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Comment: Re:Lightening Rods (Score 1) 709

by jaypifer (#37775764) Attached to: Value of Bitcoin "Crashes"
Somebody sold it to the "speculators" at a profit, they didn't steal it. I notice nobody is so eager to blame speculators when they make money. Also, the price could drop lower should the person who drilled it share in the speculators loss?

Speculators are a tiny minority of investors. You are giving them far too much power.

Comment: Re:Systems hate being anthropomorphized. (Score 1) 1799

by jaypifer (#37672868) Attached to: Ask Slashdot: How Do You View the Wall Street Protests?
This is true. In actual usage, the problems of today would be far less pronounced. For example, today if you deposit money in a bank perhaps 20% stays in the bank and the 80% goes out to be reinvested. With transparent transactions, we would know how much money was in the bank account and it would serve as a deterrent to overleverage.

Yes, I'm aware the bank could have limitless accounts and try to obfuscate the information. In practice, everyone knows the account numbers of the exchanges.

Comment: Systems hate being anthropomorphized. (Score 1) 1799

by jaypifer (#37668498) Attached to: Ask Slashdot: How Do You View the Wall Street Protests?
Systems don't make money or contribute to society. People do. The problem with the current system is that those same people are able to manipulate it without their knowledge or consent of the rest of us.

Bitcoin addresses a host of failures of the current system by making financial transactions fully transparent. There is an inability to to leverage money 50 to one like Societe Generale taking accounts to the casino. There is an inability to inflate the currency. There is no need for banks since everyone *is* a bank and can conduct global transactions anytime anywhere for free.

It's not perfect, but the current system is broken.

Comment: Re:Scaaam.... (Score 1) 279

by jaypifer (#36874012) Attached to: Bitcoin Is Not Anonymous
The total economy would theoretically be worth the ~6 million coins in existence multiplied by $13 USD or $78 million. Penny stocks are not necessarily bad companies, just companies that trade for less than $1. Any company can be a penny stock if they issue enough shares.

Bitcoin isn't necessarily puffing itself up either. It's actually a very good idea. Whether this incarnation is a flash in the pan or not only time will tell, but cryptocurrency is a permanent thing now.

Comment: Re:Scaaam.... (Score 0) 279

by jaypifer (#36871162) Attached to: Bitcoin Is Not Anonymous
Everybody isn't playing. That's why you see high prices on Bitcoin as people scramble for anything else, gold and other precious metals of time proven value, other currencies and commodities and real estate. Those who keep their money in US dollar as savings are the ones gambling.

As long as you continue to believe what you do and spread the word then you can help keep prices low on things of actual value while the rest of us run like hell from debt leveraged fiat currencies.

Comment: Re:Any laywers here? (Score 4, Interesting) 983

by jaypifer (#36339926) Attached to: Man Ordered At Gunpoint To Hand Over Phone For Recording Cops

No, poor pay in no way justifies lawlessness in the uniform - but if the police were actually held to the law, most of them would be in prison in short order and the people that we really want to take their place will be somewhere else, making more money and dealing with less stress.

Poor pay?? I will never understand why this misconception cannot be stamped out. That concept was true decades ago, but not today. Many Miami Police Beach Patrol Officers make well over $100K.

Mathemeticians stand on each other's shoulders while computer scientists stand on each other's toes. -- Richard Hamming

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