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US States Edge Toward Cryptocoin Regulation

sylvandb Re:What about my rights? (163 comments)

Never said all exchanges. Nice of you to put words in my mouth to build a strawman and shoot it down.

Some exchanges were. Maybe some still are.

Fractional-reserve banking is the practice whereby a bank holds reserves (to satisfy demands for withdrawals) that are less than the amount of its customers' deposits.

from wikipedia seems like a good definition for fractional reserve banking.

A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities...

ibid seems fine also.

And those definitely meet what has happened in the world of BTC exchanges. Were they officially lending? Probably not. But as soon as they start dipping into "deposits" and later reimbursing those deposits, somebody is making money by borrowing the "excess" reserves.

MtGox specifically:

Financial institution? Check.
People deposit financial assets? Check.
Fractional reserves? Check.
Lending of those assets? Check.

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

yesterday
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US States Edge Toward Cryptocoin Regulation

sylvandb Re:What about my rights? (163 comments)

I said "operate" and "will fail eventually." I did not say "legitimate" and neither did the original statement. I do not know how you define legitimate, and frankly don't care about your addition of an illegitimate qualifier. The original request said the system did not allow fractional reserve, and you cannot believe that in light of the evidence that fractional reserve did exist.

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

Many other BTC exchanges have been in similar state. Most have failed. As per my original, I expect them to fail. One, I don't recall the name, has either repaid or is close to final repayment bringing reserves back to 100%. That is a failure of fractional reserve I appreciate.

There is at least one bitcoin "bank" currently offering to pay interest on bitcoin deposits. I don't believe they are any more legitimate than MtGox or any other failed/failing fractional reserve business.

yesterday
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US States Edge Toward Cryptocoin Regulation

sylvandb Re:What about my rights? (163 comments)

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.

You could say the same about gold or any commodity currency.

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

Any system where you can take a deposit and issue a receipt can be operated as fractional reserve. Without the ability to print money on demand it will fail eventually. But eventually might be a long way off, and in the meantime that fractional reserve is very profitable and that provides all the necessary incentive.

I still claim there is no need for regulation specific to bitcoin (or gold). If you promise to deliver my X units of anything and fail to do so, you are guilty of at least breach of contract and quite possibly fraud or even theft.

2 days ago
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US States Edge Toward Cryptocoin Regulation

sylvandb Re:How to regulate something that is unregulateabl (163 comments)

Most stores "taking" cryptocurrency are not actually taking it. Their payment processor is taking the crypto payment and converting it for the store.

Similar to someone who sells on ebay and takes paypal. You can pay with a credit card, but the seller is not taking a credit card payment. The seller is not bound by any of the credit card regulations, instead the payment processor (paypal) is bound by them, and the seller is bound by paypal's user agreement.

2 days ago
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New Raspberry Pi Model B+

sylvandb Re:Micro SD (202 comments)

Can get 'short' micro-SD to SD adapters that barely protrude. I use them with the R-Pi, Chromebook, MacBook, and several other devices which do not need a full-length SD.

FYI the micro-SD goes in the side so is not removable while the adapter is plugged in.

about two weeks ago
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Damian Conway On Perl 6 and the Philosophy of Programming

sylvandb Re:syntax (132 comments)

rubbish. ...if you took any language and converted it to a set of machine-readable numbers, they'd all look the same. The difference is that you want something humans can understand. Perl manages this - _but_ you have to take the time to learn what those symbols mean. In more wordy languages, you get the understanding from the English names they use instead. The trouble with that is that many people read the English words and assume they fully know what they mean, when they don't necessarily do.

Rubbish is a great word.

Your squiggles idea has been thought, tested and practically failed decades ago.

APL much?

Learn the squiggles

sdb

about a month ago
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Ask Slashdot: Practical Alternatives To Systemd?

sylvandb Re:Why do distros so often change the way they ini (533 comments)

Billy, three suggestions:

Quit calling it "inet" when you mean "init".

None of what you mention has anything to do with inet or init and so my laptops have done very well in your scenarios using the traditional sysvinit and now with upstart.

If you want to sell systemd, figure out what it does that was not done before, not just what was not done before by init.

about 3 months ago
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Ask Slashdot: Practical Alternatives To Systemd?

sylvandb Re:Privilege to start a service (533 comments)

And no, Linus, adding a printer is not "an everyday task."

You don't know college. A student is likely to be close to five different printers in a day.

And if you are "close to five different printers in a day" why would you want to add them to your system? There is no need to "add" a printer in order to print to it. The only reason to "add" a printer is if you regularly print to the same one.

Thinking you need to "add" every printer near you is a broken mindset spawned by Windows.

about 3 months ago
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Ask Slashdot: Practical Alternatives To Systemd?

sylvandb Re:No... (533 comments)

Can you help me out here? I would love to know what the crux of this little flamewar that's going on around here actually is. Near as I can tell:

1) init is pretty much just a bunch of shell scripts that are used to start & stop services. It, IMHO, qualifies as an unmitigated hack
2) systemd is... what? Something sensible that at least attempts to start & stop services in a standard way?

I mean, forgive me, but it seems that this is a vast improvement. Who wants a system that's basically a collection of scripts? That just seems so fragile and un-documentable.

...

I really seems to me that getting rid of that horrible kludge of shellscripts and moving towards a standardised and sensible startup process is a big step forwards in Linux land.

