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Finnish National Digital TV Broadcaster Starts Sending Bitcoin Blockchain

molecular Great idea. (3 comments)

I like this idea.

What about multicast?

about 4 months ago
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Microsoft Is Sitting On Six Million Unsold Surface Tablets

molecular Re:How can that be? (550 comments)

> just last week some guys were claiming that they're selling faster than they can produce them...

that's because they already had a huge stockpile and stopped production. Even 1 sale would mean "they sell faster than we produce them", then.

about a year ago
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The End Is Near for GameStop

molecular Re:Gamers tend to be... (393 comments)

Additionally, there is some controversy over whether or not game demos hurt game sales.

That depends largely on the quality of the game.

For a crap game you better give no demo out, for a good one you should.

about 2 years ago
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Facebook Ordered To End Its Real Name Policy In Germany

molecular Re:typical (471 comments)

An American company really believes they can force Germany to change their laws or allow Facebook to operate outside of the law? Just WOW. What the hell kind of shenanigans are they pulling over here, then?

Oh yeah, right. I forgot that special interest groups never talk to politicians or propose regulation. I also forgot that politicians always act in the best interest of the people and receive such a huge chunk of money from these people that they are incorruptible for all practical purposes.

about 2 years ago
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Facebook Ordered To End Its Real Name Policy In Germany

molecular Re:typical (471 comments)

Not to mention that this seems to actually be a law which serves the people, rather than corporations .

not entirely true. Law is supposed to serve the people, but sadly, there is a form of government failure called "Regulatory Capture": https://en.wikipedia.org/wiki/Regulatory_capture which implies it doesn't always live up to that standard.

about 2 years ago
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Islamic Hacker Group Resumes Attacks On Banks

molecular Re:Retaliate! (306 comments)

lol! someone upvote parent.

about 2 years ago
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Islamic Hacker Group Resumes Attacks On Banks

molecular Re:the goal... (306 comments)

Someone should tell them the "whole internet" has a secret broadcast IP address and if you want to DDOS the whole fucking internet, you just enter "127.0.0.1" into "IP to DDOS" field and click "start attack".

about 2 years ago
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Islamic Hacker Group Resumes Attacks On Banks

molecular Re:Misdirected anger? (306 comments)

The group ... reiterated its demands: that a controversial YouTube video mocking the prophet Mohammed "be eliminated from the Internet."

And these idiots think the banks are responsible and/or control the Internet and its content? - sigh

Maybe that's not as far from the truth as you think.

Maybe this measly stupid attack was staged by whoever in order to instill fear and hate of muslims in americans, just like the tube-vid was made to instill fear and hate of americans in muslims.

about 2 years ago
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Islamic Hacker Group Resumes Attacks On Banks

molecular Re:Misdirected anger? (306 comments)

The group ... reiterated its demands: that a controversial YouTube video mocking the prophet Mohammed "be eliminated from the Internet."

And these idiots think the banks are responsible and/or control the Internet and its content? - sigh

Maybe that's not as far from the truth as you think.

about 2 years ago
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Islamic Hacker Group Resumes Attacks On Banks

molecular Re:Someone tell me (306 comments)

I've had good results with piping to /dev/null

lol. disconnecting from the network usually brings system load back to 0.01, too.

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Bitcoins built-in failure (600 comments)

Here's some more entries for your disadvantages column:

The disadvantages of Bitcoin:

thanks.

* It's anonymous and therefore it is hard to trust
    * Transactions are not traceable to real world identities and therefore it is hard to trust, and impossible to trace theft properly
    * Transactions and organisations are not regulated as banks are, and therefore it is hard to trust
    * It is impossible to insure properly against theft and loss, because there are not traceable transactions and anonymous transactions are allowed

Bitcoin itself (I consider it a scarce commodity, like gold) indeed has these problems. However they could be worked around by an entity setting up a secondary system on top of the Bitcoin network (think: paypal handling bitcoins). That way you'd have traceability, auditability, chargebacks and all the features some desire.
Your above criticisms also apply to traditional cash and gold.

* It is not backed by the assets and credibility of a nation, and therefore it is hard to trust

Excuse me, but I find this disturbing. I trust in the value of silver, for example, a lot more than in the value of the EUR, specifically because it is not controlled by any one nation or group of nations who are very likely going to expand the money supply rather than reduce it.

