Prepare the pan. Oil and flour a 9-inch springform pan; line the bottom with parchment paper and oil that. Preheat the oven to 350ºF.
Sift flour, baking soda, baking powder, salt, white sugar and cocoa powder into a medium bowl. Stir together with a fork, then stir in the brown sugar. Before adding in the brown sugar, try to break up any lumps with your fingers.
In a large bowl, mix the eggs, vanilla, olive oil and buttermilk until combined. The oil will want to separate—that is fine. Leave it that way.
Sift the dry ingredients into the large bowl and beat using a hand mixer until everything is smooth. You can do this by hand but the mixer will do a more efficient job and will just take a minute or two At the last, stir in the chocolate chips. Pour this liquid batter into the springform pan.
Bake for 40-50 minutes on the middle rack, depending on your oven. The cake is ready when a tester inserted near the center comes out clean and the cake is just beginning to pull away from the sides.
Cool on a rack for 10 minutes. Then gently loosen around the edges with a table knife, and remove the cuff. Let it cool completely before frosting it.
When the cake is entirely cool, make the frosting. Gently melt the chocolate chips in the top of a double boiler, or in your microwave, if you have a chocolate melting feature. (In our microwave, it hides among the frozen food thaw functions). Let the melted chocolate cool until it is just a little warm to the touch, then stir in the sour cream, a big spoonful at a time, until it is well incorporated and smooth. The frosting is ready to spread.