Bloodbath: ‘Los Angeles Times’ To Cut 10% of Staff

Los Angeles Times (Kevork Djansezian / Associated Press )
While it may be impossible to believe that an upstanding newspaper like The Los Angeles Times, a trusted and beloved publication that describes half-black men as “white supremacists,” is having financial troubles, the fact is that a bloodbath involving at least 10% of newsroom staffers is underway. The Los Angeles Times staff will be reduced from 500 to around 450, and buyouts are being offered, but not really. There’s some severance and an additional amount that equals a week’s pay for every year of employment. This sounds like less of a buyout than a small incentive to avoid being laid off, which is what will happen if not enough people accept the so-called buyout. The LA Times is owned by Tribune Publishing, which will be laying off 80 total employees. Bottom line: The LA Times is doomed. Imagine a left-wing publication that is so poorly edited, so untrustworthy, and so useless, it can’t even survive in one of the most left-wing cities in America. Things are so bad, the paper’s last publisher didn’t even last a year. While I was living in Los Angeles, the Times offered subscription deals that practically gave the paper away. Things were so desperate, all
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Napolitano: Legal Noose Around Clinton’s Throat Tightening

Monday on Fox News Channel’s “America’s Newsroom,” Fox News senior judicial analyst Andrew Napolitano said Democratic presidential candidate Hillary Clinton is very animated in interviews when questioned about her email scandal  because “the legal noose around her throat is being tightened.” Napolitano said, “I don’t blame her for being animated the legal noose around her throat is being tightened and it’s  a noose of her own creation. She made material misleading statements on that interview this morning. She is suggesting that the issue is what was personal and what was governmental. That is not what the government is looking at. The government is looking at whether or not she received stored and sent, classified material on a non-classified venue. She has repeatedly said no to that. Guess what? The government has found over 400 emails that were confidential, secret or top secret. How she is going to explain this way away before the Benghazi committee is what she is worried about, because it is nearly impossible to do. I have seen the emails. They are made public. How could she suggest that view of  North Korean military installation intercepts from Middle East government agents, cell phone and e-mail, pictures of
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Police Chief: Delinquent Muslim Migrants Don’t Integrate, Generally Disrespect Western Cultures

muslim migrants
A German police commissioner has told an audience of how “delinquent”, mainly Muslim migrants refuse to accommodate to their host nations, adding: “We have an increasing number of migrants in Germany, and many have not learned to have respect for women and the state. They live in parallel societies, where different rules apply.” Tania Kambouri, who has written of her experiences in her role as a police chief in a new book, said that there is a “taboo” around multiculturalism and those coming from Islamic countries, though she was keen to stress that her comments were not racially motivated, according to Die Welt. She writes in her book: “It’s not a blanket condemnation, and certainly not racially prejudiced, on grounds of origin or of faith, but it is simply a fact that some populations are over-represented in certain behavioural characteristics and crimes” and says there is a “general disrespect” and “disrespect of fundamental law and human rights” as well as “autonomous parallel structures”. Her comments have been confirmed by other officers. And Kambouri criticised the lenient justice system and cultural Marxism, though she didn’t refer to the latter in as many words. “It hasn’t changed”, she writes, accusing those responsible of being “romantic followers, uncritical of multiculturalism”
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Hillary to Gun Owners: Take Back The Second Amendment From NRA Extremists

Monday at a Town Hall in Manchester, NH, Democratic presidential candidate Hillary Clinton urged “responsible gun owners,” to form a new gun rights advocacy group, separate from the  National Rifle Association (NRA) to “take back the Second Amendment from these extremists.” While discussing the NRA Clinton said, “I mean ideally what I would love to see is gun owners, responsible gun owners,  hunters form a different organization and take back the Second Amendment from these extremists.” Follow Pam Key on Twitter @pamkeyNEN
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Transparent Bitcoin Applications like OKLink Are a Huge Market in China, Says OKCoin’s Jack Liu

OKCoin’s new superwallet allows bitcoin as a background method of money transfers not only across borders, but across currencies as well.

Jack Liu, head of international at OKCoin, recently discussed bitcoin in China and as an alternative payment system in an interview with Bloomberg Business.

