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Comment: Re:Expect the Republicans... (Score 1) 105

by jonbryce (#47385711) Attached to: London Regulator Says Uber Is Operating Legally

Sinn Fein are a republican party, but very different to the US Republican Party. They are the second largest party in Northern Ireland, and want Northern Ireland to be part of the Republic of Ireland rather than the UK. They sit as part of the European United Left–Nordic Green Left in the EU Parliament, so very much to the left of the US Republicans.

Comment: Re:I hope they get whatever they can for them (Score 1) 232

by jonbryce (#47232951) Attached to: US To Auction 29,656 Bitcoins Seized From Silk Road

When the Feds bust a normal street-corner drug dealer, they get "legal" property, such as cars, and illegal property such as their inventory of drugs. The illegal property is retained as evidence until the court case is concluded, then destroyed. The legal property gets sold off.

The Silk Road bust is subject to the same laws as any other drug-dealer bust, so by auctioning off the bitcoins, they are declaring that they are legal property.

Comment: Re:Initial Offer (Score 1) 232

by jonbryce (#47232907) Attached to: US To Auction 29,656 Bitcoins Seized From Silk Road

There are lots of people with $600[1] in the bank who could bid for one bitcoin. There are not so many people with $1.8m in the bank who can bit for a block of 3000 bitcoins. Therefore they will probably sell for less than market value, and the winning bidders will likely make a profit from selling them off individually.

[1]$600 is based on the current prices quoted on Bitcoin Charts rounded to one significant figure.

Comment: Re:Gox used margin trading & fractional reserv (Score 1) 143

by jonbryce (#47111003) Attached to: Sifting Mt. Gox's Logs Reveals Suspicious Trading Patterns

People deposited fiat money with MT Gox in exchange for Bitcoins, however MT Gox did not have enough Bitcoins in stock to give them out to all the people that bought them, so the Bitcoin denominated account balances at MT Gox were liabilities with limited assets to back them. They relied on the fact that most people would not withdraw their Bitcoins, therefore it was a fractional reserve system.

Comment: Re:Gox used margin trading & fractional reserv (Score 2) 143

by jonbryce (#47091589) Attached to: Sifting Mt. Gox's Logs Reveals Suspicious Trading Patterns

The difference between banks and MTGox is that while banks also use fraction reserve, the full liabilities are backed by assets in the form of loans they have handed out, and security on the assets of the borrowers such as property. At the time of the financial crisis, those assets and collateral were not sufficient to cover the fractional reserve liabilities, but at least they had something, unlike MTGox which had nothing to back the fractional reserve liabilities.

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