When I was a kid every school had a special ed class. What those kids were commonly called by others, I prefer to see it called the autism spectrum. The words used back then were much worse and a good portion of those kids would be called autistic today.
I find it amazing how everyone claims the death of bitcoin yet there it is. It just won't go away. I can understand people in first world countries being skeptical of bitcoin. By and large our society functions right now with fiat. They just don't see the need and have become accustomed to the way we do things today. They accept bank corruption as the price of insuring their savings acccounts. They accept the transaction costs as the price of having their purchases protected when using a credit card. But what of the people who can't get bank accounts and credit cards or the people who live under repressive regimes that think nothing of debasing their fiat which effectively steals peoples life savings (hello Argentina). Bitcoin is a revolution for people who live in countries that don't work so well. It, or something like it will survive, because many people in the world need it.
I think you touch on the weakest link right now with crypto currencies and that is the user level. The technology itself (the protocol) is impressive and has the potential to disrupt so many entrenched systems above and beyond money. There is a lot of good there but plenty of improvement needs to be made on making it safer for non technical users to hold the actual coins. Even a lot of otherwise technically savvy people do dumb things and lose coins because of it. What we are experiencing is the embryonic days of bitcoin. Plenty of smart people are working on these problems right now, but there is a lot of friction that will hold it back. Government interference and banks (our modern day buggy whip makers) the two most prominent I believe. Like bitcoin (the money) or hate it, it is one impressive social experiment and anything that shakes up the status quo is a plus on moving things forward for the better. The fact that some people are so vehemently opposed, to the point of foaming at the mouth to trash it, tells me we are on to something here.
That sounds more like high availability and less like backup. Unless he throws the server in a station wagon every once and while and brings it to his parents place.
But I agree at 20TB there is no "cheap" option. I think he needs to suck it up and buy a tape backup system and store a copy offsite, it all depends how much his content is worth to him. Not much of issue since he doesn't have the 20TB anymore. But like any good horder he will probably be back to that in no time.
I have a family member who is a digital horder. It's a site to see.
Pretty much, I have about 500GB of must have backup, family pictures and videos I backup to two 2TB USB drives and keep one offsite (locked cabinet at work). Sensitive documents get backed up to a Truecrypt container on a local USB and to an offsite VPS I rent monthly. The rest can be backed up on strangers systems, it's called bittorrent and Netflix
The skills you have learned as a developer really come alive when you get out of development. Coding skills can bring so much value to professions not associated with coding. Way easier for you to pick something up than for someone who is not in IT to become a coder.
First off I am sorry you lost some. Of course you need to put some in there to trade. But there are people that had hundreds and some even thousands of bitcoin tied up there. Some were using it for storage, not just trading. That's nuts.
I think people just misunderstand what the real problem is that bitcoin resolves. It should not be a replacement for dollars. I hold dollars, I love dollars, I hold quite a few actually and hope I always will. I'm not a libertarian. I see bitcoin being a real threat to payment processors like Visa, MC, PP and Western Union. It offers a seamless way to wire funds across borders without a money transmitter taking a big cut. If you live on the other side of the world I can pay you instantly and I don't need big brother banker to approve. I can see why banks are afraid of that. I also have to watch what I use it for, the responsibility lies with me because there is no bank protect me. I don't always need to be protected, when I do I use a bank. It's not an either or choice, I want access to both.
What really is needed is a way to seamlessly move funds from fiat to bitcoin and back, which is not a bitcoin problem but a financial industry that is mired in red tape, an industry whose interest only aligns with mine when they get their cut. There are many people in the world that are cut off from modern banking services. They just don't get to participate. It they need to move funds they pretty much get raped by companies like WU. Bitcoin solves this for them. If not Bitcoin then the next crypto that replaces it and resolves issues around the current implementation will.
I am very surprised by the amount of negativity from self professed geeks here at slashdot. The action is in the protocol but everyone focuses on the money. The protocol itself can be used for so many things over and above money. If anyone who is a true geek really takes time to understand the protocol and the disruptive nature of it to established hierarchical systems, I can't believe that they wouldn't get excited about that. Everyone is just focused on the insane price of bitcoin right now which is simply noise clouding the bigger picture.
Ok, well I know you are a bit emotional about this but I will chime in anyway. All the problems we have seen with thefts have had nothing to do with the Bitcoin protocol. The problems have been in trusting your stash with companies that have no business being trusted. It's the equivalent of leaving your bag full of cash with Lenny down at the bowling alley because he has a safe in the basement. Flexcoin, Gox et al., -- Why would anyone trust their funds to these people? These fly by nights are either a bunch of incompetents or just plain old crooks.
