Top Stories in Accounting and Finance
The thought of miners usually conjures up images of pickaxes, hard hats, and canaries. In the case of Bitcoin miners, however, that image couldn't be further from reality. Aurelien Foucault, contributing photographer for Quartz, provides a look at the behind-the-scenes world of Bitcoin mining. Images captured by Foucault, from a hollowed industrial park occupied by racks of electronic equipment and spartan furniture serves as the backdrop to the profitable world of bitcoin mining—where entire spaces are erected to fight for a share of a $7 million daily bounty.
Bitcoin Is Forking. Again. — VICE
Remember back in early August when the water cooler was abuzz with talk of a Bitcoin split? Well, it turns out we're in for some déjà vu at the water cooler this November—Bitcoin's splitting once again. Jordan Pearson (@neuwaves) of Vice Media reports. Many neigh-sayers lamented the demise of the new post-split Bitcoin cash; its value quickly rose to $300. So will the new-new Bitcoin have the same success, then? I guess we'll have to weigh in at the water cooler.
Think that penchant of yours for day-trading cryptocurrencies is going unnoticed by the IRS? Think again. Jeff Johns Roberts (@jeffjohnroberts) of Fortune reports on a new deal the IRS recently inked with Chainalysis, a firm that helps identify and oust owners of Bitcoin wallets. Will this newfound information put a damper trading? Probably not for the casual crypto-user, since the IRS is focusing on those who've amassed great (undocumented) wealth through nascent digital currencies.
Here's one to serve as a cautionary tale to AP practitioners everywhere: A university in Canada recently fell victim to a CAD 11 million dollar scam. Jordan Pearson (@neuwaves) of Vice Media reports. The scam was orchestrated by dubious agents emailing—possibly the accounts payable department—a request to change vendor banking information. The crooks then transferred part of the funds to an overseas account—while the other funds remained in a Montreal bank account.
Square (SQ) Set To Continue Fintech Push With Physical Bank — Yahoo! Finance
Clicks-to-brick—that's the term ascribed to online e-commerce sites turned physical retail store. Amazon (partially) did it when it opened Amazon books; Warby Parker did it when it opened its own showroom-slash-retail store; now Square will follow suite by opening its first physical bank branch in Utah. Square, however, won't be the only online-turned-retail operation at the party; SoFi and Varo Money—fintechs offering comparable services to Square—are also opening bank charters in Utah.
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