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Comments

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US States Edge Toward Cryptocoin Regulation

SpankiMonki Re:What about my rights? (155 comments)

Lending of those assets? Check.

[sigh]

Again, you seem to have a different definition than everyone else of what constitutes "lending". If individuals at MtGox were appropriating customer deposits, that's not a lending activity, that's a criminal activity. And it's still criminal even if they returned the BTC with interest.

Furthermore, at no time did MtGox sell or offer for sale any BTC loan products. If you're not making loans, you're not a bank by any generally accepted definition.

Sure sounds like it meets at least one public definition of fractional reserve banking.

...only if one subscribes to your ridiculous position that appropriating customer deposits is equivalent to lending. But please, continue making up new definitions for common words...it's quite entertaining. I'm sure you're a real hit at cocktail parties.

Cheers!

13 hours ago
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US States Edge Toward Cryptocoin Regulation

SpankiMonki Re:What about my rights? (155 comments)

The original request said the system did not allow fractional reserve [banking], and you cannot believe that in light of the evidence that fractional reserve did exist.

You're right, I don't believe fractional reserve banking with bitcoin can exist, and you have yet to provide any evidence to the contrary.

MtGox was operating with a fractional reserve for some time. Either intentionally (criminal) or not (negligent).

So...in your mind, BTC exchanges are operating as fractional reserve banks. That's a rather...um, unique position to hold. I suspect the operators and customers of the exchanges would disagree with you, though.

There is at least one bitcoin "bank" currently offering to pay interest on bitcoin deposits.

Just because businesses are paying interest on bitcoin deposits and/or charging interest on BTC loans does not mean they qualify as fractional reserve banks. But since your definition of fractional reserve banking seems to differ from the generally accepted definition, I guess you can make any claim you want. In any case, it sure would help your argument(s) if you could back them up somehow.

yesterday
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US States Edge Toward Cryptocoin Regulation

SpankiMonki Re:What about my rights? (155 comments)

Excellent points. I'd add another: it's tough to imagine why anyone would want to deposit BTC with a bitcoin "bank" in the first place. All of the usual reasons (other than earning interest) for storing money with another party simply don't apply when it comes to BTC.

yesterday
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US States Edge Toward Cryptocoin Regulation

SpankiMonki Re:What about my rights? (155 comments)

And most definitely gold and bitcoin have both been used in fractional reserve situations.

I hope you won't mind if I ask you to cite a real-world example of a legitimate BTC business operating as a fractional reserve "bank". I'd be very interested to see exactly how that was done.

yesterday
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US States Edge Toward Cryptocoin Regulation

SpankiMonki Re:What about my rights? (155 comments)

Read the rules closely and you can figure out it bans opening a BitCoin bank in NY. Basically, if you take deposits it needs to 100% back by BitCoins, so no fractional reserve banking.

You can't use bitcoin for fractional reserve banking; the system itself doesn't support it. Legislation banning fractional reserve banking in BTC is like legislation banning the sun from rising in the west.

2 days ago
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The Army Is 3D Printing Warheads

SpankiMonki Re:GPLv4 - the good public license? (140 comments)

This comes from someone who just does not understand that without weapons manufacture most of the world would be speaking German or Russian by now.

And without whiskey manufacture, most of the world would be speaking Gaelic by now.

4 days ago
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The Department of Homeland Security Needs Its Own Edward Snowden

SpankiMonki Re:Just to clarify (190 comments)

You mean someone willing to publish virtually every aspect of how we protect ourselves from terrorism without any independent review, oversight or responsibility?

Hopefully the great mass of irony in your statement squished your brain as it rolled out of your mouth.

about a week ago
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Ask Slashdot: Future-Proof Jobs?

SpankiMonki Re:Over 190 comments in this thread so far (509 comments)

Teachers are under attack....

There's a lot of truth to what you say; your observations are among the reasons why I describe the situation as "sad'.

