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Comment Re:Basically nothing new (Score 5, Insightful) 262

It's not worthless in the sense that you can't find a sucker to sell it to today. It's worthless in the sense that eventually the supply of suckers will run out, and you're running the risk of getting stuck with bitcoins that have no other value. (Of course the same thing can happen with national currencies...but if it does, it means that the nation that issued the currency has collapsed, and if you're a resident of that country then you've got bigger things to worry about. Even a solid gold-based currency might not be tradeable for food or medicine or weapons.)

It helps if you notice that it's like every other pump-and-dump scheme:

Con Artist 1: I'll buy a bitcoin from you for $1.
Con Artist 2: OK, here it is. Actually, I think I'll buy it back from you for $2!
Con Artist 1: OK, here it is. Will you sell it back to me for $4?
Con Artist 2: Absolutely!
Victim: Wow, the value of bitcoins has quadrupled in the past few minutes! They seem like a wise investment! Can I get in on the action?
Con Artist 1: Sure! In fact, I'll sell you as many bitcoins as you want for only $3.50 each. That's below the market rate.
Victim: What a bargain! I'll take a thousand!
Con Artist 1: Done!
Victim: So, who wants to buy bitcoins? The bidding starts at $8 each!
Con Artists 1 & 2: My, my, look at the time! We must be going!

Privacy

Submission + - MPAA: Plagarism good, Piracy bad? 1

BillGatesLoveChild writes: The MPAA is fast to complain about their Intellectual Property being violated, but have no qualms about violating the Intellectual Property of others. The SMH reports another case of a Hollywood Studio plagarizing a film as their own. Adam Sandler's I Now Pronounce You Chuck and Larry (2007) is a tale of two firemen who pretend to be gay to get domestic partner benefits. Curiously Paul Hogan's Strange Bedfellows (2004) made three years earlier, is also a tale of two firemen who pretend to be gay to get domestic partner benefits. Universal Studios issued a statement claiming "the similarities are purely coincidental". The producers of "Strange Bedfellows" are amused but not convinced.

This isn't the first time, with similar accusations being made against Spielberg's Julie Newmar (1995) vs Priscilla (1994) and Eddie Murphy's "Coming to America" which the courts found was stolen from writer Art Buchwald. Add to that "Hollywood Accounting" fleecing artists (The Forest Gump movie didn't pay the author a cent in royalties), the Record Industry doing the same and the MPAA itself caught yet unrepentant for pirating movies. Before The Senate rushes off to do their bidding, shouldn't the MPAA and RIAA be ordered to clean up their own houses?

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