Throwback Thursday: Water on the Brain

Many involved in the Indiana environmental community are likely aware of our ongoing work on a survey of Indiana water resources in an effort to gauge future supply and demand.The Chamber actually hired Bloomington-based hydrogeologist Jack Wittman for the effort. In fact, read his recent Q & A with Indy-based NUVO magazine on the issue.

Along these lines, we recently discovered a similar report from June 1953, titled “Water Resources Report to Southern Indiana Inc.” The entire document is nearly 70 pages, but here are a few notes from the general summary:

These points are held to be fundamental guides for conducting future work:

1. Present water conditions – supplies; flood damages
2. Potential long-term supply needs
3. Potential long-term supply opportunities
4. Possible reductions of flood losses
5. General benefits to entire area which may result from improvement projects

The valley-wide approach to the water problem of Southern Indiana is all-important because surface water must be the main source of supply.

It is recognized that there now is a tremendous waste of water resources in Southern Indiana. Much water is lost in flood periods during the heavy rainfall seasons of the spring and early summer while many stream beds are almost dry in late summer and fall months. Equalization of the stream flows, therefore, is taken as the key approach to the problem…

It is impossible to propose a “blanket remedy”  for water problems in Southern Indiana. IN any year, losses from drought may be just as severe as losses from flood, or greater. Any storage of water in small watersheds is of much value to farm operations. The value of farming is on equal status with that of manufacturing and commercial activities in the support of the business system.

So What’s the Deal with Bitcoin?

If you’re like me, you’ve pondered what exactly Bitcoin is. And you’re possibly uneasy about the thought of a “virtual currency.” Or maybe that’s just me.

Elaine Bedel of Bedel Financial Consulting is widely thought of as one of Indiana’s top financial experts (and we’re proud to say she serves on the Indiana Chamber’s finance/audit committee). She recently offered a useful summary of Bitcoin for Inside INdiana Business:

Bitcoin is a “virtual” currency. There is no physical paper or coins that you can touch or feel. It is an online currency. There is no centralized authority controlling bitcoin like other currencies such as the U.S. Dollar, Euro, and Yen.

How Do You Get Bitcoin?

Bitcoin can be purchased through an exchange or received in return for the sale of products and services. Once received, bitcoin can in turn be spent for other products or services. Today, there are almost 2,400 online businesses that accept bitcoin.

What is the Appeal of Bitcoin?

There are several reasons why bitcoin has appeal to some individuals. They include both good and not so good reasons:

-Limited Supply. The amount of bitcoin that can be created is capped at 21,000,000. For individuals concerned that governments are printing too much money, having a type of currency with a limited amount of supply is appealing.

-Privacy. Bitcoin provides a certain amount of privacy for its users. The ownership and recording of transactions with bitcoin is essentially a numerical code; therefore, there is no personal information attached when a person uses it. However, depending on where the bitcoin is used or stored this may be changing and some privacy may be given up. Several stories regarding bitcoin being used for online illegal activity has raised issues concerning the level of anonymity.

-Speculation. The value of bitcoin has skyrocketed in the past year. It has ranged from $100 to over $1,100 over the past twelve months and is now valued at approximately $500. This volatility in value is not appealing for a currency. To be widely accepted and used, the value of a legitimate currency needs to remain relatively stable.

What Does the IRS Say?

The IRS announced last week that bitcoin will be treated as property and not as currency. This ruling will likely make it more difficult for bitcoin users. Every time someone uses bitcoin to purchase a good or service, they will be required to keep track of their cost basis on those bitcoin for tax purposes. If the bitcoin was purchased or received a long time ago, it has likely gone up in value. Therefore, the individual will pay either capital gain or ordinary income tax on the increase in value when he/she files income taxes for that year. When the tax impact is included, a purchase may cost more when bitcoin is used than when dollars are spent.

The tax impact may cause some bitcoin holders to treat it more like an investment and less like a currency. If investors hold on to their bitcoin as a long term investment, it will limit the bitcoin in everyday circulation. A currency cannot exist if the everyday supply is too limited.

Beer Market: Hoosier Beer Climate Continues Upswing

Business Insider recently posted a list of what’s been designated as the 20 best beers in the world. Check it out and see which one’s you’ve had — and need to try.

We’re also happy to say that Munster-based Three Floyds Brewing has two on the list. In fact, the top two beers in the world are mentioned in an anecdote from Indiana: One Pint at a Time author Douglas Wissing in an article I wrote for BizVoice last year about Indiana brewing, “Taste of Success: Local Craft Brewers Building an Industry.”

