Bit-drama; Sports Authority Strikes Out; Uber’s New Bosses



Image courtesy of foto76/

An Australian man by the name of Craig Wright is claiming to be Bitcoin’s illustrious creator. But as much as he wants people to believe him and embrace him as creator-extraordinare of the crypto-cuurency, there’s plenty of reason not to bite. Insisting he’s Satoshi Nakamoto, the pseudonym behind the currency’s creator, Wright, a computer scientist, decided that it was time for him to reveal his true identity and correct all of the misinformation out there. Wright explained, “I didn’t take the decision lightly to make my identity public and I want to be clear that I’m doing this because I care so passionately about my work and also to dispel any negative myths and fears.” How…gallant. According to Wright, he substantiated his own claim by showing that he had access to blocks of bitcoin that could only have been created by the actual bona fide creator. How very convenient. But naysayers say he’s nothing more than a con man who used some blocks that had already been around and just copied them. Incidentally, Wright’s home was raided by police back in December as a result of a tax investigation conducted by the Australian Tax Office. Though Bitcoin launched in 2009, its creator, who is reported to hold about $450 million worth of bitcoin, fell off the virtual grid in 2011. There are a reported 15 million plus Bitcoins currently in circulation. Wright said he believes that Bitcoin can be used to make the world a better place and is set to release research on the massive potential of the crypto-currency. Awww! Can it cure cancer too?

Game over?


Image courtesy of Sira Anamwong/

Looks like it’s game over for Sports Authority, as the retailer will shutter its 463 stores after failing to reorganize itself following its Chapter 11 bankruptcy filing back in March. Initially, the chain had big plans to shut down just 140 of its stores. But now the chain will liquidate and very unglamorously auction itself off. There’s a hearing scheduled for May 16 but in the meantime, the flailing company is hoping somebody shows a little fiscal mercy in the way of a generous offer. Problem is, the offers it already had wouldn’t even be enough to cover the $100 million worth of administration and liquidation costs. Of course, there’s also the whopping $1.1 billion that Sports Authority owes to its creditors. Apparently Dick’s Sporting goods was catering the thought of scooping up Sports Authority, but don’t bother checking to see if Dick’s would keep the old sign in place. Because it wouldn’t. It has no intention of bringing on any negative associations. Fact is, Sports Authority and Dick’s were rivals with Sports Authority having the upper hand. But then Dick’s brought its “A” game and began presenting its merchandise better while also offering way more in the tech arena. Hence, Dick’s is not in the downward spiral in which Sports Authority finds itself with one analyst even calling it the only game in town now. Ouch. Perennial brick-and-mortar killer Amazon and friends also had a passive hand in Sports Authority’s demise. But ironically enough, deeply discounted merchandise at Sports Authority, as a result of liquidation attempts, have been hurting sales at Dicks and other sporting goods chains. Lately, anyway. But that fiscal dent will be minor and short-lived, especially when you consider that shares of Dick’s surged a bit today on the news of Sports Authority’s losing uphill battle.

Riding it out…


Image courtesy of digitalart/

About 1,000 Uber drivers in New York are going all out by forming an association (read: union) to take on Uber management. Calling itself the Amalgamated Local of Livery Employees in Solidarity, or Alles for short, this new association is, ironically, forming just as Uber celebrates its fifth anniversary this week in the Big Apple, where there are some one million active Uber riders. Alles was formed to protect and provide security for its members against all sorts of entities including insurance firms and car companies, just like unions protect employees. Except that Uber drivers are not considered employees but rather contractors. This comes after the ride-sharing app agreed to a $100 million settlement over expense claims in Californian and Massachusetts. The money, if approved by a San Francisco Federal judge, will be divided according to how many miles each Uber driver drove for the company. And while the $100 million settlement is still waiting approval from a San Francisco fedeal judge, lawyers in Florida and Illinois have filed two more class-action lawsuits against Uber claiming that the ride-sharing app violated the Fair Labor Standard Act. That’s in addition to the numerous other lawsuits staring down Uber all over the country.

Bit Who? Is Mother Nature Losing Her Cool and @GSElevator Pushed the Wrong Button

Bit of confusion…


The founder of Bitcoin has been revealed. Well…sort of…um…okay so nobody’s a hundred percent sure on that one. Here’s what is known: The virtual currency was created in 2009 – and NOT – it should be duly noted – by the Winklevoss twins. However, the creator remains a mystery (cue the eerie music).  Or does he (or she? or it?). Many believe(d) that the creator went/goes by the name Satoshi Nakamoto. A man by that name has been found in California and following a wild car chase in Los Angeles (duh…where else?) it’s still unclear who the founder is. Nor does it change the fact that the Winklevoss twins used bitcoins to pay for their galactic voyage or that bitcoin exchange Mt. Gox went buh-bye.

Take that Mother Nature…

Image courtesy of samarttiw/

Image courtesy of samarttiw/

In case you were wondering why Wall Street was putting out some record highs today (and it’s okay if you weren’t  – that’s why we’re here), it’s because 175,000 new jobs were added to the work force beating analysts’ expectations. Not only is that a positive sign that the economy is starting to regain some of its mojo, but it’s also seen as big kick in the butt to mother nature who has been toying so rudely with our economic emotions (bet you didn’t know you had those). But don’t break out the champagne just yet. Unemployment still climbed up .1% to 6.7% when that number should have stayed put like a good little estimate.

The final chapter?

Image courtesy of David Castillo Dominici/

Image courtesy of David Castillo Dominici/

And so the individual behind the twitter account @GSElevator is not @ Simon & Schuster anymore either. Straight To Hell, the book John Lefevre wrote based on things overheard in the hallowed elevators at Goldman Sachs has been canceled. The problem with the story is that Lefevre is not only NOT an employee of Goldman Sachs, but he resides in Texas which makes it kind of hard to overhear conversations in elevators in New York. But just so we’re clear, he did interview with Goldman Sachs, albeit, many many years ago.