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Comment Re:They were greedy (poker is different) (Score 1) 320

Generally in poker you are not playing against the house; you are playing against other guests. The casino takes a standard rake per hand so the casino makes the same amount regardless of who wins.

Of course, they still don't want people cheating because that is bad for business.

Submission + - Silk Road under DDOS attack (bitcoinmagazine.com)

triclipse writes: The Dread Pirate Robert's ship is under attack. According to the story from Bitcoin Magazine, 'The Silk Road, the world’s largest online anonymous market famous for its wide collection of illicit drugs and its use of Tor and Bitcoin to protect its users’ privacy, reports that it is currently being subjected to what may be the most powerful distributed denial-of-service attack against the site to date. The site has now been inaccessible for roughly two days.'

Comment Re:Sequestration is a gimmick (Score 1) 720

When the Federal Reserve can create purchasing power out of nothing to soak up all the bad debt (especially US government debt) then there is all the "money" in the world to give to other countries.

As the saying goes, foreign aid is taking the money from poor people in rich countries and giving it to the rich people in poor countries.

Comment Re:AKA Google drives Bitcoin Into Mainstream use (Score 1) 347

If a currency gets "more and more valuable" then why would another currency become prevalent? Only a government can influence the market like that, which is kind of what happened with gold.

When gold became too valuable to back the dollar due to the inflationist policies required to fund the warfare/welfare state, Nixon (and his masters) removed the international gold backing from the dollar (just the final step in a long series to remove gold backing).

However, fiat currencies always fail because governments can never resist the temptation to inflate. If Bitcoin actually does come to a finite number of Bitcoins then it will be fundamentally different from such fiat currencies.

Comment Re:Most of us still do not take it seriously (Score 1) 347

Yes, this is how economics works.

Many people fail to realize that a unit of exchange is a commodity that serves a purpose in the market place that isn't all that different from other commodities. It is subject to supply and demand, and government monopolies on a given a given unit of exchange can warp but never defy the laws of supply and demand.

Comment Re:AKA Google drives Bitcoin Into Mainstream use (Score 1) 347

Wow, this reasoning is so flawed that I can only imagine you are trolling.

What you describe as "deflation" is actually "inflation." How can something be "not worth the paper it's printed on" (a consequence of inflating the currency) when it is at the same time the currency keeps getting more an more valuable"?

You are describing opposite currency valuations.

Which is it?

Comment Even if technological development came to a halt (Score 1) 65

"... will the new FTC rules end up helping children (by enhancing their privacy and, if industry pundits are right, reducing the amount of content available online for children - thus enhancing their attention spans?"

That question is absurd. There is far, far more than enough content currently available for children that slowing, or even stopping development, would do nothing to affect the attention span of children. (Even assuming a negative impact from all this "content" - which seems dubious to me anyway.)

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