As soon as backdoors or any other security related "features" get involved, I tend to think that anything is possible despite how things are suppose to operate.
True. Now bitcoin is the best currency. But that's not it's day job. By day it does yeoman's work as a p2p transaction protocol which preserves a transparent global general ledger.
I think any successor to bitcoin will build on top of the bitcoin network. It's the worlds largest supercomputer. You'd have to be an idiot to throw away the worlds largest supercomputer.
I like to keep my savings in the most secure storage vehicle which current technology allows. A successor to bitcoin will need to be just as secure, in order to compete. That means either it uses the bitcoin mining network, or it spends a billion dollars building a competitive network.
Layered protocols will enable smart contracts, legal custody proof, provable notary services, p2p currency exchange, and an unknowable number of new applications. This is like the advent of the LLC or double-entry accounting. It is a game changer. and first movers will grab the land.
Accountants LOVE the idea that every coin you spend is traceable.
A BitCoin like crypto currency is likely in the offing as a supplement to cash and bank transactions
Backed by the full faith and credit of the US it is likely to be one of MANY co-existing currencies. (Just like we have now! [on paper.])
That was my immediate thought. Any decent system needs to ensure that it isn't running at a loss. To make that happen, they need an accounting system in place.
Rather than a loss, they managed a significant profit. The profit didn't go to the company.
I've seen lots of affiliate systems (sign up for a sight, the referring webmaster gets x%). In the adult industry, it's called shaving. The referring webmaster has a percentage of their sales (I've seen up to 25%), where it isn't recorded that they got the sale. Instead, it is credited to another account. The owner of the system doesn't always know. They see sales come in. They see payments go out. The shaved sales go to one of the developer's accounts (usually to a difficult to trace 3rd party).
If I were the developer, I'd have a friend in another country set up his affiliate account. The "lost" sales get paid out to him. He keeps a percentage, and pays me the rest. It can be very difficult to trace until there is a code audit. The audits don't usually come until the boss knows there's something funny going on. As long as the boss is getting a large profit, they have no reason to audit.
In the rest of the corporate world, it's skimming. Accountants can make it look like the missing funds are going to nondescript costs.
In both skimming and shaving, it becomes obvious when the person doing it gets too greedy. Like, it's difficult to justify that $1M/yr goes to miscellaneous custodian costs. And yes, I've seen exactly that, in a company that only made about $3M/yr profit. Sometimes it goes to consumable costs. It can be tricky to track if they're smart. When they get greedy, smart falls out of the equation.
You need to read up more on economics. Maybe swing by a local college and audit some economics courses.
No, most (all?) of the current in use today is backed by nothing. Well, nothing more than the idea that it's worth something.
I have a $20 bill in my pocket. It's not worth anything. There is a perceived value of it, so I can exchange that piece of paper for goods and services.
If it were backed by anything, there would be an obligation by the issuing party to exchange it for the commodity it was backed by. You can't go to the federal reserve and say "I want to exchange my $20 note for $20 worth of gold". Best case, you'd get a smile, pat on the head, and be sent on your way.
We effectively work with a bartering system. The perceived value of one service or object, for another. You can barter drugs, ammunition, or sex. That doesn't make any of them a currency, even though they'd each be good examples in your description. Actually, I think I like my examples better than the ugly paper in my pocket.
Indeed, this weekend I just brought a 8x 4TB RAID6 array online at home. I'm wondering what approach I'll be taking myself.
You haven't seen how long my backups take at work...
I wasn't looking for it to go anywhere really other than pointing out the absurdity of saying that taking a bluray rip down to a 800MB divx rip results in just an acceptable loss of quality.
I'm by no means a audio/videophile snob, but you either have a blind and/or deaf if you can't see a MAJOR quality deficiency with a 800 bluray rip. What's the point of having a bluray movie if the first thing you normally do is make it look like crap?
I always rip it to DIVX. 800 MB for a DVD or even bluray rip is a great economy,
I do the exact same thing with high res pictures. I immediately will take the full resolution raw image and convert it down to a 320px gif. Or maybe a 10% quality jpeg. You get great economy that way too. Who wants to keep a 30+MB image around when you can have almost the same thing in 10kB instead!
It's OpenDNS's fault. They return a bogus A record instead of NXDOMAIN:
$ dig +noall +comments +answer test.example.com @22.214.171.124
-- Got answer:
-- -HEADER- opcode: QUERY, status: NXDOMAIN, id: 48729
-- flags: qr rd ra; QUERY: 1, ANSWER: 0, AUTHORITY: 1, ADDITIONAL: 0
$ dig +noall +comments +answer test.example.com @126.96.36.199
-- Got answer:
-- -HEADER- opcode: QUERY, status: NOERROR, id: 31301
-- flags: qr rd ra; QUERY: 1, ANSWER: 1, AUTHORITY: 0, ADDITIONAL: 0
-- ANSWER SECTION:
test.example.com. 0 IN A 188.8.131.52
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