Bitcoin itself is not a shitty idea. The problem right now is that bitcoin is very young and there is a 'wild west" aspect to it. The infrastructure will mature.
If you feel so strongly about it then just don't use it. What's the problem? But to say a system that offers frictionless payments is a shitty idea and should not even be attempted is stupid. There is a huge need in the world for this right now. The ride will be bumpy so buckle up.
One last thing and more of an open comment to people who have bitcoin. "Don't be a dumbass and let Lenny hold your bag of cash for you!" Geez does it even need saying?
I am going to cut AC some slack on this one. Without trying to sound like the old man yelling at a cloud, there was a time when reading the headline alone on this site exposed you to new things. I remember thinking that I had no clue what the headline was referrring to which would entice me to read on and broaden my understanding. Now it is littered with crap like this and oooh Iphone this and and Android that. Oooooh shiny, happy happy. You still get a nugget of good stuff here once in a while and the discussions are still leaps and bounds better then anything I have seen on reddit, but overall this site has taken a dive and is getting more reddit like every year.
..and nothing prevents his company from offering scholarships. Governments are stretched pretty thin and it would be nice if private industry stepped up here, as they will be the ones to really benefit from qualified engineers. Perhaps government could match their investments and make it a partnership at least. What he is asking for is to socialize the costs so he can privatize the expected profits. These always end up with the threat of leaving, like they wouldn't do that anyway if it was beneficial to them.
Exactly, this is a non issue. We all know what FB is and what their business model is. Either you accept the terms of the agreement or move on in life without it. Tired of these stupid "why does facebook need to do this?" questions. Because they are in the business of making money off their product (you!). For many people the price they pay (information) is worth it for what they get back. For others the price is too high. Decide where you stand and act accordingly.
I could see such an interface becoming an internet meme pretty quickly in the beginning and generating bad publicity for a company. We are a long way off from that.
Bitcoin transactions are not tied to your IP address so they cannot tie it to your home address. Spend bitcoin and look at the blockchain, you will not see your ip address anywhere. However the government can most certainly mine the blockchain and "possibly" tie specific bitcoins to you. Verify yourself on an Exchange, buy bitcoins then spend them. Those coins, even years from now can be traced back through the blockchain and possibly be connected to you. But there are ways to ensure further anonymity, you will just never hide the actual transaction itself.
Forgot to answer your last question. You do realize that your money loses value right? What's to prevent any government from taking it a step further and pulling a Zimbabwe or Argentina?
Ya, holding to the true definition of currency I agree with you. The term tends to get used interchangeably with money and I am guilty of that as well. Substitute "currency" for "money"
Crime is crime: you are comparing bitcoin to credit cards and bank accounts. It's more like cold hard cash. If you get your pocket picked, it's gone. Bitcoin is digital cash, not a bank account in someone else hands for safe keeping. You are responsible for it. Your money in a bank account is just trusted to the bank to take care of it, unlike that $20 in your pocket. They better damn well replace it if it gets stolen. As far as your credit card, you are paying "big time" for that protection. You are also paying for every other credit risk jerk out there that doesn't mind spending money that isn't his/hers without any thought to paying it back. You are paying for it in higher interest if you run a balance and in the increased price of goods because of merchants fees passed on to you. (and to everyone else who doesn't even have a credit card).
I am not saying that bitcoin will totally replace credit cards and fiat. I like both of these things myself and plan to continue using them for the right purposes. But bitcoin offers plenty in the way of frictionless transactions which are sorely missing right now. The big guys don't need to have a cut of every damn transaction and their business models will come under pressure as people start to realize that they have more options available to them.
Yes bitcoin is unstable, it is also a very new technology. Things should stabilize as the currency matures.
No regulation is not all about disadvantages. There are many advantages as well like not being subject to the whims of a transasction processor to hold your payments or deny your business. Bitcoin fills a need but is not meant to replace every other currency out there. Crime is crime my friend. If somebody picks your pocket who do you go cry to to get your money back. Bitcoin is cash and you should be careful who you do business with.
