Hi, Kim here, your co-host from the MIDJersey Chamber of Commerce Business Hour on Sundays at 10 a.m. on 107.7 The Bronc. This week we discussed the hack of Bitfinex, inefficiencies of the hospitality industry, Apple inviting hackers with high rewards, and Instagram’s tactics to siphon Snapchat’s user-base.
The hack of Bitfinex, a crypto-currency exchange network, resulted in a 60 million dollar loss shared by amongst clients and the company itself. This is yet another bump in the road that will affect Bitcoin, a virtual currency that has been struggling to gain the support and backing of paper currency. This event only adds to the criticism of its safety. We speculated it would be more efficient for this private company and any other in charge of crypto-currency to model their security measures and framework after banks who guard their own cyber servers and exchange. When in doubt, think “what would Bank of America do?”
Apple is encouraging individuals to hack into their systems for the sake of improving their cyber security in exchange for a monetary reward. We speculated that this move will also deter normally malicious hackers from continuing to breach servers to exploit the company, and rather motivate them to use their successes in same way that instead awards them a bounty. This is also a very efficient way to save money on allocating an entire department dedicated to this endeavor. We are about to see worms sticking out of that Apple logo any day now.
Instagram and Snapchat are two social media apps that are oriented around the sharing of visual media, such as pictures and videos, however deliver each of these with differentiated interfaces that accomplish separate modes of interaction. These two companies are competitors and may potentially detract from each other’s user base. Being so, Instagram took action about this and modeled some portions of its service after Snapchat’s within the range that does not breach apparent copyrights; but a range which does not allow the model to adopt all the flair and features of its originator, and consequently results in a stripped down product compared to it. Given that Snapchat remains superior in its differentiating qualities, Instagram can have only limited success with this move since it cannot overhaul it. Instagram just doesn’t spit out rainbows the same way.
As we discuss cost management, the hospitality industry pops up. This industry revolves around the experience it can provide customers, which allows it to appear successful in their eyes, but not financially since most food items are discarded 24 hour after preparation. This leads to a lot of costs and wastefulness of materials, whereas a good way to maximize profit would be to use leftover materials in a more conscientious fashion in other offers. This small change would still maintain the experience factor and allow the business to make better use of their materials while offering new items. Luxury and thrift, can it be accomplished?
If you have an opinion on business then you want to tune in every Sunday at 10 a.m. to find out what interesting topics the MIDJersey crew will be discussing next on The MIDJersey Chamber of Commerce Hour Sunday’s at 10 a.m. On 107.7 FM, online at 1077TheBronc.com and via our free Android and iOS apps.