CBS and FOX threats to move to cable

CEO of Aereo, Chet Kanojia, has responded to the threats issued by CBS and FOX over Aereo not being shut down. CBS and FOX have threatened to move to a subscription platform, such as cable, if they are not successful in their lawsuit to stop the antenna-renting Aereo.

 

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"They're independent businesses, they can choose to do what they wish to," Kanojia said. "Can you disenfranchise over 54 million people over what they can rightfully do today?"

 

Broadcast TV networks have become major players in the TV game mostly due to their wide--and free--availability. Their wide audiences have also brought in massive amounts in advertising dollars, something they'll be hard-pressed to want to give up. Kanojia believes that this will ultimately result in CBS and FOX staying free broadcast networks.

Apple stock takes further dive, drops below $400 for first time since December 2011

Apple's stock continues to fall as more and more reports of decreased demand roll in. Today, Apple's stock dropped by almost 6 percent, slipping to under $400 for the first time since December 2011. Apple stock has since rallied slightly and is back at $401.70 at the time of writing.

 

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A major contributor to today's decrease in value is a report by DigiTimes stating that iPad mini shipments could be down by as much as 30 percent quarter-over-quarter. Another contributor is Cirrus Logic, supplier of the audio chips in Apple products, failed to meet expectations, leading many investors to believe Apple's demand is also down.

 

We'll know just how bad Apple performed when they release their financial results next week.

Intel CEO alludes to upcoming massive price drop on Windows 8 devices

During Intel's first quarter earnings call, Intel CEO Paul Otellini said that Windows 8 touch devices including laptops will see a massive price drop in the coming months when the company releases its new quad-core Bay Trail chip. He said that new innovative designs will allow future touch devices to sink into the $200 price range.

 

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"If you look at touch-enabled Intel-based notebooks that are ultra-thin using [Bay Trail] processors. Those prices are going to be down to as low as $200... Bay Trail is going to be a great product in that segment of the market and enable stunning performance relative to what the competition can bring."

 

Being billed as the most powerful Atom processor ever, Bay Trail is a complete redesign of the Atom micro architecture and is said to bring Atom chips closer to the performance levels of mainstream Intel processors.

Continue reading 'Intel CEO alludes to upcoming massive price drop on Windows 8 devices' (full post)

Apple employees looking to jump ship, many are sending resumes out to startups

According to a couple of venture capitalists, Apple's reputation is beginning to change and their employees aren't willing to stick around. One investor said: "More generally there is a growing level of dissatisfaction among Apple executives and employees, and a greater willingness to explore leaving".

 

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Another VC told Business Insider that his firm has seen a big uptick in resumes coming in from current Apple employees. Business Insider's source spoke with some of these job-seekers, where they said that the startups are paying more, and that "Apple culture has started to change with the new leadership on top".

 

A month ago, top Apple reporter and analyst John Gruber of Daring Fireball said that retention has become "the single biggest problem that Apple faces, and almost nobody is talking about it". He added:

 

I think if there's going to be a problem coming up with big new things I think it's more likely a draining of really bright engineering and design talent at the rank and file level.

Continue reading 'Apple employees looking to jump ship, many are sending resumes out to startups' (full post)

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