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Comment: Re:If true. If. (Score 2) 194

"For we are opposed around the world by a monolithic and ruthless conspiracy that relies on covert means for expanding its sphere of influence--on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operation."

Its preparations are concealed, not published. Its mistakes are buried not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed."

John F. Kennedy, April 27, 1961. "The President and the Press"

Comment: Re:An interesting caveat (Score 5, Informative) 216

You may not be a lawyer, but you are correct. From the ruling:

The circumstances of some traffic stops, particularly when the detained individual is armed, might justify a safety measure -- for example, a command that bystanders disperse -- that would incidentally impact an individual's exercise of the First Amendment right to film. Such an order, even when directed at a person who is filming, may be appropriate for legitimate safety reasons. However, a police order that is specifically directed at the First Amendment right to film police performing their duties in public may be constitutionally imposed only if the officer can reasonably conclude that the filming itself is interfering, or is about to interfere, with his duties.

Comment: Re:Colour me confused (Score 1) 165

by triclipse (#45849713) Attached to: Congressman Accepts BitCoin For His US Senate Run

The properties of gold make it valuable for several different purposes. One of those purposes is its value as a conductor in electronic components. It's rarity, malleability, and resistance to corrosion make it valuable as a medium of exchange. The fact that one of these purposes is use as a "money" isn't any different than another type of purpose.

Supply and demand for gold for for these purposes (e.g., dentistry, jewelry, money, electronics) dictate the price of gold. The supply is relatively stable, inflating slowly as more gold is mined. Demand is more volatile and is what accounts for most of the fluctuation in the price of gold.

Bitcoin has properties which make it suitable only as a medium of exchange; it fulfills that role quite well, if not perfectly. Just like gold, supply and demand dictate the price of Bitcoin. Bitcoin's primary deficiency at this point is it's price fluctuation in price vs. major fiat currencies, which make it inconvenient to use as a medium of exchange.

Comment: Re:Explain "Private" (Score 2, Interesting) 537

by triclipse (#45549213) Attached to: Why Bitcoin Is Doomed To Fail, In One Economist's Eyes

US Dollars aren't "issued by government." The US monetary supply is completely in control by a private banking system called the Federal Reserve System.

Gold and silver standards were exactly a system of money imposed by governments, effectively legislating the price of the underlying metal.

Gold and silver standards pre-existed state control of money. Attempts to legislate the price of metal always failed because the state could never resist the temptation to inflate the currency base, making the price of the metal unsupportably low.

I guess you're thinking of 19th century banknotes, issued by private banks

Not the 19th century. This century starting in 1913. That's what we (in the US) have now: a private bank issuing private banknotes.

Comment: Statist gonna state (Score 1) 537

by triclipse (#45548999) Attached to: Why Bitcoin Is Doomed To Fail, In One Economist's Eyes

Money is by no means "inevitably a tool of the state." Of course, the state always acts to seize control of the mint or printing press, but money (e.g., gold, silver) would of course exist regardless of the state.

And if money is a tool of the state, why do we allow a private banking system to issue our money?

Comment: Re:When is the government actually right? Ever? (Score 1) 233

by triclipse (#45468197) Attached to: US Government Embraces Bitcoin in Hearing on Virtual Currency

Both of these claims cannot simultaneously be true. You just said that both increases and decreases in the value of the currency increase the pool of funds available for investment and that one is good and the other is bad because they produce the same result.

You misconstrue my statement (which isn't mine, of course, it is a core theory of Austrian/free market economics a la Mises, Rothbard, et. al. AKA "Austrian Business Cycle Theory"). Better than I can explain it here:
http://austrianeconomics.wikia.com/wiki/Malinvestment

I doubt you'll take the time to read it, but you should.

And it's hardly my own definition of "inflation" - it is a far more accurate and technical definition that has been intentionally obfuscated by central banking propaganda.

Comment: Re: That explains the spike (Score 2) 233

by triclipse (#45463225) Attached to: US Government Embraces Bitcoin in Hearing on Virtual Currency

Just calling it the same name does not mean it is the same currency.

The British Pound has taken many forms over those 400 years. Initally pegged to gold, then to silver, then floating freely, then pegged to gold again, then floating freely to finance WWI, then pegged to the US dollar under Bretton Woods (which in turn was pegged to gold internationally) and now it floats freely again like any other fiat currency.

Comment: Re:That explains the spike (Score 2) 233

by triclipse (#45463049) Attached to: US Government Embraces Bitcoin in Hearing on Virtual Currency

Print all the hard currency you like, the value per unit will drop until equilibrium is reached.

.

I don't know what you mean by a "hard currency" but government issued currency anywhere in the world is pegged against anything except, in some circumstances, other government issued currencies.

No equilibrium is ever reached by endless "printing" (I know what you mean) of a currency - eventually the currency collapses through hyperinflationary price increases.

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