Bottom line with Bitcoin: It's a fad, Bill suggests
I made a mistake in my last column. I believe it is important to be accurate. I believe it is just as important to accept responsibility when one makes a mistake.
In my last column, I wrote about a proposed merger between two telecommunications giants. The government is opposing it. I oppose it. My mistake was confusing Time Warner, Inc., which is proposing to merge with AT&T, with Time Warner Cable, the company we now call Spectrum, which is affiliated with Charter Communications. Spectrum is not part of the proposed AT&T merger.
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BITCOIN IS ON FIRE: Don’t get burned! The main attraction of Bitcoin is that governments haven’t figured out a way to regulate the crypto currency. Last week I had over 20 calls asking me if Bitcoin was a scam or a fraud. I don’t think it’s either. I think Bitcoin is a fad. It reminds me of the tulip craze in Holland (1634 to 1637). At one point, one special tulip bulb was selling for 5,500 florins (the typical skilled worker at the time earned an average of 300 florins per year).
Don’t get me wrong, people will make money buying and selling Bitcoins. The trick is, when the “music stops,” don’t be left without a chair! The IRS has just won a court case allowing it access to over 14,000 Bitcoin accounts. Never confuse investing with speculation!
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IF YOU MISSED THE MEETING LAST THURSDAY: Avista is going for a major rate increase and you can still comment. If approved by the Idaho Public Utilities Commission, Avista will increase electric rates by an average of 5.6 percent in 2018 and 2.3 percent in 2019, while increasing the basic monthly service charge from 25 cents to $6.
Avista sought an average increase of 7.9 percent for electric customers in 2018 and 4.2 percent in 2019, along with the $5.75 increase to the service charge. For natural gas customers, if approved, the new rate would lead to an average increase of 1.9 percent in 2018 and 1.9 percent in 2019, down from the company’s original proposal of 5.7 percent in 2018 and 3.3 percent in 2019.
The proposed new rate also calls for an increase from 75 cents to the basic charge, raising it to $6 per month.
This will really hurt low-income households. Even if you can afford a rate increase like this, please stand up for those who can’t. You can submit written comments to The Idaho Public Utilities Commission at www.puc.idaho.gov by clicking on “Case Comment Form” under the electric or natural gas heading. Comments also can be mailed to the Idaho Public Utilities Commission, P.O. Box 83720, Boise, ID 83720-0074.
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APPLE MAC “HIGH SIERRA” UPGRADE: Has a major security flaw. My advice, if you haven’t downloaded it — DON’T! The flaw allows other computers to take over your computer and control it WITHOUT using any passwords. A fix will certainly be issued, but in the meantime, be safe rather than sorry.
LATE BREAKING NEWS: If you haven’t automatically installed the correct upgrades you can find the correct upgrades at: https://support.apple.com/en-us/HT201222
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DON’T DEPEND ON CALLER ID: It used to be that we could tell who was calling by using our handy dandy caller ID device. No more. Scammers are now “spoofing” numbers from government agencies and even consumer protection agencies.
Spoofing is defined as the practice of causing a telephone network to indicate to the receiver of a call that the originator of that call is a station other than the true originator of the call. In other words, it might say Publisher’s Clearing House, but it’s not.
Don’t give out or confirm ANY personal information to someone representing themselves as calling from any government agency or office. The IRS or FTC will never ask for money over the phone.
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OUR FRIENDS AT AMAZON: Amazon has applied for and been granted pharmaceutical wholesaler licenses in 12 states, including Idaho. Now it is expected that they will soon take the necessary steps to become a mail-order pharmacy. This could portend a major shift in how consumers obtain prescription drugs.
Imagine this scenario: Your doctor prescribes you a particular medication, and enters it into your computer record. The medical facility has an agreement with Amazon and your insurer. Your prescription is immediately transmitted to a local or regional pharmacy. Your prescription is ready for pickup or mailing later in that same day.
There are certainly some benefits to the above scenario, but there are also some significant downsides. There’s a sequence in one of my favorite movies, “It’s A Wonderful Life,” in which Mr. Gower, the local druggist, almost poisons a patient except for the intervention of a young George Bailey. I have personally been involved in similar mix-ups at local pharmacies, and had it not been for the diligence of the pharmacists, the prescription written by the doctor would have either killed or at least made the patient very sick.
The fact that the our local pharmacist knew the patient and their medical history, prevented a tragedy — twice. There are upsides and some serious downsides. Safety precautions need to be in place.
In my opinion, we need our local pharmacists, notwithstanding the efficiency of a large international company taking over the retail pharmacy trade.
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RENTAL SCAM: A few months ago I wrote about rental companies that charge hundreds of dollars as an “application fee” to would-be apartment renters.
There may only be one apartment, but the rental company or landlord may take many more applications that would be necessary to find a renter. Once a renter is secured, all the other applicants are informed that they didn’t meet the credit check or background check qualifications and were therefore rejected as renters. The disreputable landlord or rental companies keep all the unsuccessful applicants’ “application fees.”
The FTC is cracking down on this scam. If you feel you are or have been a victim of this ruse, call the FTC at 1(877) FTC-HELP and file a report.
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I have many more tips and interesting cases that I’m working on. Call me at (208) 699-0506, or email me at BillBrooksRealEstate@gmail.com or fax me at (866) 362-9266. Please include your name and a phone number. I am available to speak about consumerism to schools, and local and civic groups.
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Bill Brooks is a consumer advocate and the Broker and Owner of Bill Brooks Real Estate in Coeur d’Alene.