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Comment Re:has lost 75 percent of its value in the last 22 (Score 2) 71

I guess you were not there when it got way more drastic drop in price. In 2011 we got a 90% drop in price... That said, the experimental currency still worth more than 200 times the USD; itself a pretty string currency compared to the hundreds other currency on the planet.

Comment Re:Also Censorship Proof? (Score 1) 93

You can do it but that would cost you a lot of money as the amount of data stored is limited to 80 bytes per transaction and the transaction fee is proportially of the size of the transaction.
1 gig of data would be 12.5 millions transactions.
If you spend 0.00001 BTC in fee per transaction that would cost you 125 BTC or 28 426$ :)

Comment Re:mining (Score 1) 93

The concept of mining was to bootstrap the currency. How do you start it? who have how many? The big bank all start with 1 billion? They transfert a real billion to who to get the virtual currency? If they transfer the real money in a "pot", that would be a system the ACH in USA. Someone do control the pot. This has nothing to do with a decentralised blockchain.

The concept of mining CANNOT be removed that easy.

Comment Open or Close Blockchain (Score 4, Insightful) 93

Let me guess: they want to copy Bitcoin but not everyone can participate (only approved banks). They want to copy bitcoin but not everyone can mine (only major banks). They want to copy bitcoin but not everyone can see all transactions (filter to your own transactions only?). Yeap, it will end up with a close system in a centralized database just like they have right now.

Bitcoin is about losing control to anyone and open access.
  • - If not everyone can participate they will remove the consensus code and add some sort of centralized authentication.
  • - If not everyone can mine it they will again have some sort of centralized authentication.
  • - If they remove the mining entirely, the currency creation will be either pre-mined with some banks at start or distributed based on a some specific rule that will favor the big starting banks. Having no mining will also remove all incentive to validate the transaction, make the whole thing weak and prone to double spend attack.
  • - If they don't want everyone to see all the transactions, it will be close network with restricted access. A single bank could leaked out the entire blockchain, I'm not sure they really want to go in that direction!

"I've seen the forgeries I've sent out." -- John F. Haugh II (jfh@rpp386.Dallas.TX.US), about forging net news articles