Bitcoins being a solution in search of a problem; I disagree, they are a solution to the many problems that plague the financial industry today. You don't see it as a problem that Visa and Mastercard take a 2% to 3% cut out of every transaction? That is billions of dollars being syphoned off of people and merchants every year just because there is no other convenient way to pay somebody besides cash. Ya, our banking system works well in first world countries but tell that to an immigrant who can't get a bank account and if forced to pay Western Union a big chunk of the remittance they are sending home to support families living in poverty. Bitcoin has the potential to divert billions to people who need it in poorer countries, to feed, clothe and shelter themselves. Also tell that to Argentinians who are seeing their life savings being eroded at a rate of 30% a year. Bitcoin is a safe haven for all those people who don't have the connections to store other currencies offshore. Tell them there are no problems that need a bitcoin solution Frankly your view on this is a first world view.
Anonymity: Bitcoin are pseudonymous. Anonymity is not the main goal of bitcoin. They are more anonymous then paypal, visa et al. but less so then cash. But if you want to deal with Paypal and their ridiculous fees be my guest. If you like having paypal be the judge, jury and executioner of your transactions, withholding your payments, freezing your account at any whim without explanation to you then that is your right I suppose.
Investments. Bitcoin is no doubt a high risk investment. What's the problem here, you can still buy bitcoin as you need for spending without holding large amounts. Junk bonds and penny stocks are also risky, but people still buy them. Many people invest in bitcoin because they believe in the long term potential, that is their choice, as it is yours to invest in some geek which is a noble thing to do.
Intrinsic value; People only value US dollars because other people value it. While dollars are backed by government, bitcoin is backed by math. You can't counterfeit it, you can't create more then 21 million of them by the year 2140. It is backed by a whole community of people that believe in it and the infrastructure being built right now around it. If you assign it 0 value then that is your choice, many people feel otherwise because they see bitcoin as uncorruptible by central banks who infuse billions of dollars monthly into the econonmy out of thin air.
I encourage you to read the whitepaper on bitcoin written by Satoshi himself (google it) , get to understand stuff before you bash it. If you think bitcoin the currency is all the rage, get to know the protocol. Wait until the protocol is used for loans and contracts. It has the potential to replace entire industries in banking and law with a 100 lines of python code.
Slashdot Mirror
This is one case where anecdotal evidence presented by a celebrity may be a good strategy.
When I was a kid every school had a special ed class. What those kids were commonly called by others, I prefer to see it called the autism spectrum. The words used back then were much worse and a good portion of those kids would be called autistic today.
I find it amazing how everyone claims the death of bitcoin yet there it is. It just won't go away. I can understand people in first world countries being skeptical of bitcoin. By and large our society functions right now with fiat. They just don't see the need and have become accustomed to the way we do things today. They accept bank corruption as the price of insuring their savings acccounts. They accept the transaction costs as the price of having their purchases protected when using a credit card. But what of the people who can't get bank accounts and credit cards or the people who live under repressive regimes that think nothing of debasing their fiat which effectively steals peoples life savings (hello Argentina). Bitcoin is a revolution for people who live in countries that don't work so well. It, or something like it will survive, because many people in the world need it.
Someone who is sure about himself usually doesn't take that tone. You sound scared.
I think you touch on the weakest link right now with crypto currencies and that is the user level. The technology itself (the protocol) is impressive and has the potential to disrupt so many entrenched systems above and beyond money. There is a lot of good there but plenty of improvement needs to be made on making it safer for non technical users to hold the actual coins. Even a lot of otherwise technically savvy people do dumb things and lose coins because of it. What we are experiencing is the embryonic days of bitcoin. Plenty of smart people are working on these problems right now, but there is a lot of friction that will hold it back. Government interference and banks (our modern day buggy whip makers) the two most prominent I believe. Like bitcoin (the money) or hate it, it is one impressive social experiment and anything that shakes up the status quo is a plus on moving things forward for the better. The fact that some people are so vehemently opposed, to the point of foaming at the mouth to trash it, tells me we are on to something here.
That sounds more like high availability and less like backup. Unless he throws the server in a station wagon every once and while and brings it to his parents place.
But I agree at 20TB there is no "cheap" option. I think he needs to suck it up and buy a tape backup system and store a copy offsite, it all depends how much his content is worth to him. Not much of issue since he doesn't have the 20TB anymore. But like any good horder he will probably be back to that in no time.
I have a family member who is a digital horder. It's a site to see.
Pretty much, I have about 500GB of must have backup, family pictures and videos I backup to two 2TB USB drives and keep one offsite (locked cabinet at work). Sensitive documents get backed up to a Truecrypt container on a local USB and to an offsite VPS I rent monthly. The rest can be backed up on strangers systems, it's called bittorrent and Netflix
The skills you have learned as a developer really come alive when you get out of development. Coding skills can bring so much value to professions not associated with coding. Way easier for you to pick something up than for someone who is not in IT to become a coder.
