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+ - Ask Slashdot: What happens when there are no more bitcoins left to be mined?-> 1

Submitted by Unequivocal
Unequivocal (155957) writes "I've been following the bitcoin saga from a distance for some time. I'm technical and I think I understand how it works, but I'm definitely no expert on the subject. I've got a couple of questions for Slashdot. I've noticed that baked into the system is a fundamental limit on the total number of bitcoins. I haven't seen any articles addressing the two main questions that arise for me relating to this fundamental limit on total circulating bitcoins:
  • Question 1: Fiat currency like US dollars don't limit the amount in circulation so as to manage inflation of the currency. Currencies in the past that don't do this are usually subject to runaway inflation or deflation at some point. Why won't bitcoin be subject to this economic condition? I understand that bitcoins are infinitely divisible so perhaps that is the way bitcoin inflation/deflation is handled?
  • Question 2: I believe the bitcoin network processes it's transactions by incentivizing miners with new currency in exchange for processing the transactions (I think that's how it works). What happens when there are no more bitcoins for miners to mine? How will all the transactions be processed? What are the incentives to support the transaction network without new bitcoins as incentives?

I definitely appreciate any insights into the economic mechanics of the network along these lines!"
Link to Original Source

Comment: Re:lawsuit (Score 1) 448

by Unequivocal (#46112001) Attached to: Developer Loses Single-Letter Twitter Handle Through Extortion

Going further OT here.. My understanding is that transactions into and out of some bitcoin exchanges can effectively wash out this "paper" trail? So if the criminal seller and buyer arrange to exchange bitcoins via certain exchanges (designed to wash/hide transaction histories), criminal seller hands over one set of bitcoins and criminal buyer walks way with different bitcoins altogether? Since there's no regulation to my knowledge of money laundering in bitcoin exchanges (yet) this isn't even an illegal business practice?

Comment: Re:Sounds like a lawsuit waiting to happen (Score 1) 448

by Unequivocal (#46111917) Attached to: Developer Loses Single-Letter Twitter Handle Through Extortion

I disagree - godaddy should not rely on last 4 digits of CC for anything related to security. Paypal giving up the last 4 digits is way less of a problem than godaddy relying on them. The two systems interlocked of course is where this real misery occurred.

Comment: Re:Sounds familiar (Score 1) 189

by Unequivocal (#45655773) Attached to: eBay CEO: Amazon Drones Are Fantasy

A treadmill just lets them manage power cables and what not, plus controlling photography etc. That thing is walking autonomously and unsupported, upright on two legs. And regarding the drunk over broken ground, it's almost exactly what a human would look like if they had a blindfold on doing the same task.

Plus 4 legged running: http://www.youtube.com/watch?v=chPanW0QWhA -- granted not autonomous yet.

Comment: Re: common sense (Score 1) 345

by Unequivocal (#45646723) Attached to: Climatologist James Hansen Defends Nuclear Energy

Fossil fuels and nuclear don't have the "same issue" -- fossil fuels use emits massive amounts of greenhouse gases into the atmosphere creating catastrophic future warming of the planet endangering the human species' survival as we know it. Nuclear fuel use produces some highly dangerous waste material that has to be stored or eliminated.

Which problem would you rather have society engineer solutions for? I'm voting for nuclear.

I'm not saying you don't know this already, but I am saying that your post gives the wrong impression.

Comment: Re:Sounds familiar (Score 1) 189

by Unequivocal (#45646653) Attached to: eBay CEO: Amazon Drones Are Fantasy

Granted these are controlled experiments with prototypes, but autonomous, two legged walking by robots is not a "way off" - it's been done:
http://www.youtube.com/watch?v=mclbVTIYG8E
http://www.youtube.com/watch?v=SD6Okylclb8

And regarding four legs - seems like BD among others seem well past the "barely" stage: http://www.youtube.com/watch?v=wE3fmFTtP9g

But I guess it's all in your definitions of way off and barely..

Comment: Re:Me too! (Score 2) 276

That is false. I live in California and there are people here, including some close to me, who have individual plans and who are keeping their existing plans. A LOT of individual policies in California were cancelled but it is wrong to say that ALL of them are. Plans issued and unchanged prior to a particular date specified in the law are allowed to be grandfathered.

Comment: Re:All the jokes aside... (Score 1) 95

by Unequivocal (#42340147) Attached to: New Malware Wiping Data On Computers In Iran

Lost in the operator game.. The original article talks about *drives* D through I on a Windows machine. Some idiot (appears to be Michael Mimoso) decided that "partition" is a more pro-sounding synonym for "drive" and started using both interchangeably in the article from OP. So we are all left scratching our heads. The point I think is that the thing tries to destroy data on network and attached storage devices, rather than wiping C drive which would give itself away much more quickly..

Comment: Re:Very Clever Long-Term Business Planning (Score 1) 197

by Unequivocal (#39850429) Attached to: Microsoft Invests $300 Million In Nook e-Readers

That's pretty silly. It's true that MS locked in a juicy piece of revenue when it retained ownership of IBM's OS for the original PC. But I don't think a serious argument can be made that all the subsequent successes stem from that one line of revenue or IP. The transition to Windows was based on the Mac's success not the IBM PC. The work with IBM on OS/2 and converted to Win NT was not premised on that DOS license. Office, MS SQL and just keep counting their market successes from there.

Comment: Re:Very Clever Long-Term Business Planning (Score 1) 197

by Unequivocal (#39850303) Attached to: Microsoft Invests $300 Million In Nook e-Readers

I'm not make an arguement about DRM inherently at the moment, but I use the B&N NookBook products. I can read the books any of a number devices. I read on a PC, my Transformer tablet, my B&N e-ink reader and on my Android phone (I'm certain it works on a mac and iphone/pad as well). So while the format is not open (aka w/out DRM) they definitely give you the ability to read the book on a variety of h/w platforms.

You can also side-load books into a device and I believe that works for DRM content so long as you have the inherent DRM access rights associated with that content. So I can copy my DRM'ed epubs right off my e-reader and back them up. Then I can copy then back later and they will work with my account still.

Granted when B&N goes out of business, etc, there may be some problems (not sure how their DRM is operated and whether it needs to check-in with a home base periodically to keep my DRM books open). I've had my device disconnected from the internet for a month with no problems but who knows.

"If value corrupts then absolute value corrupts absolutely."

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