For more on the state of the industry in Indiana, see this Inside INdiana Business interview and accompanying article with Sun King Brewing founder Clay Robinson and Barnaby Struve of Three Floyds Brewing.

Throwback Thursday: Land of the Free, Home of a Few “Scoundrels”

Historically, America has been a remarkable nation, filled with bright, innovative and incredibly noble people.

But we’ve had our share of bad apples. No place is perfect, after all. The Huffington Post recently posted “10 of the Biggest Scoundrels in American History.” Here are a few folks from the past you wouldn’t want anywhere near you or your business.

Daniel Drew – Wall Street Pirate
From the 1840s to the 1870s, Daniel Drew was one of America’s most ruthless financiers—a man who believed that speculating on Wall Street without insider knowledge was like “buying cows by candlelight.” During the Civil War, he scalped the public in collusion with New York’s infamous Boss Tweed. Drew made a chunk of his fortune by manipulating New York & Erie Railroad stock, but his association with swindlers Jay Gould and Jim Fisk cost him dearly. Once worth $13 million ($194 million today), old “Uncle Daniel” died with an estate of $148.22.

Hetty Green – Tax-dodging Miser
In the late nineteenth century, investor Hetty Green lived like a wretched pauper, despite having become the first woman to earn a fortune on Wall Street. The multimillionaire was so miserly that she once dressed her son in rags in an attempt to obtain free medical treatment. To avoid establishing a permanent residence and having to pay state taxes, she moved from one flophouse to another in New York and New Jersey. Her brazen tax dodging helped spur the passage of a federal income tax in 1894 and a federal estate tax passed two months after her death in 1916.

Samuel Dickstein – Congressman/Spy
In the years prior to and during World War II, New York congressman Samuel Dickstein kept watch on the subversive efforts of Nazi supporters in the U.S. He also bolstered his income from 1937 to 1940 as a bumbling Soviet spy. Code-named “Crook” because of his persistent demands for money, Dickstein fed his handlers newspaper articles and public government reports—“rubbish,” the Russians called it. Dickstein’s congressional endeavors led to the creation of the House Un-American Activities Committee, an investigative body that would trample individual rights.

Don Lapre – Infomercial Huckster
Starting in the early 1990s, shrieking pitchman Don Lapre made and lost fortunes peddling questionable self-help products on late-night TV. His biggest profits came from selling add-on services to those who set up 1-900 numbers or websites through his company. His empire came tumbling down in 2011 when he was indicted for fraud over his Greatest Vitamin in the World business, charges that led to his suicide. Selling online distributorships for $35, along with endless marketing products, Lapre had raked in $52 million in three years but paid out a pittance in commissions.

Nate Silver: GOP Has 60% Chance of Taking Control of Senate

Nate Silver has built a brand as a successful prognosticator of U.S. elections — and fantasy baseball projections, for the record. So Democrats are understandably concerned about his prediction that Republicans will regain the U.S. Senate in 2014. The Huffington Post writes:

Cue the hand-wringing in Democratic circles everywhere: Nate Silver says the GOP will probably re-take the Senate in November’s elections.

After he ran the table in 2012, correctly predicting the electoral outcomes in every single state, Silver has become something of a modern-day oracle to political junkies.

On Sunday, Silver took to his new FiveThirtyEight website—and his new TV home on ABC—to deliver one of his breathlessly awaited prognostications.

Republicans need six seats to regain control of the Senate chamber. How many seats did Silver think the GOP would win? “Exactly six,” he told ABC’s Jonathan Karl.

Silver gave Republicans a 60 percent chance of wresting the Senate out of Harry Reid’s hands—a big blow to the final two years of the Obama presidency. In Silver’s words, that only makes the GOP “slightly favored” to win, and there are still very many months to go until November.

Neil Young Hopes to Revolutionize Listening Experience with New Technology

American Songwriter tells the story of Pono — a new technology championed by rock/songwriting legend Neil Young — to give music listeners an experience that more resembles an authentic, live performance. Young’s hope is to “revive the magic that has been squeezed out of digital music.”

Pono applies what Young calls an “underwater listening experience.”

On Tuesday, Neil Young launched a Kickstarter campaign to raise money for Pono, his long-awaited digital music service and player. Young hopes his new invention will put and end to the inferior sound quality of the common CD and MP3. Fans and investors ponied up $800,000 to aid Young’s cause in a mere ten hours.

A video on his Kickstarter page of famous musicians waxing poetic about the new format undoubtedly helped the cause, and may turn you into an early believer.

