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Comment: Of course they can (Score 5, Informative) 71

by JcMorin (#49422017) Attached to: Has the Bitcoin Foundation Run Out of Cash?
Of course the foundation can mine more bitcoin, just like you do or anyone can. But it's pretty dam hard in terms of computing power needed. Nobody control Bitcoin and this foundation is nothing more than people with the name, they have no control over the money supply nor the rules that drive bitcoin.

Comment: That was not really an exchange (Score 3, Interesting) 53

by JcMorin (#49026087) Attached to: Another Bitcoin Exchange Fraud
This "exchange" promise great return, wasn't listed in the huge directory of exchanges This "exchange" didn't have any API for automation and arbitration. Lets just call this exchange a ponzi scheme. There is those get rich quick scheme everywhere... also in the bitcoin universe.

Comment: PayPal steal your bitcoin (Score 1) 134

by JcMorin (#47863595) Attached to: Paypal Jumps Into Bitcoin With Both Feet
Indeed, if you don't hold the private key, then the bitcoin are not really yours. Paypal can and will prevent some big transaction or some transfer to some company (gambling/sex/drug/weapon/investment/risky business) and some countries blacklisted by the US Gov. But that doesn't affect much Bitcoin. Paypal just add one convenient way to reach thousands of company that will be able to accept it right away.

Comment: Re:Can someone clarify the state of BitCoin? (Score 2) 134

by JcMorin (#47863561) Attached to: Paypal Jumps Into Bitcoin With Both Feet
Bitcoin use the same cryptography that SSL, certificate and most every encryption system (Private & Public key). If you managed to crack this you got a lot more than just bitcoin, you got access to almost everything on the planet. The data inside the blockchain are not encrypted at all, the encryption is only used to prove you're the ownership of an address (so you can transfer the Bitcoin to another).

Comment: JAVA EE is not dead. (Score 0) 371

by JcMorin (#47630655) Attached to: Oracle Hasn't Killed Java -- But There's Still Time
You means Java try to follow C# only adding same features couple years after? C# is open source ( both the framework and the compiler and ECMA and ISO standard. Java have none of that. Many companies can develop competing runtime environment (mono) with help of Microsoft while in Java you get sue.

Comment: Until dell can pay it's bills with Bitcoin.... (Score 1) 152

by JcMorin (#47484919) Attached to: Dell Starts Accepting Bitcoin
Of course they are converting it, but if they have a supplier in China that will accept Bitcoin too and they want prefer using Bitcoin to save days and thousands of $ in processing fees. Have you ever done an international wire transfer? It's long and painful while Bitcoin is free and instant. Nobody expected the market to change at once, just like the email didn't remove all fax machines at once, but 1 at the time.

Comment: inflation is not related to economy growth (Score 1) 115

by JcMorin (#47371539) Attached to: Investor Tim Draper Announces He Won Silk Road Bitcoin Auction
Inflation is the increase of the money supply, this lead to price increase. Bitcoin is great because it is a controlled inflation currency. We all know how many bitcoin are created every 10 minutes and that for the next 100 years. You have no clue how may trillions USD will be printed in the next 10 years.

Comment: No exchange at all (Score 3, Insightful) 88

by JcMorin (#47359065) Attached to: Winners of First Seized Silk Road Bitcoin Auction Remain Anonymous
Since it's a big volume, picking one particular exchange would disturb the price of Bitcoin temporarily. That's why they decided to auction them instead. They could have sold it to the market, but to be wise the would should to sell like 10 BTC per hours unless they willing to go into [bigger] Chinese exchanges... The beauty of bitcoin is that you don't need clearing house, exchange or bank. You can trade them directly.

Where there's a will, there's an Inheritance Tax.