Liu referred to the dramatic price crash of bitcoin in 2013 as a good thing, because it forced developers and entrepreneurs to think of creative applications of bitcoin and its underlying blockchain technology instead of focusing uniquely on the price of bitcoin. As a result, there are now large venture capital investments and lots of startups building infrastructure.

“The people behind the industry used to be very libertarian, very political in nature, and wanted to push an alternative currency and an alternative lifestyle,” said Liu. “You are now seeing the bitcoin players receive venture capital and work with banks closely, trying to create a more harmonious financial system integrating the traditional financial system with the Bitcoin network, and that’s going to be much more powerful.” and , two separate companies owned by the same investors and focused respectively on Chinese and worldwide digital currency trading, were founded in 2013 with a $1 million angel investment from Ventures Lab and Silicon Valley venture capitalist Tim Draper, and received a $10 million series A funding round in March 2014. OKCoin is perhaps the largest exchange in the world with 20 percent of daily trading volume, said Liu.

“As a native speaker of both English and Chinese, and as someone who has worked in traditional finance and at a U.S.-based bitcoin exchange, I hope to bring both international and institutional perspective to OKCoin and to shed more light on the Chinese market with the global Bitcoin community,” said Liu when he joined OKCoin as Director of institutional strategy and sales in November 2014. “I view OKCoin now as an international company, not as a Chinese one.”

According to Liu, the most interesting applications use bitcoin and the blockchain as a transparent intermediate step for fund transfers in fiat currencies, making sending and receiving money as easy as sending and receiving email.

“We can hide bitcoin technology in the background, and that’s what we have launched with a product called OKLink, in the spring, that was the first ‘superwallet’ in the world,” said Liu. “A superwallet is really a mobile wallet that allows you to hold a more comfortable type of value, like the USD or the CNY, but transact over the Bitcoin network.” Liu added that OKLink transactions aren’t affected by the volatility of bitcoin. “Because you are doing instant buy of bitcoin and sell of bitcoin, you are not affected by the bitcoin price,” he said.

OKCoin launched the OKLink “superwallet” in April. OKLink is an open digital wallet, which allows national and digital currencies to transact cross company, cross border, and cross currency in an instantaneous and free manner. OKCoin gives an example of consumer-to-consumer transaction in fiat currencies channeled transparently through the blockchain:

“Paul, an American, and Tom, a Canadian, are good friends. Paul is a Circle user while Tom uses OKLink. Tom would like to borrow from Paul $100 USD worth of Canadian dollars (CAD). Tom opens his OKLink Superwallet and shows his QR Code to Paul. Paul through scanning the QR code with his Circle Superwallet, sends Tom $100 USD. The Circle Superwallet buys exactly $100 USD worth of bitcoins from a U.S. dollar Bitcoin exchange and then via the Bitcoin network sends the bitcoins to Tom’s OKLink account. Tom has instructed as default that incoming funds should be received as CAD. OKLink Superwallet takes the received bitcoins and sells it on a CAD Bitcoin exchange for CAD. In the end, Paul sent $100 USD to Tom, and Tom received it as CAD to use.”

Besides consumer-to-consumer transactions, OKLink can be used for business-to-business, consumer-to-business, and business-to consumer transactions.

“This is a huge market, especially in China,” continued Liu. China already owns around 50 percent of bitcoin mining hashpower and 60 percent of exchange volume, and Chinese people – especially students – are frequently abroad and need efficient cross-border payments. Chinese consumers are already used to “a beautiful payment experience” with WeChat and Alipay for domestic payments, and they expect the same for cross border payments.

Interestingly, the Bank of America (BoA) recently filed a patent application titled “System and Method for Wire Transfers Using Cryptocurrency” for an alternative to traditional wire transfers, where the funds are first transferred to a cryptocurrency exchange, then converted to a cryptocurrency such as bitcoin, then sent to another exchange, and finally converted into another currency for the recipient.

In other words, BoA wants to patent the concept of using a cryptocurrency as a transparent intermediate step for fiat currency transfers, but it seems that OKCoin got there first.

The post Transparent Bitcoin Applications like OKLink Are a Huge Market in China, Says OKCoin’s Jack Liu appeared first on Bitcoin Magazine.

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