First off I am sorry you lost some. Of course you need to put some in there to trade. But there are people that had hundreds and some even thousands of bitcoin tied up there. Some were using it for storage, not just trading. That's nuts.
I think people just misunderstand what the real problem is that bitcoin resolves. It should not be a replacement for dollars. I hold dollars, I love dollars, I hold quite a few actually and hope I always will. I'm not a libertarian. I see bitcoin being a real threat to payment processors like Visa, MC, PP and Western Union. It offers a seamless way to wire funds across borders without a money transmitter taking a big cut. If you live on the other side of the world I can pay you instantly and I don't need big brother banker to approve. I can see why banks are afraid of that. I also have to watch what I use it for, the responsibility lies with me because there is no bank protect me. I don't always need to be protected, when I do I use a bank. It's not an either or choice, I want access to both.
What really is needed is a way to seamlessly move funds from fiat to bitcoin and back, which is not a bitcoin problem but a financial industry that is mired in red tape, an industry whose interest only aligns with mine when they get their cut. There are many people in the world that are cut off from modern banking services. They just don't get to participate. It they need to move funds they pretty much get raped by companies like WU. Bitcoin solves this for them. If not Bitcoin then the next crypto that replaces it and resolves issues around the current implementation will.
I am very surprised by the amount of negativity from self professed geeks here at slashdot. The action is in the protocol but everyone focuses on the money. The protocol itself can be used for so many things over and above money. If anyone who is a true geek really takes time to understand the protocol and the disruptive nature of it to established hierarchical systems, I can't believe that they wouldn't get excited about that. Everyone is just focused on the insane price of bitcoin right now which is simply noise clouding the bigger picture.
Bitcoin is cash. If you walk around with a suitcase full of dollars and somebody steals it there is no insurance. Wells Fargo will not give a shit.
Ok, well I know you are a bit emotional about this but I will chime in anyway. All the problems we have seen with thefts have had nothing to do with the Bitcoin protocol. The problems have been in trusting your stash with companies that have no business being trusted. It's the equivalent of leaving your bag full of cash with Lenny down at the bowling alley because he has a safe in the basement. Flexcoin, Gox et al., -- Why would anyone trust their funds to these people? These fly by nights are either a bunch of incompetents or just plain old crooks.
Bitcoin itself is not a shitty idea. The problem right now is that bitcoin is very young and there is a 'wild west" aspect to it. The infrastructure will mature.
If you feel so strongly about it then just don't use it. What's the problem? But to say a system that offers frictionless payments is a shitty idea and should not even be attempted is stupid. There is a huge need in the world for this right now. The ride will be bumpy so buckle up.
One last thing and more of an open comment to people who have bitcoin. "Don't be a dumbass and let Lenny hold your bag of cash for you!" Geez does it even need saying?
just not for his shareholders.
I am going to cut AC some slack on this one. Without trying to sound like the old man yelling at a cloud, there was a time when reading the headline alone on this site exposed you to new things. I remember thinking that I had no clue what the headline was referrring to which would entice me to read on and broaden my understanding. Now it is littered with crap like this and oooh Iphone this and and Android that. Oooooh shiny, happy happy. You still get a nugget of good stuff here once in a while and the discussions are still leaps and bounds better then anything I have seen on reddit, but overall this site has taken a dive and is getting more reddit like every year.
..and nothing prevents his company from offering scholarships. Governments are stretched pretty thin and it would be nice if private industry stepped up here, as they will be the ones to really benefit from qualified engineers. Perhaps government could match their investments and make it a partnership at least. What he is asking for is to socialize the costs so he can privatize the expected profits. These always end up with the threat of leaving, like they wouldn't do that anyway if it was beneficial to them.
He probably loses money wasting time collecting that dust.
If they do I bet hardly anyone dumps an app. People just agree, anything to get to where they want to go.
Exactly, this is a non issue. We all know what FB is and what their business model is. Either you accept the terms of the agreement or move on in life without it. Tired of these stupid "why does facebook need to do this?" questions. Because they are in the business of making money off their product (you!). For many people the price they pay (information) is worth it for what they get back. For others the price is too high. Decide where you stand and act accordingly.
If the tube sites are not located in your country you have already outsourced your women. Not a stretch for the average slashdotter.
I could see such an interface becoming an internet meme pretty quickly in the beginning and generating bad publicity for a company. We are a long way off from that.
