"it's like a COBOL programmer from the 1970's worrying about a Y2K bug. So Bitcoin is like a short sighted jerk who doesn't understand software engineering?
2,099,999,997,690,000 is the max units. that's 300,000(approx) coins poer person assuming 7 billion people. So fer every person born, the value if bitcoin goes up. This means it's harder for new arrivals to earn the same value Every time you move the decimal, the people receiving bit coins for services/goods immediately losses value for their services and goods. If I charge half a bitcoin for a service, and that causes a split, then how may BitCoin you need to buy something doubles, effectively halving the value of the service I preformed.
Some reference Max number of BitCoins smallest unit: 2,099,999,997,690,000 Max umber of US Currency smallest unit: M0: 120,000,000,000,000 M1: 240,000,000,000,000 M2: 1,200,000,000,000,000
That does not take in all currency in the world converted to pennies. WHich you shoud far a reasonable comparison, becasue BTC is global.
Don't know what M0, M1, M2 (There isn't an M3 anymore) is? Then stop talking about currencies until you study up. I mean, you can't even have a reasonable discussion about currency without that knowledge. No don't go to wikipedia, and learn the definition of just those thing,. There are a whole set of rules, coefficient, behaviors, etc you need to know about.
Not that you can't know, just that you should at least study what they are and apply critical thought to them for a few years.
"10 years ago if you said you wanted to make a uncounterfeitable digital currency people would have said that's not possible either."
Since I built one in 1994, along with a few others, I don't think I would say that. IN fact ours was done in a way that allowed centralized generation of the credits. Sadly, right after implementation the military caste through out the financial caste form the country. Literally drove out the people implementing this at gun point.
There is a hint where we did that in the their.
" uncounterfeitable digital currency"
"You can't hide secrets from the future with math." MC Frontalot.
"Pretty much any political ideology has it's followers as children who just don't want to do thing or be responsible." false.
" they take it as a given that progressivism/capitalism is the only real way." he clearly doesn't. Are you a egotistic loud mouth who doesn't actually read, or are you illiterate?
"Adam Smith ah, when ever I see someone use Adam Smith as a real example I know two things: You didn't read Adam Smith. You don't understand economics.
Smith ideal can only work in world that only exists inside the mind of a moral philosopher. That said, even Smith wrote that government control would be needed if people abuse power. The fact that he hasn't sure if people in power would take advantage of their power shows he didn't read anything about previous corporation. Like the E.I.T.C.
"not cleaning their room, smoking pot, drinking and sitting around watching TV all day." as it turns out, most people don't do that when given lot of free time and resource to do things.
""the government can't create more of it out of thin air" which is a common misinterpretation of what actual happens, Ironically, BitCoin is creating currency out of thin air. I suspect the posted is, what I will kindly call, simple.
"You know what has a carbon footprint from hell? The whole payments industry, and industry that could go away overnight if retailers, service industry, and wholesalers switched to digital currency." And you don't address the issue. IT has a huge carbon foot print, far grater than current printed money. You also aren't addressing Bitcoin, but electronic currency. Bitcoin is an electronic crypto currency, but hardly the only way to go about it. We can go digital using dollars. You clearly don't understand what you are talking about. For reverence I, and a few others, created an electronic currency system in the 90's for some small countries. He is talking about BitCoin, so please keep you discussion about BitCoin.
"but sucking someone's power for pure financial profit sure is better than sucking someone's power to barrage others with email." wow..just..wow. SO stealing for direct money is better then sending unsolicited emails? again, wow. Having a currency finite currency gives an increasing incentive to use other peoples machines. BitCoin is a strong motivator to get people to focus their energies in using other peoples computers.
"At least he didn't give the argument "There isn't enough Bitcoin to go around." I'm sick and tired of defending that. There's 21 quadrillion units of Bitcoin (That's enough for 3000 satoshis per person on the planet), and it would be very easy to convince miners to further subdivide it. thats' you defense? seriously? you know neither human nature nor do you understand the history of currency and how it's used for control. This is what you are saying: 'Hey rich people, we want the value of you currency to be halved!' I'm sure they will jump right on that.