* It is subject to massive speculation, hoarding and other manipulation, and therefore the value fluctuates wildly

True. Bitcoin is still in its infancy. It's already getting a lot better, though: Markets are becoming more liquid and larger every month.

* It's controlled by a cartel of core developers, and the rules could be changed at any time (in this sense it is a fiat currency!)

That's not true. There are various alternative implementations and the thing that would have to be controlled is not the software, but the protocol rules used in the wild. A disagreement on the rules results in a fork of the blockchain. There is then a Bitcoin A and a Bitcoin B and people have to decide which one they use. The users (merchants, individuals, miners,...) decide which ruleset they use, not the developers. Firstly: a fork like that would be bad for both chains and secondly: one chain would likely win (because more people like the ruleset of it better than the one of the other chain and only accept coins from that chain) and we'd have only Bitcoin again after probably quite a short while. So what I'm saying is: the cartel of developers cannot simply change the rules by rolling out an update. For an example look at how hard it was for them to rollout BIP16 (multisignature transactions)... a very positive change, but still it was tremendously hard to achieve consensus of a large enough portion of the rule-setters (all participants, basically)

* Savings are not guaranteed by law as they are in national currencies

Let me paraphrase Alan Greenspan: "We can print as much money as you want, we just cannot guarantee its value". I think this makes guarantees of savings, pensions or whatever a moot point. In addition: saving is in the current scheme greatly discouraged anyway by keeping interest rates artificially low.

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Bitcoins built-in failure (600 comments)

Limited supply should go in the disadvantages column.

why?

You also forgot that its lifetime is limited by the security of the underlying cryptographic hash function. That's not expected to be very long, I'd be surprised if SHA-2 isn't broken (preimage attacks) in the next 50 years.

True, I forgot that. I'm sure you're aware that the hash function used can be changed. It'd make a hard-fork necessary (everybody update client with new rules)... but who wouldn't participate if the old one's broken?

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:who cares? (600 comments)

ah, noone uses email anyway, why bother? *types letter on typewriter*

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Not necessarily (600 comments)

you analysed correctly. Mining profitability is currently questionable.

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Austrian economics (600 comments)

Not for most people.

Call me when I can pay for my Amazon.com cart (or other physical items from a well known store) in bitcoins.

I'm sure someone will let you know when the time comes. Keep reading slashdot, that'll work.

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Bitcoins built-in failure (600 comments)

The main advantages of Bitcoin over other types of "real" money:

  * it's censorship resistant (can't be shut down, just like bittorrent)
  * it has low transaction costs and low barrier to entry (freedom of economic transaction)
  * it can be transmitted via the internet globally in short time (max 1 hour)
  * it's cheap and easy to secure against theft and loss

The additional advantages of Bitcoin over FIAT currencies:

  * the supply is limited
  * it's open source and not controlled by banking cartel or government, open to anyone

The disadvantages of Bitcoin:

  * its acceptance is very low, to say the least
  * it's hard to understand and therefore hard to trust
  * it offers an ideal playground for criminals and scammers
  * you can add your own criticism here

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Bitcoins built-in failure (600 comments)

There have been anonymous digital cash systems before.

The main point of bitcoin (the innovation, so to speak) is not anonymity (which you can actually achieve with bitcoin pretty easily if you want, but it's not built-in), but censorship resistance: it cannot be shut down by nuking some server.

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Quick, calculate me another way to profit. (600 comments)

With the introduction of using ASICs for mining, nowadays the large chunk of the cost will be upfront for the hardware anyway. A "jalapeno" from BFL (no ASIC is being delivered yet, btw) will deliver 4.5 GHash/s using around 5 Watts of power. Compare that to about 2000 Watts for a CPU rig of same hashing power.

about 2 years ago
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Bitcoin Mining Reward About To Halve

molecular Re:Quick find all the people that care (600 comments)

Gold has actual mechanical uses (electrical contacts.) It also has bauble value.

BitCoins have zero intrinsic value, and they require electric and Internet connectivity to be used. Gold requires a civilization level just a step above pure anarchy to be useful.

IMHO, it is sort of suspicious that there is this ramp where early adopters get these bonuses, and people hopping on late end up having to put a lot more resources in for the same coins... that combined with the value of the currency going up/down in insane swings, makes it useless as anything other than a novelty.

I find it pretty unfair that the early gold miners got such large bonuses. It's much harder to mine gold nowadays. No more standing by the river with a sieve will do it :-(

about 2 years ago

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