Those who don't know Unix are doomed to re-create it, poorly.

about 3 months ago
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Ask Slashdot: Practical Alternatives To Systemd?

sylvandb Re:No... (533 comments)

If you think sysv init is not broken, then you must not have been using unix systems in earnest.

...

Sheesh:-)

"Sheesh" is right.

Funny how I've been "using unix systems in earnest," and Linux systems in particular for over 20 years, and never needed systemd to solve the problems you point out. That usage includes desktops, servers and laptops so I really don't know what impediment you and lennart suffer from that causes you such problems that you think systemd is the solution.

about 3 months ago
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Operation Wants To Mine 10% of All New Bitcoins

sylvandb Re:I admire their spunk, but... (275 comments)

I think it would have been better to encourage inflation. In an inflationary system, currency essentially expires. The longer you hold it, the less value it holds. This is an excellent feature because it encourages the use of the currency, ... I would encourage Bitcoin developers to look at modern economics with a more critical eye. I think many people are unwisely discarding a lot of economic theory without really understanding it properly.

You are obviously the one who needs to "look at modern economics with a more critical eye" especially re. that thoroughly debunked view of inflation.

The view of inflation espoused by modern Keynesian economics is wrong and benefits primarily the issuers of money and those nearest to them. Inflation hurts everybody else.

If all you see are the economic papers supporting your view of inflation, you need to broaden your horizons -- try a different school.

about 4 months ago
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Operation Wants To Mine 10% of All New Bitcoins

sylvandb Re:I admire their spunk, but... (275 comments)

You really need to read at least the white paper or the code. It's been out for years now. The obvious questions like this are long since easily answered and so far the non-obvious ones also.

I don't think it correct to say the "hash" is "mined" but rather the block is mined. But whatever.

The hash validates the block, and in turn the hash must be valid or the other miners will refuse to accept the block.

The block contains a time stamp, a nonce, transactions, etc. Time stamps are required to be in sync within specified tolerance, and the earliest block wins.

about 4 months ago
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Operation Wants To Mine 10% of All New Bitcoins

sylvandb Re:I admire their spunk, but... (275 comments)

During that "career in banking" Oligonicella must have been too close to the forest to see the trees. Either that or his verbage is careful sophistry...

Of course banks "implement security" for the right definition of "security", that was never the issue. The issue is how much security. Banks at best are just like any business -- they determine the minimum to get by, maybe add a little for show, and that is all they implement.

Banks do the normal cost vs. benefit analysis on their security. They implement the minimum security to balance the equation. If they implemented all possible security they could not afford to operate (cost and convenience) so they always implement less than the maximum security.

Before any further denial, or any more vapid claims of bank security, to have any credibility you have to excuse/explain existing bank security flaws. The first that come to mind include why have U.S. banks not yet switched to chip and pin or at least some similar or better level of proof that the user of the credit card is authorized? And why do they not require an auth token (e.g. secureID or other hardware/software equivalent) for online access?

about 4 months ago
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The Billionaires Privatizing American Science

sylvandb Re:What they're really afraid of, I think... (279 comments)

I'm not interested in side discussion detailing what is necessary to fix the gov't when you have yet to substantiate your claim that gov't was being discarded. I see no evidence to support that claim given that gov't is now larger than it has ever been.

about 4 months ago
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The Billionaires Privatizing American Science

sylvandb Re:Want Proper Science, Funding is there, However, (279 comments)

Your concept essentially reduces to only taxpayers can vote, and rich people's votes count more than others'. This is exactly what this country has been against from day one.

You stopped learning history beyond about 5th grade?

Only white male landowners could vote.

In these enlightened times, we should change that to only those who own their primary residence in the area can vote.

about 4 months ago
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The Billionaires Privatizing American Science

sylvandb Re:Particle Physics (279 comments)

Theorists who did thought experiments. Now, how about a particle physicist that needs a multibillion dollar collider that may discover something that has absolutely no economic value - at least in the near term?

You believe then, that since you are unable to conceive of its value and articulate that vision sufficient to convince people (the rich and the corporations) to fund it, that instead you should use guns to force them to pay for it?

about 4 months ago
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The Billionaires Privatizing American Science

sylvandb Re:What they're really afraid of, I think... (279 comments)

The commenters are CERTAIN that these guys stole the money that they have, not MADE it, but stole it. They probably believe those guys stole it from them personally, no less. OMFG, I wish I could collect these types of people specifically onto one continent, while the rest could live on another continent and we would have a WALL between us, a wall so tall, they would never have to see the other side again. ... There can be no fair exchange with those people, they produce nothing,

Yup. It's about that time. The question is, where do we go to get away from those who have nothing better to do than occupy space and complain that others have more than they?

about 4 months ago
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The Billionaires Privatizing American Science

sylvandb Re:What they're really afraid of, I think... (279 comments)

process of peer review is significantly more rigorous for the NIH, for example, than it is for philanthropic organizations or "billionaires"

It had better be. The NIH is spending MY money that they acquired by THREAT and FORCE.

It's none of your or my business what some random philanthropic org or "billionaire" chooses to spend their money on.

about 4 months ago
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The Billionaires Privatizing American Science

sylvandb Re:What they're really afraid of, I think... (279 comments)

they should fix the government, not discard it altogether in favor of private enterprise.

Who and how did they "discard it altogether" ?

Cutting the size of gov't IS a necessary part of the "fix."

about 4 months ago

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