Fractional reserve banking has a multiply effect on the supply of money. People put their money into a bank, the bank loans that money out and some of it gets redeposited back in the bank to be loaned out again.
The FAQ says that there is nothing to stop someone from starting a fractional reserve system with Bitcoin. Once someone does, the "supply" of Bitcoin will no longer be fixed and instead will depend on the "fraction" that banks hold in reserve. As banks go out of business and new banks are formed, the supply will fluctuate --- probably wildly since banks tend to all go bust at the same time. The US government has regulation and auditors to ensure that banks meet certain requirement and set interest rates in an attempt to keep these wild cycles under control.
Do you have any thoughts about how this will work with BitCoin? Can a stable currency exist with unregulated fractional reserve banking? Can banking be regulated with an unregulated currency? If banking becomes regulated, will it reduce the value of BitCoin as an unregulated currency?
The US shuts down people who attempt to print their own currency in competition with the US Dollar. This creates a moat to competition for currency in the US which keeps people using the US Dollar.
Does Bitcoin have a moat? What prevents someone from starting a Bitcoin clone currency and devaluing Bitcoin through creation of competing digital money?
At those prices they are going to get crappy developers. To get a good developer who is willing to check his morals at the door, they would probably need to pay closer to ten times that.
I remember buying comics books for $0.75 in the late '80's. Then they went to $0.85. Then $1.00 a year later. Then $1.25 a year after that. Within 10 years they had gone up to $3.00. The changes included better paper and printing, but in retrospect I think that was mostly an excuse. The prices increased way faster than inflation.
I'm sure someone would say scarcity and compare it to the US fiat currency. However, most of the money in the US was created through fractional reserve banking and is backed by the collateral for the loans given out by the bank. The US Dollar is valuable because people are willing to work to pay off their loans so they don't lose their stuff.
Google might be wrong when they say WebM is patent unencumbered.
If someone sues you for patent infringement for using WebM, is Google going to help defend you? Even if it isn't a valid complaint it could still cost you a lot of money.
"contributions to the pension plans are deferred benefits paid in lieu of immediate salary"
Exactly. My argument is that teacher's salaries are much higher than they appear because of the deferred payment in the form of pensions. I don't think teachers are living the high life, but they are make quite a decent living.
A teacher who works for 20 years and retires for 40 years with half pay will have the same standard of living as a person who earns twice the teacher's salary but earn but saves enough to pay themselves the same pension. The only difference is that the teacher will keep getting the pension after 40 years if they keep living, while the independent saver will run out of money.
The point of tenure is to prevent those who control the purse strings from having control over what the schools teach. It is supposed to prevent corruption by prevent threats behind closed doors. Mandates like this have to go through legislation and fall under public scrutiny.
Most teachers get pensions. That often means half pay for the rest of your life after working 20 years. That is a huge savings.
Play with this spreadsheet. Assume a teacher earns $40k/year from age 25 to 45 and pulls $20k/year in pension from age 45 to 80. What salary and savings rate would be required for someone to have the same standard of living in the private sector without a pension?
Most likely wrong. Microsoft doesn't charge for any of its API's. It charges for Windows and you get the API's with Windows.
It is probably "for academic research" because the API may change in the future and hasn't had enough testing to qualify it as a complete part of the Windows platform.
People have been screaming for an API from Microsoft. This is their attempt to answer those calls as quickly as possible.
Money that is not created through the fractional reserve system is backed only by the full faith and credit of the US government, but that is only around 10% of our money supply.
Our fractional reserve banking system gives us a debt backed currency. People borrow money by putting up stuff they value as collateral. Now they need to work to earn money keep their collateral. Because those people are willing to work to earn money, people without debt are willing to work to earn money so they can pay those people. Round and round it goes and our fiat currency is worth something.
If no one had debt, our money would be a problem. Luckily, property tax creates annual debt.
Our money isn't backed by gold, but it is backed by houses and cars and a bunch of other stuff.
Just because a company wants something to be secret doesn't mean it is a trade secret. They have to make an effort to protect it.
Google does not own the actions of their users. They do own the search data before they give it to users. However, once they do that it becomes everyone's data unless it is protected by copyright.
Google analytics gathers the same data (GET request). If you visit a site using analytics from a Bing, Yahoo or other search, Google gets that data. Is that wrong too?
Slashdot Mirror
Creation of debt creates money. When the debt is paid off (or written off) money is destroyed. That is why thSee Fractional Reserve Banking.
Fractional reserve banking has a multiply effect on the supply of money. People put their money into a bank, the bank loans that money out and some of it gets redeposited back in the bank to be loaned out again.
The FAQ says that there is nothing to stop someone from starting a fractional reserve system with Bitcoin. Once someone does, the "supply" of Bitcoin will no longer be fixed and instead will depend on the "fraction" that banks hold in reserve. As banks go out of business and new banks are formed, the supply will fluctuate --- probably wildly since banks tend to all go bust at the same time. The US government has regulation and auditors to ensure that banks meet certain requirement and set interest rates in an attempt to keep these wild cycles under control.
