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Comments

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DOJ Hasn't Actually Found Silk Road Founder's Bitcoin Yet

paulsnx2 Re:Power of attorney transfer them from his wallet (294 comments)

If he has secured his private keys, then nobody can touch his Bitcoins. Not the NSA, FBI, CIA...

If he has the key in some obvious place, well, he is toast. But if it has been this long, I'd guess he secured is stuff.

about 10 months ago
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Apple Details US Requests For Customer Data

paulsnx2 This is Transparency without actual Transparency (116 comments)

Microsoft gave a bit of detail about how this is done:

"We are permitted to publish data on national security orders received (including, if any, FISA Orders and FISA Directives), but only if aggregated with law enforcement requests from all other U.S. local, state and federal law enforcement agencies; only for the six-month period of July 1, 2012 thru December 31, 2012; only if the totals are presented in bands of 1,000; and all Microsoft consumer services had to be reported together."

That way nobody can really tell what these numbers mean...

about a year ago
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Steve Forbes: Bitcoin Not Money

paulsnx2 Re:Fiat Currency (692 comments)

Inflation is good for bankers and Wall Street, not the common man.

The income gap has been rising consistently, independent of government policy and party since 1971 when the last tenuous tie to gold was cut. That might not be due to monetary policy, but I know of zero economists (not even Krugman) who claims inflation raises the real value of wages and savings.

about a year ago
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Re: Bitcoin, I most strongly agree with the following:

paulsnx2 Re:Bitcoin means almost everybody loses. (398 comments)

"So basically you're suggesting a system that hurts the poor and middle class (who have loans), which benefits people with large cash holdings, and which promotes stockpiling money over investment, which hurts everybody. What a load of bullshit. And we haven't had fixed exchange rates between most currencies since the Bretton-Woods system collapsed decades ago."

And do you know why Bretton-Woods collapsed? Could it have been the Federal Reserve printed way more money than they could back by Gold, when that money was supposed to be worth 35 dollars an ounce?

People accuse Bitcoin of being a pyramid scheme, but when the tower of debt collapses (as it did with Bretton-Woods, and it did numerous other times in the past) what then?

about a year ago
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Re: Bitcoin, I most strongly agree with the following:

paulsnx2 Re:Love or Hate it Bitcoin wins. Thier's Law (398 comments)

Look up the term. "Good Money" generally refers to Gold, money that cannot be printed by the banks/governments. It isn't a term that refers to an emotional judgement about money, i.e. what is "better".

about a year ago
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Re: Bitcoin, I most strongly agree with the following:

paulsnx2 Re:Bitcoin means almost everybody loses. (398 comments)

You are arguing about why we have an inflationary currency, and you may be right.

I am pointing out that when a business or a consumer (both sides of a transaction involving money) using a currency that holds its value wins over a currency that loses value over time.

Again, love it or hate it, Thier's Law does apply.

about a year ago
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Re: Bitcoin, I most strongly agree with the following:

paulsnx2 Love or Hate it Bitcoin wins. Thier's Law (398 comments)

Bitcoin is a deflationary currency. The more people use it (and our economies do grow) the more it is worth. That is how it expands.

That means anyone holding Bitcoin in savings, or in their wages, will share in the "growth" (via growth in value) of the money supply with Bitcoin.

The current system inflates the money supply. And not just to meet new demand, but to insure increasing prices of a set of consumer goods. This is pretty much done by providing money at way below market prices to banks and large corporate entities. Thus the benefits of the growth of the money supply are concentrated with these groups (Bankers and Wall Street).

The consumer is thus faced with a simple choice. How would you like your Wages? In a currency that mostly goes up in value? Or in a currency that certainly (by design and policy) goes down in value?

Thus Thier's Law: When the exchange rate is allowed to float, Good Money drives out Bad Money.

about a year ago
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Re: Bitcoin, I most strongly agree with the following:

paulsnx2 Re:Bitcoin is simple, and complicated (398 comments)

The value of a Bitcoin (unique to anything not patterned after Bitcoin) is the ability to engage in a transaction without the aid of any centralized third parties.

That is an intrinsic property of Bitcoin. And relatively unique to Bitcoin (and other crypto currencies).

You may not value that property, but it does exist, and some people do value it.

about a year ago
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Re: Bitcoin, I most strongly agree with the following:

paulsnx2 Re:Not only 'a store of value' (398 comments)

If I could demonstrate a Magic Spell to you, would that Spell have worth? What if it could allow you to moving any number (or fraction) of coins from your possession to anyone else in the world without the help of any centralized third party?

Would that have value?

Because that is what Bitcoin is. The ability to engage in transactions without involving any centralized third party. You might not consider that important, but some people do. What is Paypal worth? VISA? MasterCard? American Express? Hint: It isn't zero.

about a year ago
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Re: Bitcoin, I most strongly agree with the following:

paulsnx2 Re:The two purposes are not mutually exclusive. (398 comments)

If Miners leave the system, then the computational complexity goes down for verifying blocks. If the price of Bitcoin goes up (which it must with greater usage), then mining becomes more profitable, and will attract more minors.

Really the system works pretty well to balance itself, and likely has nothing to do with a possible crash in price.

If you look over at LiteCoin, a much less popular crypto currency derived from Bitcoin, they just has a large run up, then dropped over half their value. But in the end, they still didn't fall back to their original run up price. They are likely to continue to rise in price as compared to other options.