However, it is possible to work in teaching and not be subjected to the hardships you point out above. All the teachers I know personally love their jobs. Of course, they are fortunate enough to be employed by institutions that are insulated from a lot of the problems you mention.

about two weeks ago
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Nano-Pixels Hold Potential For Screens Far Denser Than Today's Best

SpankiMonki Re:1.2 arcminute per line pair (129 comments)

I know, right? Pixels schmixels. What really matters is dynamic contrast ratio. If these new screens don't have at least 10,000,000,000,000,000:1, I'm just not interested.

about two weeks ago
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Biohackers Are Engineering Yeast To Make THC

SpankiMonki Whoa (159 comments)

Dude, we are totally gonna get baked.

about two weeks ago
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Judge Shoots Down "Bitcoin Isn't Money" Argument In Silk Road Trial

SpankiMonki Re: Bitcoin ISN'T Monay (135 comments)

It's called the Dormant Mining Clause. But you probably haven't heard of it...

FTFY

about three weeks ago
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Meet the Muslim-American Leaders the FBI and NSA Have Been Spying On

SpankiMonki Re:Civil Rights Activists (223 comments)

Why yes, I do watch Fox News. why do you ask?

Because citizens who do not watch Fox News are threats to national security, and are therefore placed under surveillance. No need for you to be concer...oh wait, you're posting on a known subversive site that is part of our selector set. I guess we'll be watching you after all.

about three weeks ago
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Investor Tim Draper Announces He Won Silk Road Bitcoin Auction

SpankiMonki Re:really? (115 comments)

...and mining is eventually rendered useless...

Huh? With bitcoin, the mining process is how transactions are validated. No mining, no transactions. How do you think it could ever be rendered useless?

When will a candy bar cost .0001 bitcoins?

Difficult to say. But you can get candy bars for around .0016BTC (+shipping) from here.

about a month ago
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Automotive Grade Linux Released For Open Source Cars

SpankiMonki Finally... (88 comments)

The year of Linux on the dash-top is at hand.

about a month ago
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Apple Kills Aperture, Says New Photos App Will Replace It

SpankiMonki Re:My plan is to wait and see (214 comments)

The point was that Adobe has no plans currently to change because of Aperture's availability as a competitor.

According to this, Adobe is "doubling down" on LR in response to Apple's decision.

Of course, their VP of Products/Digital Imaging could be lying...but then his post on the Photoshop Blog would be pretty foolish, wouldn't it?

about 1 month ago
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Apple Kills Aperture, Says New Photos App Will Replace It

SpankiMonki Re:Check some Facts (214 comments)

That's an interesting read - thanks for the link. The author makes some compelling arguments, but there's little in the way of hard facts in that article.

I'd also note that the author seems to have a bias against Adobe, as evidenced by his dismissive comments regarding Adobe's response to the Aperture news.

about a month ago

Submissions

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Children can swipe a screen but can't use toy building blocks

SpankiMonki SpankiMonki writes  |  about 3 months ago

SpankiMonki (3493987) writes "Children are arriving at nursery school able to "swipe a screen" but lack the manipulative skills to play with building blocks, teachers have warned.

They fear that children are being given tablets to use "as a replacement for contact time with the parent" and say such habits are hindering progress at school.

Addressing the Association of Teachers and Lecturers conference in Manchester on Tuesday, Colin Kinney said excessive use of technology damages concentration and causes behavioural problems such as irritability and a lack of control.

Kinney, a teacher from Northern Ireland, also noted "I've spoken to a number of nursery teachers who have concerns over the increasing numbers of young pupils who can swipe a screen but have little or no manipulative skills to play with building blocks – or pupils who can't socialise with other pupils, but whose parents talk proudly of their ability to use a tablet or smartphone."
___________________________________

According to research by U.K. telecoms regulator Ofcom, tablet usage among children is on the rise, with growing numbers of younger kids turning to tablets to watch videos, play games and access the Internet. Use of tablets has tripled among 5-15s since 2012, rising from 14% to 42% over that period, while 28% of infants aged 3-4 now use a tablet computer at home. "

Link to Original Source
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U.S. Greenhouse Gas Emissions Fall 10% Since 2005, but HFC's still a problem

SpankiMonki SpankiMonki writes  |  about 3 months ago

SpankiMonki (3493987) writes "U.S. greenhouse gas emissions fell nearly 10 percent from 2005 to 2012, more than halfway toward the U.S.'s 2020 target pledged at United Nations climate talks, according to the latest national emissions inventory.