Bruce Springsteen, Tom Petty, Sting, Gillian Welch, Dave Grohl, Elvis Costello, Stephen Stills, David Crosby and Eddie Vedder are among the converts who appear to tout the power of Pono.

And here’s more on Pono’s mission:

Pono’s mission is to provide the best possible listening experience of your favorite music. We want to be very clear that PonoMusic is not a new audio file format or standard. PonoMusic is an end-to-end ecosystem for music lovers to get access to and enjoy their favorite music exactly as the artist created it, at the recording resolution they chose in the studio. We offer PonoMusic customers the highest resolution digital music available. PonoMusic is more than just a high-resolution music store and player; it is a grassroots movement to keep the heart of music beating. PonoMusic aims to preserve the feeling, spirit, and emotion that the artists put in their original studio recordings.

Throwback Thursday: 75 Years Since Bremen Castings Opened its Doors

You know a company is tied to its community when the community is in its own name. We’re proud to call Bremen Castings Inc. an Indiana Chamber member, and sincerely congratulate this Northern Indiana company for its milestone this month in celebrating 75 years in business.

We featured this innovative company in BizVoice magazine last year, so check out the article. And being a social media person, I enjoy seeing how Bremen Castings honors its employees in its social media feeds. A thoughtful way to include staff in the company’s messaging. Be sure to get BCI’s updates on Twitter and Facebook.

And a release from the company offers more on its anniversary:

The iron industry has been around for generations but over the years, the face of foundries has shifted away from small, family-run businesses to large corporations.  Bremen Castings Inc. (BCI) in Bremen, Indiana, is not one of them.

The family-owned foundry will be celebrating its 75th anniversary in March and James (JB) Brown, President of Bremen Castings, credits the longevity and success of the company to its forward thinking business model, streamlined day-to-day operations, and above all, having each employee feel as though they are a member of the Bremen family.

“It is crucial for everyone to be a team member and an active citizen within our communities so we strive to cast each employee into a valuable and responsible individual,” says Brown.  “We have a set of core values that we want everyone to have and appreciate.”

Originally named, Bremen Gray Iron foundry (the name was changed to Bremen Castings Inc. in 1972), the company was established on March 17, 1939 by Ellis Brown, Charles W. Kling and Harold Heckamen with an initial investment of $10,000.  Some of the first customers included Bendix Corporation, Clark Equipment, and Ford Motor Company.

Since its inception, Bremen Castings has grown from an 800 square foot building to its current 125,000 square feet with more additions planned for the future.  The company has continued to stay at the forefront of the foundry industry, having won numerous awards for its safety, technology and environment-friendly manufacturing.  Today, Bremen is still privately owned and operated by the Brown family.

Don’t Make These Social Media Mistakes

Here are some worthy reminders from Digital Relevance regarding mistakes you should avoid when using social media for your business.

Your tweets or Facebook posts are solely promotional.

Social media can be a good venue to share special sales and promotions, but don’t post these activities too often or your “fans” will drop you. People want to follow your company because you are helpful, informative and have something to offer.

You don’t interact with anyone.

It is called social media for a reason. It seems like a no-brainer, but a big no-no many companies make is not interacting with its followers. You should promptly respond to mentions, replies and retweets and continually check your Twitter feed to respond and reply to your followers. Be sure to answer comments or questions on Facebook as well.

You tweet too much or share too often.

Twitter is a much more continuous, open platform for sharing multiple times each day. You should tweet at least three to five times a day, but what’s more important is the quality and value of your tweets. Low-quality sharing won’t lead to much interaction. On average, top brands posted once per day on Facebook. If you post more than twice per day, you will typically lose engagement.

You only tweet or share posts about your business.

It’s not all about YOU. Your followers want you to be a resource for industry information, trending topics and every now and then they like to know what’s going on in your company, but they don’t always want to know about every single webinar, article or event. It’s good to show you are a real, successful business, but also illustrate your value as a resource that continually interacts with its followers.

You’re commonplace and uninteresting.

Just as writers have a unique style and voice, brands should have a unique voice that their audience understands and relates to. Form your unique voice based on your culture, community and conversation.

You repeat yourself, you’re totally automated and you repeat yourself.

Automation can help productivity and efficiency, but when it comes to social media, it can seem spammy, impersonal and excessive. Don’t tweet or share the same article multiple times a day or even multiple times a week. A helpful article can be shared multiple times for larger exposure, but spread out your coverage dates.

Avoiding these mistakes will help you build a strong online community that believes in your brand, considers you an essential resource and enjoys interacting with you.