Really, I think the fears of Bitcoin crashing are overblown. Right now Bitcoin has a capitalization of almost 800 million. Quite a bit, but nothing like the 68 billion capitalization of eBay (PayPal). At LEAST a billion or two of that can be contributed to PayPal. And people think Bitcoin is over valued at a fraction of that? When Bitcoin arguably better addresses the same problems of facilitating transactions, only better, cheaper, more securely?

about a year ago
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Will Legitimacy Spoil Bitcoin?

paulsnx2 Re:Defation (490 comments)

Especially to the Bankers who are used to a currency expanding by letting them print money.

The horrors that monetary expansion should go to wages and savings!

about a year ago
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Who Would Actually Build an Ubuntu Smartphone?

paulsnx2 Many of us welcome true mobile computing... (230 comments)

I would like to do actual development on a smart phone, and why not? It has more hundreds of times the computing power of mainframe I, as a student, shared with the entire university!

I want an app that lets me use any computer and keyboard to connect to my phone, and use it as a gateway to the cloud, to hold my personal work, etc.

about a year and a half ago
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Android Options Mean "Best" Browsers Might Surprise You

paulsnx2 Just proving the point (251 comments)

Walling yourself up and limiting consumer choices and controlling the platform ...

It works for Apple for the natural 20 percent of the market where people will tolerate limited choices. Apple got ahead of the curve with the IPod, IPhone, and IPad. But they are destine to drop back to their natural 20 percent. The rest of us demand more control, more chaos, and more competition.

about a year and a half ago
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German Copyright Bill Would Let Publishers Charge Search Engines For Excerpts

paulsnx2 Yea Google! (114 comments)

Seriously, Germany's copyright views should be canned by anyone willing to take up the fight.

about a year and a half ago
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NPD Group Analysts Say Windows 8 Sales Sluggish

paulsnx2 It isn't Windows 8 I find to be the barrier... (269 comments)

It is the secure boot technology. I don't want to buy a laptop or desktop that does not easily let me use the Operating System of my own build and choice.

about a year and a half ago
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Gas Prices Jump; California Hardest Hit

paulsnx2 Gasoline is an Imported Commodity (402 comments)

The price of Gas is not reacting to a Supply vs Demand price rise. 2005 remains the peak of oil consumption in the U.S.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTUPUS2&f=M

On the other hand, we are producing more oil. Why hasn't the price fallen?

We have embarked on QE3 (after QE2 and QE1). We are printing money and injecting it into the Financial Institutions on Wall Street. Obviously countries who have been producing products for the United States (like oil) for decades and decades know that the value of the dollar is going to slide. Not saying crash necessarily, but there isn't any doubt in the world it is going to slide.

What do you do if you are such a country? You raise your prices. Because the dollar isn't going to be worth as much going forward.

This is the stated goal of Paul Krugman. Get Inflation up to 5 percent or 6 percent even. That is going to increase (he claims) employment. But prices lag the actual inflation, and wages lag the actual inflation even more.

So the result is going to be higher prices and lower real wages, less ability to buy goods (because we increasingly uses foreign components and raw materials even in domestic goods).

We are proudly following Japan into 20 years of dragging economic activity. And I think that is the up side.

about 2 years ago
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Judge Posner Muses on Excessively Strong Patent and Copyright Laws

paulsnx2 Re:Wait, why are drugs different again? (100 comments)

The costs of developing drugs is more like 55 million (on average, including the costs of drug failures) than the 1.3 billion that the drug companies claim. On the face of it, there isn't any way drugs cost as much to develop as the drug companies claim, or (given their revenue) they would be losing money rather than making money (which they most certainly are).

Competition is a good thing. We have never had an industry anywhere in the world that has failed as an industry due to competition. But what the drug companies are saying is that they cannot stand up to competition. Well, why not? Innovation comes from solving problems, not sitting behind government enforced monopolies.

about 2 years ago
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Judge Posner Muses on Excessively Strong Patent and Copyright Laws

paulsnx2 Wait, why are drugs different again? (100 comments)

Big Pharma pushes the myth that their investment is Big and is Important, so they really need patents. All the while, they are pulling in huge margins on drugs that are not provably better in many cases than placebos.

You want to do the one thing today that would have the biggest impact on reducing Healthcare costs?

End Patents on Drugs, Genes, Medical devices, and Medical procedures.

All of them.

You still have the FDA to approve quality and safety. Anyone wanting to produce the latest anti-depression drug, or blood pressure medication still must jump through those hoops in insure quality and safety. That is barrier enough for drug companies to recoup R&D costs and gain position in the market place.

But wait! What about the profits?!? Think of the money that drug companies won't be able to make! Think of all the little competitors that will be able to leverage existing technology and undercut our costs! Think of all the little stinking improvements little companies could make to drugs and devices to displace the big companies on which we all depend!

Exactly.

about 2 years ago
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US To Drive 3,000 Wi-Fi Linked Vehicles In Massive Crash Avoidance Trial

paulsnx2 This is how it *really* starts.... (89 comments)

And this is how it begins. First the computers keep you from crashing your car. Then they are injected into every car.

Then they eliminate us all.

about 2 years ago

Submissions

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Petition to Obama to Submit ACTA to the Senate for

paulsnx2 paulsnx2 writes  |  more than 2 years ago

paulsnx2 writes "ACTA was negotiated in Secret with a select set of countries and corporate interests. FOIA requests were denied on grounds of "National Security." Then rather than debate the merits of this trade agreement in the Senate (per the Constitution) ACTA was signed by the US via Executive Agreement. This petition points out that ACTA, SOPA, and PIPA represent efforts by the same groups of Rights Holders to manage the Internet. Give us the chance to defeat ACTA the way we defeated SOPA and PIPA."
Link to Original Source

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