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Comment Re:ASICs may have caused the crash (Score 1) 140

IMO, the current value of a bitcoin has nothing to do with the cost to produce it or it would be in the $10-20 range, and that would still be a profit for the majority of people that mined them.

Plugging in the numbers, the 7750, which is the most energy efficient of the GPUs listed, needs a $25 price to break even if the hardware is free. That assumes a $0.15/kWh energy price, so if the majority has electricity in the 7-12 cents/kWh range you might be right.

Comment ASICs may have caused the crash (Score 1) 140

I just checked a comparison of mining hardware and a mining profitability calculator. In essence, with the current prices ($120 last checked), GPUs are no longer profitable but a dedicated ASIC will pay itself back in less than a year even at $3/bitcoin.

Incidentally, I just realized how space based solar power could transfer the energy down to Earth. Just mine bitcoins in space, transfer them down and buy the electricity here.

Comment The market is rational (Score 1) 140

Bitcoins in a rational market would cost only as much as they cost to make with perhaps a small premium.

They are probably mined as much as is economical to do. The main sign that this is happening is that mining without the latest generation of GPU is uneconomical. Any short term speculation that drives the price higher just makes it a better deal to mine more.

At the other end it's easy to imagine a situation where bitcoins aren't useful enough to be worth mining and the price drops below the cost to make them. As long as they're convenient for illegal transactions this won't happen.

Comment Flawed thinking. It wouldn't cost anything (Score 1) 522

I'm not familiar with Aussie social security, but I assume you get some money if you have no other income. If you put the "new" minimum income at the same level and just adjust taxes to compensate, it wouldn't cost a cent.

Do realize that a minimum income isn't just randomly extra money that would need to be paid for with current taxes. You can always adjust the taxes to compensate.

Comment Freedom of speech in the Finnish constitution (Score 4, Informative) 270

Section 12 - Freedom of expression and right of access to information

Everyone has the freedom of expression. Freedom of expression entails the right to express, disseminate and receive information, opinions and other communications without prior prevention by anyone. More detailed provisions on the exercise of the freedom of expression are laid down by an Act. Provisions on restrictions relating to pictorial programmes that are necessary for the protection of children may be laid down by an Act.

Documents and recordings in the possession of the authorities are public, unless their publication has for compelling reasons been specifically restricted by an Act. Everyone has the right of access to public documents and recordings.

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