And that's not even discussing the ability to borrow against it, get interest from it, protection in case of collapse.
BitCoin is a HORRID long term currency strategy. Right now it cast more to generate currency for the average person than they can get. Now, it's normal for physical currency because the cost to make a dollar is a one time cost, but then the dollar is a dollar every time it's used. With bit coin the holder has to continue to pay just to have it exist. Imagine if having a dollar in your pocket cost you a penny a day.
" rather than attacking the principles and stability of the system itself." so..you didn't read the article then? He discusses Gresham's law, Gini coefficient and it's impact to governance. If you don't understand any of that, then you should even BEGIN to talk about what makes a good currency.
I am looking onward to an electronic currency, BitCoin, and others like it, are horrid.
" They make notoriously bad witnesses." no more or less than any one else. They do have the advantage in that they write down what happened soon afterwards. That's not a police thing, it's a human thing.
Slashdot Mirror
that's very short sighted and technically ignorant.
But, hey that never stopped yo before.
"it's like a COBOL programmer from the 1970's worrying about a Y2K bug.
So Bitcoin is like a short sighted jerk who doesn't understand software engineering?
2,099,999,997,690,000 is the max units. that's 300,000(approx) coins poer person assuming 7 billion people. So fer every person born, the value if bitcoin goes up. This means it's harder for new arrivals to earn the same value
Every time you move the decimal, the people receiving bit coins for services/goods immediately losses value for their services and goods.
If I charge half a bitcoin for a service, and that causes a split, then how may BitCoin you need to buy something doubles, effectively halving the value of the service I preformed.
Some reference
Max number of BitCoins smallest unit: 2,099,999,997,690,000
Max umber of US Currency smallest unit: M0: 120,000,000,000,000 M1: 240,000,000,000,000 M2: 1,200,000,000,000,000
That does not take in all currency in the world converted to pennies. WHich you shoud far a reasonable comparison, becasue BTC is global.
Don't know what M0, M1, M2 (There isn't an M3 anymore) is? Then stop talking about currencies until you study up. I mean, you can't even have a reasonable discussion about currency without that knowledge. No don't go to wikipedia, and learn the definition of just those thing,. There are a whole set of rules, coefficient, behaviors, etc you need to know about.
Not that you can't know, just that you should at least study what they are and apply critical thought to them for a few years.
"10 years ago if you said you wanted to make a uncounterfeitable digital currency people would have said that's not possible either."
Since I built one in 1994, along with a few others, I don't think I would say that. IN fact ours was done in a way that allowed centralized generation of the credits. Sadly, right after implementation the military caste through out the financial caste form the country. Literally drove out the people implementing this at gun point.
There is a hint where we did that in the their.
" uncounterfeitable digital currency"
"You can't hide secrets from the future with math." MC Frontalot.
"Pretty much any political ideology has it's followers as children who just don't want to do thing or be responsible."
false.
" they take it as a given that progressivism/capitalism is the only real way."
he clearly doesn't. Are you a egotistic loud mouth who doesn't actually read, or are you illiterate?
"Adam Smith
ah, when ever I see someone use Adam Smith as a real example I know two things:
You didn't read Adam Smith. You don't understand economics.
Smith ideal can only work in world that only exists inside the mind of a moral philosopher.
That said, even Smith wrote that government control would be needed if people abuse power. The fact that he hasn't sure if people in power would take advantage of their power shows he didn't read anything about previous corporation. Like the E.I.T.C.
The only issue the author has is that he assume the reader will be smart enough(at least average int.) to understand the context of the analogy.
Sadly, Slashdot is full of people not smart enough to understand that, so they pick at his analogy and not his point.
