Why not automatically releasing cages containing polar bears, killer bees, and tawny crazy ants to mess with the pirates electronics! (Sorry, too much coding and my brain is a little loopy today)
The only fair way to do this is if we all play russian roulette. You first
Or more better, take the password P, and arrays of random numbers, A, B, C... (the total number equal to the friends you have), and give the first friend A, the second, A xor B, the third B xor C, etc. and finally the last (last random string) xor P. Then when you need your password, ask all your friends to give you their code, and you then xor them all together, to reveal P.
What's the barrier to entry of creating a new credit card, VISA2, VISA3, etc? Merchants accept bitcoin because they trust it... and because merchants accept it people pay a premium for it. A new alt-currency has neither, and with no benefit over bitcoin will have a hard time establishing trust. Maybe a few currencies, LTC, NMC may survive just as we have Discover, AMEX and Mastercard, but as things gel over time, the barrier to entry will be there already is a currency out there that people trust a lot more. Not to mention the security of the huge collection of miners preventing a double spend attack (which new alt currencies will not have).
"Once they own all the Bitcoins, or a significant portion of them, the currency starts to lose all value, because nobody can afford it, and they stop trading them."
Is that like the Yogi Berra quote, "Nobody goes there anymore. It's too crowded."?
Seriously, if the government threw $21 Billion into buying bitcoin right now, you think the price would go down? And since bitcoins can be infinitesimally split, whats to stop people from trading in partial bitcoins. Why do people trade in single bitcoins today but not 0.1 bitcoins tomorrow?
Besides, how would they justify it? What politician would rally behind something like this?
Imagine not investing in bitcoin 3 years ago. How would you feel about that today?
Sorry, but the whole argument that it is unwise to purchase things in bitcoin is missing the point. It was and unwise to not invest a portion of your savings into bitcoin, and this may still be true. I know, "Heresy! Bitcoin is not real! It will never succeed" and all that. The contrarian viewpoint would see this sentiment as an indicator to its future growth. Of course, do your own DD and decide whether you think Bitcoin can really succeed as money, but also view the loud braying of the naysayers as further reason to invest if you have not done so already.
If you just bought it or mined it when it just started you'd be rich now, too.
They did address that point. In the actual paper, not the article they admitted their plan included the pool using the sybil attack to increase the chance that its block would be accepted at a greater percentage rate than the other.
Why is everyone so concerned about climate change now? What about eons ago when life formed? Talk about a radical change to earth's climate, it absolutely got smothered in life and its byproducts everywhere. Yet, no one even mentions that anymore. We should work on cleaning up the effect to the climate due to life *first*, then we can talk about this comparatively small after-effect from technology after that.
Imagine a rocky planet, with just clean water, minerals, rock, sand, dust. If we work together we can make it happen!
Build GPS into every clock.
Bring out the clowns (... err lawyers): http://www.engadget.com/2013/10/31/rockstar-consortium-nortel-patent-google-lawsuit/
What about blindfolding them, tying them up to a pole, attaching some large feathers to their feet (so they land head first), and throwing them off a high perch? Much cheaper and safer then explosives.
I don't see people getting their driver's license at 31 anytime soon, either.
Totally agree with this, for two reasons.
First, the English system is better than metric because a lot of it is based on fractions. Half a pint, a quarter of an inch. It is much easier for the human eye to split something into halves than tenths. Which makes it much easier to figure out what 1/16 of an inch is compared to 0.1 cm. Now, instead of converting to metric, what we should have done is convert to base 16 numbering system.
Second, the English system is more future proof then the metric every was. You can't convert 1 mm to cm exactly in floating point, so there are all these rounding errors with the base-10 that the metric system is inseparably linked to. In hexadecimal, it would be