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Comment Sachs did OK for himself I would think (Score 1) 66

He's made about a million dollars for one piece of software which it sounds like he hasn't had to update in ten years, which isn't yacht money but is a comfortable fallback income. It's the sort of thing that gives you freedom to explore other things that might not pay the rent next month. Good on him and it sounds like he really has pursued other fulfilling projects.

Comment Nothing backs it (Score 5, Insightful) 110

There is no reason bitcoin can't slide back to being worth a dollar a coin. There no guarantee of value behind it. You can argue about whether fiat money is any better once the US went off the gold standard, but there is still a bit of irreplaceable value there; "the full faith and credit" means you can use it to transact business with the government, both by contracting to do public works for which the government pays you, and paying taxes and fees which are used to perform government functions and give you tokens such as licenses which show that you've contributed your share. Money's very liquidity for these purposes is a source of value, even if you can't redeem your picture of a President for precious metal. By contrast, Bitcoin literally isn't worth anything unless you can find someone (for some reason the phrase "bigger fool" comes to mind) to trade you something for it that does have value.

Comment Re:Stupid is as stupid does (Score 1) 205

Keep in mind that the "American Century" included nuclear nonproliferation. Which, to be sure, was already on life support. But it's dead now. We're all going to miss that.

It also included the US Navy guaranteeing freedom of navigation. We're going to miss that, too.

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