Meanwhile, hydrofluorocarbons (HFCs) saw a dramatic rise of over 309 percent during the reporting period. Although the US and China recently agreed to reduce HFC production, the two countries accounted for the bulk of the increase in HFC emissions over the reporting period.

HFC use and emissions are rapidly increasing as a result of the phaseout of ozone-depleting substances (ODS) and growing global demand for air conditioning. Although safe for the ozone layer, the continued emissions of HFCs – primarily as alternatives to ODS and also from the continued production of HCFC-22 – will have an immediate and significant effect on the Earth’s climate system. Without further controls, it is predicted that HFC emissions could negate the entire climate benefits achieved under the Montreal Protocol."

Link to Original Source
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Singapore to regulate virtual currency exchanges

SpankiMonki SpankiMonki writes  |  about 5 months ago

SpankiMonki (3493987) writes "Following on the heels of the Mt Gox, bankruptcy, the Monetary Authority of Singapore (MAS) plans to impose new regulations on currency exchanges dealing in bitcoin and other virtual currencies. Virtual currency exchanges would need to verify their customers' identities and report any suspicious transactions under the new rules.

The MAS said its regulation of virtual currency intermediaries — which include virtual currency exchanges and vending machines — was tailored specifically to the money-laundering and terrorism financing risks they posed. However, the new regulations would do nothing to ensure the solvency of virtual currency intermediaries or the safety of their client's funds."

Link to Original Source
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Physicist proposes a new type of computing at SXSW

SpankiMonki SpankiMonki writes  |  about 5 months ago

SpankiMonki (3493987) writes "Joshua Turner, a physicist at the SLAC National Accelerator Laboratory, has proposed using the orbits of electrons around the nucleus of an atom as a new means to generate the binary states used in computing. Turner calls his idea orbital computing.

Turner points to recent discoveries (including a new material that allows rapid switching of it's electron states and new low-power terahertz laser technology) that could lead to the development of a computer with vastly improved performance over current technologies."

Link to Original Source
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CUPID: The 80,000 Volt Taser Drone

SpankiMonki SpankiMonki writes  |  about 5 months ago

SpankiMonki (3493987) writes "Austin-based design studio Chaotic Moon has created a drone armed with a Phazzer Dragon "Conductive Energy Weapon" as a tech demo. Chaotic Moon's CUPID (Chaotic Unmanned Personal Intercept Drone) is based on a Tarot Hexacopter which typically carry digital SLRs for aerial video and photo shoots. CUPID could be quickly brought to production if security or law enforcement agencies express an interest in the system.

Chaotic Moon intern Jackson Sheehan was used as the system's first human target; Sheehan was clearly subdued by the drone, falling onto safety mats against his will."

Link to Original Source
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Patented new implant stimulates orgasms in women

SpankiMonki SpankiMonki writes  |  about 5 months ago

SpankiMonki (3493987) writes "A US patent has been granted for a new machine that stimulates orgasms for women at the push of a button. The device, which is a little smaller than a packet of cigarettes, is designed as a medical implant that uses electrodes to trigger an orgasm. The device could help some women who suffer from orgasmic dysfunction."
Link to Original Source
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A New Thermodynamics Theory of the Origins of Life

SpankiMonki SpankiMonki writes  |  about 6 months ago

SpankiMonki (3493987) writes "Natalie Wolchover at Quanta Magazine has written an article about how Jeremy England, a MIT professor, may have found a theory of the origin of life grounded in physics. In a paper published last August by The Journal of Chemical Physics, England describes his theory, the "Statistical physics of self-replication".

Wolchover writes:"England['s]...formula...indicates that when a group of atoms is driven by an external source of energy (like the sun or chemical fuel) and surrounded by a heat bath (like the ocean or atmosphere), it will often gradually restructure itself in order to dissipate increasingly more energy. This could mean that under certain conditions, matter inexorably acquires the key physical attribute associated with life."

England says his ideas pose no threat to Darwinian evolution: "On the contrary, I am just saying that from the perspective of the physics, you might call Darwinian evolution a special case of a more general phenomenon.”"

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