I am in the same boat as you. Quiet environments are actually more essential to hard of hearing people.
Bitcoin transactions are not tied to your IP address so they cannot tie it to your home address. Spend bitcoin and look at the blockchain, you will not see your ip address anywhere. However the government can most certainly mine the blockchain and "possibly" tie specific bitcoins to you. Verify yourself on an Exchange, buy bitcoins then spend them. Those coins, even years from now can be traced back through the blockchain and possibly be connected to you. But there are ways to ensure further anonymity, you will just never hide the actual transaction itself.
Forgot to answer your last question. You do realize that your money loses value right? What's to prevent any government from taking it a step further and pulling a Zimbabwe or Argentina?
Ya, holding to the true definition of currency I agree with you. The term tends to get used interchangeably with money and I am guilty of that as well. Substitute "currency" for "money"
Crime is crime: you are comparing bitcoin to credit cards and bank accounts. It's more like cold hard cash. If you get your pocket picked, it's gone. Bitcoin is digital cash, not a bank account in someone else hands for safe keeping. You are responsible for it. Your money in a bank account is just trusted to the bank to take care of it, unlike that $20 in your pocket. They better damn well replace it if it gets stolen. As far as your credit card, you are paying "big time" for that protection. You are also paying for every other credit risk jerk out there that doesn't mind spending money that isn't his/hers without any thought to paying it back. You are paying for it in higher interest if you run a balance and in the increased price of goods because of merchants fees passed on to you. (and to everyone else who doesn't even have a credit card).
I am not saying that bitcoin will totally replace credit cards and fiat. I like both of these things myself and plan to continue using them for the right purposes. But bitcoin offers plenty in the way of frictionless transactions which are sorely missing right now. The big guys don't need to have a cut of every damn transaction and their business models will come under pressure as people start to realize that they have more options available to them.
Oh boy, it really will be an education for some.
Yes bitcoin is unstable, it is also a very new technology. Things should stabilize as the currency matures.
No regulation is not all about disadvantages. There are many advantages as well like not being subject to the whims of a transasction processor to hold your payments or deny your business. Bitcoin fills a need but is not meant to replace every other currency out there. Crime is crime my friend. If somebody picks your pocket who do you go cry to to get your money back. Bitcoin is cash and you should be careful who you do business with.
Bitcoins being a solution in search of a problem; I disagree, they are a solution to the many problems that plague the financial industry today. You don't see it as a problem that Visa and Mastercard take a 2% to 3% cut out of every transaction? That is billions of dollars being syphoned off of people and merchants every year just because there is no other convenient way to pay somebody besides cash. Ya, our banking system works well in first world countries but tell that to an immigrant who can't get a bank account and if forced to pay Western Union a big chunk of the remittance they are sending home to support families living in poverty. Bitcoin has the potential to divert billions to people who need it in poorer countries, to feed, clothe and shelter themselves.
Also tell that to Argentinians who are seeing their life savings being eroded at a rate of 30% a year. Bitcoin is a safe haven for all those people who don't have the connections to store other currencies offshore. Tell them there are no problems that need a bitcoin solution
Frankly your view on this is a first world view.
Anonymity: Bitcoin are pseudonymous. Anonymity is not the main goal of bitcoin. They are more anonymous then paypal, visa et al. but less so then cash. But if you want to deal with Paypal and their ridiculous fees be my guest. If you like having paypal be the judge, jury and executioner of your transactions, withholding your payments, freezing your account at any whim without explanation to you then that is your right I suppose.
Investments. Bitcoin is no doubt a high risk investment. What's the problem here, you can still buy bitcoin as you need for spending without holding large amounts. Junk bonds and penny stocks are also risky, but people still buy them. Many people invest in bitcoin because they believe in the long term potential, that is their choice, as it is yours to invest in some geek which is a noble thing to do.
Intrinsic value; People only value US dollars because other people value it. While dollars are backed by government, bitcoin is backed by math. You can't counterfeit it, you can't create more then 21 million of them by the year 2140. It is backed by a whole community of people that believe in it and the infrastructure being built right now around it. If you assign it 0 value then that is your choice, many people feel otherwise because they see bitcoin as uncorruptible by central banks who infuse billions of dollars monthly into the econonmy out of thin air.
I encourage you to read the whitepaper on bitcoin written by Satoshi himself (google it) , get to understand stuff before you bash it. If you think bitcoin the currency is all the rage, get to know the protocol. Wait until the protocol is used for loans and contracts. It has the potential to replace entire industries in banking and law with a 100 lines of python code.