“Nobody was doing accounting reconciliation and there was an exploitable fault in the transaction system that allowed people to get paid twice—or in other words, withdraw more or less the same amount of Bitcoins two times. In particular, there seemed to be a system glitch that made it possible to get a payment reissued even after it had been already received…It appears Mt. Gox might not only have leaked money through a bug, but might have also accidentally thrown away Bitcoins.”—Inside Japan’s Bitcoin Heist - The Daily Beast
“We are building a new financial order, and those of us building it, investing in it, and growing it, will pay the price of bringing it to the world. This is the harsh truth. We are building the channels, the bridges, and the towers of tomorrow’s finance, and we put ourselves at risk in doing so.”—Erik Voorhees MtGox - Business Insider
In December, I gave my kids $20 for a toy store trip and they picked out $90 worth of stuff. They had no concept of money. They didn’t know if our house cost $2,000 or $2 billion. So I started making them pay for small things — Starbucks, Jamba Juice, pizza, whatever — hoping they’d slowly understand the concept of worth.
I think it’s working. When we attended Monday-night Raw in L.A. last week, I gave them a $100 salary cap on whatever they wanted. They spent $60 on two T-shirts, $13.50 on pretzels and popcorn, and $9 on two Icee Cokes, leaving me $17.50.
Here’s the point: THIS ISN’T HARD. But had I brought Joe Dumars along as a spending adviser, they would have ended up with a $50 Rey Mysterio mask that my son already has, two T-shirts that were the wrong size.
“Dong Nguyen, on the other hand, must have questioned if the world had lost its mind. On February 1st, reviews exploded to 800 in a single hour. 6,500 iTunes App Store reviews in a single day. This is the same app no one cared about for more than half a year. Just one month prior, it was a great day if Flappy Bird got 20 total reviews on the App Store. Up until January 9th, there had never been an hour in which Flappy Bird received even 10 reviews. After that, the rest is history.”—Flappy Bird by the Numbers
“[Philip Seymour Hoffman] did not die from an overdose of heroin — he died from heroin. We should stop implying that if he’d just taken the proper amount then everything would have been fine.”—Aaron Sorkin (via tedroden)
“This reeks of the same Knicks exceptionalism that got them into this mess in the first place. In the summer of 2010, the Knicks believed they could entice LeBron James or any of the other marquee free agents to come to the Big Apple. Because, hey, it’s the mecca of basketball! But once they struck out landing James, Dwyane Wade and Chris Bosh, they panicked and threw $100 million at Amar’e Stoudemire, whose problematic knees terrified just about every levelheaded organization in the league.”—NBA: New York Knicks dreaming about Rajon Rondo - ESPN
“Facebook is being more blunt about the fact that marketers are going to have to pay for reach. If they haven’t already, many marketers will soon see the organic reach of their posts on the social network drop off, and this time Facebook is acknowledging it. “We expect organic distribution of an individual page’s posts to gradually decline over time as we continually work to make sure people have a meaningful experience on the site.””—Facebook Admits Organic Reach of Brand Posts Is Dipping | Digital - Advertising Age
“The Tuesday morning keynote lasted three and a half hours — a duration normally reserved for North Korean dictators. The first half of the show had nothing to do with Salesforce.com, or even software. It was about Benioff, and what an amazing, generous, heroic, world-changing figure he is. Try to imagine a six-foot-five-inch, three-hundred-pound, very white version of Gandhi, and you’ve got an idea of how Burgundy/Benioff sees himself. The show opened with Huey Lewis and the News, rocking out at nine in the morning, because why not? Then came Benioff and his tribute to himself. Benioff wore a blue suit and a pair of ridiculous multi-toned shoes made for him by Christian Louboutin.”—Marc Benioff Is the Ron Burgundy of Tech
“Do not let the VC merchants and their stooges tell you what success looks like. Do not accept that this path has to go through their 10:1, or 100:1, lottery funnel. You do not have to pick up their shovel and dig gold only where they have marked the X.”—DHH (via brycedotvc)
“You can’t eat ‘reach’ and we can’t pay salaries with ‘brand awareness’. I don’t pretend to know other people’s business models or strategies. But successful business practices are always about having a close understanding of the costs of what you produce and the origins and mechanics of your revenues and more than anything else the interaction between the two.”—Are Operations Like Flipboard Scams Against Publishers?
“When you go to JustFab.com, there’s no hint about how the site really hauls in its money. It just looks like any other shoe store—think Zappos, with a drunk 10th grader sloshing some pink paint around. Beneath the mall-chic facade is the “JustFab VIP Membership Program,” a near-compulsory subscription shoppers are pushed into joining upon checkout.”—The Biggest Scam in Online Fashion
“A U.S. District ruled today that the owners of 650 Fifth Avenue, a 36-story building near the Rockefeller Center in Midtown Manhattan, used the property to launder money for the government of Iran. The ruling authorizes the federal government to seize the tower and donate the seizure’s profits to the families of Americans harmed by terrorist attacks aided by Iran…The government is likely to make a tidy sum: one real estate expert told the Daily News that 650 Fifth Avenue “could fetch up to $2,000 a foot,” for a sale of $760,000,000.”—Feds Grab Entire NYC Office Tower in Biggest Terror Asset Seizure Ever
“What I love about these truck ads is that they’re basically catering to a demographic that no longer exists: white people with industrial jobs. We don’t have any jobs like that here anymore. The past 60 election cycles have been centered on that fact. You may as well try to sell trucks to the fucking Tooth Fairy. God forbid Chevy ever overtly advertise to Jorge, the El Paso subcontractor who has actual use for a pickup truck. No no, they wouldn’t want to enrage the hard-workin’ ‘MERICA poseurs who drive their pickup truck to and from their jobs bussing tables at Denny’s.”—Is The NFL Blacklisting Kerry Rhodes?
“Velti reports “gross” revenues. But lower down in its income statement it reports that much of that sum goes on third-party media costs. Pass-through billings, in other words. In the most recent quarter, Velti reported $31 million in “revenues”. But after third-party costs are taken out, Velti keeps only $8.7 million in net revenues. Its sales and marketing expenses alone are $11 million. $9 million in sales per quarter makes Velti a rather modest business — much too modest to support 900 employees.”—How Velti, One Of The Largest Mobile Ad Companies On The Planet, Lost $130 Million
“If you would be so kind, forget about the time a weaponized James Harrison gored Colt McCoy into oblivion. Please forget that McCoy was writhing on the ground and grabbing his head on national television. Please forget that McCoy went back in the game a few plays later. And, holy hell, please forget that the next day he couldn’t remember the end of the game. Above all, your honor, please forget that Harrison had military-grade Kevlar in his helmet.”—The Helmet Con: How To Make A Buck Off The Concussion Crisis
“I finally stumbled upon the cure when I interviewed at a small startup that had a different approach. I met the leads for lunch, then followed up with a social chat with the whole team. We talked tech, but they didn’t try and vet my skills. Instead, they offered me a paid contract to do some work that they actually needed done. They gave just enough direction to get me started and then left me to my own devices to see if I could get it done well, on time, and with good communication. It took me about 10 hours of time in the evenings to complete. Three days later, I had a job offer!”—I will not do your tech interview. — Lessons Learned — Medium We have been hiring this way very successfully for the past couple of years.