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Comment Re:Holy smoking wallets, Batman! (Score 3, Insightful) 88

If you just want a laptop, this isn't for you. Think of it as a portable workstation with FPGA and other features for rapid hardware prototyping and hacking.

Personally I think it would be more usable with the traditional clamshell design. Right off the bat, you're going to need another layer of protection for the screen and somewhere to store a keyboard before you can consider lugging this thing around.

Comment Re: Easy (Score 1) 134

If you took your balance out of MtGOX, sure. But how many people had a cash or bitcoin balance held by them that didn't actually exist? A balance they now cannot recover? MtGOX is certainly negligent, but if they suspected that the cash didn't exist and ignored it while continuing to pay out, that's fraud and practically a Ponzi scheme.

Comment Re:Ponzi scheme (Score 2) 357

Classifying something as a Ponzi scheme, usually involves outright fraud. ie someone is claiming that there is a huge pile of cash somewhere that doesn't actually exist.

There may be individuals committing fraud using bitcoin. And bitcoin may be a speculative asset bubble with very similar outcomes to a Ponzi scheme. But it isn't *technically* a Ponzi scheme.

Comment Re:Beta testers (Score 3, Interesting) 91

I've lost data with btrfs, but I did have a failing drive that I didn't notice was going bad. I didn't have a redundant copy of meta-data and couldn't seem to change that.

All of those things have changed since then. You can set up a cron job to scrub your data instead of being blind to sectors going bad. And you have much better control over the redundancy of your data.

Comment Re:Greenspan's right (Score 1) 516

The essential problem is that banks have issued credit against asset based securities that were grossly overvalued. These are debts that we have accumulated over the last 50 years. They will not be repaid, the only question is how we as a society choose not to pay them.

The ideal outcome would drop both the exchange value of these assets, and the credit lent against them. While preserving the equity of the current owners, and imposing a new lower limit on their security value. But while you want to reduce the future income of the lending banks, you don't want them to go broke overnight, since this would also have drastic flow on effects on the economy.

This might be achievable by limiting security value based on the productive output of an asset (instead of the current exchange value). This limit should be the same for everyone, regardless of their ability to pay. That way, if you wish to place the highest bid at an auction, you must put more of your own money on the table. An auction should be won by the person with the deepest pockets, not the person with the highest bank loan. Want to buy a house? Well, you'd better start saving for a deposit.

The introduction of these new limits would have to be staggered. You should be able to calculate the net reduction in debt at a national level. Then to be fair, you could "simply" (cough) hand out the same amount of cash to all individuals. If you have debts, you must pay them down as your credit limit will be going down. If you don't have debts? Spend it, save it, whatever.

Fixing this quickly will be a massive restructuring operation, with a massive impact on the wealth of all individuals and businesses. It is not an action to be taken lightly. Multiple proposals should be submitted, with their outcomes carefully modelled. Of course that assumes that the models used actually reflect reality.

As I expect to see a series of market crashes, followed by longer periods with anaemic growth. On any particular day, things will be looking better. Even when employment falls to Great Depression levels, it will be hard to convince everyone that we need to try something drastic.

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