Do you have any thoughts about how this will work with BitCoin? Can a stable currency exist with unregulated fractional reserve banking? Can banking be regulated with an unregulated currency? If banking becomes regulated, will it reduce the value of BitCoin as an unregulated currency?
The US shuts down people who attempt to print their own currency in competition with the US Dollar. This creates a moat to competition for currency in the US which keeps people using the US Dollar.
Does Bitcoin have a moat? What prevents someone from starting a Bitcoin clone currency and devaluing Bitcoin through creation of competing digital money?
At those prices they are going to get crappy developers. To get a good developer who is willing to check his morals at the door, they would probably need to pay closer to ten times that.
I remember buying comics books for $0.75 in the late '80's. Then they went to $0.85. Then $1.00 a year later. Then $1.25 a year after that. Within 10 years they had gone up to $3.00. The changes included better paper and printing, but in retrospect I think that was mostly an excuse. The prices increased way faster than inflation.
The collision would have vaporized the debris and created a huge dust cloud around the Earth. The dust eventually formed a moon through gravity.
I'm sure someone would say scarcity and compare it to the US fiat currency. However, most of the money in the US was created through fractional reserve banking and is backed by the collateral for the loans given out by the bank. The US Dollar is valuable because people are willing to work to pay off their loans so they don't lose their stuff.
I don't see anything similar with bitcoin.
I wonder if they could set up a fractional reserve banking system for bitcoin and adjust the reserve requirement to fight the deflation bubble cycle.
Of course, that would require regulation which kind of goes against the whole point of bitcoin.
Just wait until a human driver is found negligent because he caused an accident that a robot vehicle would have prevented.
I salute you, sir.
No, it was killed because...
I don't want to post spoilers, but the actual history is all documented in a book of "fiction" by a physics professor at the University of Washington.
http://en.wikipedia.org/wiki/Einstein's_Bridge_(book)
Nope.
Google might be wrong when they say WebM is patent unencumbered.
If someone sues you for patent infringement for using WebM, is Google going to help defend you? Even if it isn't a valid complaint it could still cost you a lot of money.
Please explain.
"contributions to the pension plans are deferred benefits paid in lieu of immediate salary"
Exactly. My argument is that teacher's salaries are much higher than they appear because of the deferred payment in the form of pensions. I don't think teachers are living the high life, but they are make quite a decent living.
A teacher who works for 20 years and retires for 40 years with half pay will have the same standard of living as a person who earns twice the teacher's salary but earn but saves enough to pay themselves the same pension. The only difference is that the teacher will keep getting the pension after 40 years if they keep living, while the independent saver will run out of money.
How do you know that WebM is unencumbered by patents?
The point of tenure is to prevent those who control the purse strings from having control over what the schools teach. It is supposed to prevent corruption by prevent threats behind closed doors. Mandates like this have to go through legislation and fall under public scrutiny.
Most teachers get pensions. That often means half pay for the rest of your life after working 20 years. That is a huge savings.
Play with this spreadsheet. Assume a teacher earns $40k/year from age 25 to 45 and pulls $20k/year in pension from age 45 to 80. What salary and savings rate would be required for someone to have the same standard of living in the private sector without a pension?
https://spreadsheets.google.com/ccc?key=0Ag9h4XC7DlGWdGoxZlZoeFcwbGVLMURPdW02YTRVSHc&hl=en#gid=0
Every update to the Java JVM has the potential of opening up an exploit in that sandbox.
For example:
http://www.microsoft.com/security/portal/Threat/Encyclopedia/Entry.aspx?name=Exploit%3AJava%2FCVE-2009-3867.HD&threatid=2147637070
Because the data is recorded on non-subjective media.
Most likely wrong. Microsoft doesn't charge for any of its API's. It charges for Windows and you get the API's with Windows.
It is probably "for academic research" because the API may change in the future and hasn't had enough testing to qualify it as a complete part of the Windows platform.
People have been screaming for an API from Microsoft. This is their attempt to answer those calls as quickly as possible.
Money that is not created through the fractional reserve system is backed only by the full faith and credit of the US government, but that is only around 10% of our money supply.
http://en.wikipedia.org/wiki/Reserve_requirement
http://www.youtube.com/watch?v=ArfPytAoeZ0
Our fractional reserve banking system gives us a debt backed currency. People borrow money by putting up stuff they value as collateral. Now they need to work to earn money keep their collateral. Because those people are willing to work to earn money, people without debt are willing to work to earn money so they can pay those people. Round and round it goes and our fiat currency is worth something.
If no one had debt, our money would be a problem. Luckily, property tax creates annual debt.
Our money isn't backed by gold, but it is backed by houses and cars and a bunch of other stuff.
Just because a company wants something to be secret doesn't mean it is a trade secret. They have to make an effort to protect it.
Google does not own the actions of their users. They do own the search data before they give it to users. However, once they do that it becomes everyone's data unless it is protected by copyright.
Google analytics gathers the same data (GET request). If you visit a site using analytics from a Bing, Yahoo or other search, Google gets that data. Is that wrong too?
I think you are looking for Chrome.