As an example see:
http://politics.slashdot.org/comments.pl?sid=4577081&cid=45735823
Since I hate myself, that whole thing works well for me!
"not cleaning their room, smoking pot, drinking and sitting around watching TV all day."
as it turns out, most people don't do that when given lot of free time and resource to do things.
""the government can't create more of it out of thin air"
which is a common misinterpretation of what actual happens, Ironically, BitCoin is creating currency out of thin air.
I suspect the posted is, what I will kindly call, simple.
Actual, digital currency can work, just not ones like Bitcoin.
"You know what has a carbon footprint from hell? The whole payments industry, and industry that could go away overnight if retailers, service industry, and wholesalers switched to digital currency."
And you don't address the issue. IT has a huge carbon foot print, far grater than current printed money. You also aren't addressing Bitcoin, but electronic currency. Bitcoin is an electronic crypto currency, but hardly the only way to go about it. We can go digital using dollars. You clearly don't understand what you are talking about. For reverence I, and a few others, created an electronic currency system in the 90's for some small countries.
He is talking about BitCoin, so please keep you discussion about BitCoin.
"but sucking someone's power for pure financial profit sure is better than sucking someone's power to barrage others with email."
wow..just..wow. SO stealing for direct money is better then sending unsolicited emails? again, wow.
Having a currency finite currency gives an increasing incentive to use other peoples machines. BitCoin is a strong motivator to get people to focus their energies in using other peoples computers.
"At least he didn't give the argument "There isn't enough Bitcoin to go around." I'm sick and tired of defending that. There's 21 quadrillion units of Bitcoin (That's enough for 3000 satoshis per person on the planet), and it would be very easy to convince miners to further subdivide it.
thats' you defense? seriously? you know neither human nature nor do you understand the history of currency and how it's used for control.
This is what you are saying:
'Hey rich people, we want the value of you currency to be halved!' I'm sure they will jump right on that.
And that's not even discussing the ability to borrow against it, get interest from it, protection in case of collapse.
BitCoin is a HORRID long term currency strategy. Right now it cast more to generate currency for the average person than they can get. Now, it's normal for physical currency because the cost to make a dollar is a one time cost, but then the dollar is a dollar every time it's used. With bit coin the holder has to continue to pay just to have it exist. Imagine if having a dollar in your pocket cost you a penny a day.
" rather than attacking the principles and stability of the system itself."
so..you didn't read the article then?
He discusses Gresham's law, Gini coefficient and it's impact to governance.
If you don't understand any of that, then you should even BEGIN to talk about what makes a good currency.
I am looking onward to an electronic currency, BitCoin, and others like it, are horrid.
"because it is generally written by people who have a better understanding of nature than your average artist"
no, that's not true at all.
He is saying: Just becasue you take a pithy quote from a Sci-Fi book doesn't mean it actually applies. A fortune cookie would be more accurate.
a laser pointer did that? how?
And it's still your fault.
People don't want that.
Or more specifically, most people don't want to deal with the extra step.
Maybe yo should understand how the camera works be fire making a fool of yourself?
oh, and with those rules of conduct, your games must stink
I just check if the firmware has changed.
Sticky notes? tape? Slashdot - News for mediocre office workers.
that if you change the software that controls the light you can change the behavior! Shocking!
is ever truly anonymous on the internet. Nothing.
"...but if you need a breathalyzer, it's not exactly plain sight, now, is it?"
They are putting molecules into the public space, so it's public.
" They make notoriously bad witnesses."
no more or less than any one else. They do have the advantage in that they write down what happened soon afterwards.
That's not a police thing, it's a human thing.
That's not a search.
And that's fine. You last res;ponce in your post should be your first.
I'm a fan of science, so I'd be likely to comply.
Wrong. I know a lot of law enforcement personnel.
You are wrong.
Or, and bear with me, you are clueless and don't understand how these types of studies work.
No, it was here 40 years ago as well.
That's what I said over a decade before 1994.
N00b :)