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Comment Software is eating the world (Score 1) 205

It happens in every area, not just planes - self-driving Google cars, robots manufacturing Macbooks in US, 3d printers building houses etc. The good part is everything will be cheap(er), from transport to entertainment, even housing. The bad part is a lot of 'average' people - taxi drivers, accountants, even lawyers will lose their jobs. And if we change nothing, the money is going to capital owners, not the people that lost those jobs. So it will be cheaper from today's perspective, but not more affordable to all those people who lost their menial jobs, as they will no longer have the jobs and no disposable income either. This is not only bad for them, but bad for the whole economy.

Comment Steve might be stupid but the thesis is right (Score 1) 692

For saying: "We don’t really know how this coin is created. You can’t have a functional money without a basic transparency." I disrespect him - we know exactly how bitcoins are created and the math behind it proves to be pretty sound so far. But the thesis behind it is sound - if the value of the currency is volatile, it's not that useful. Back in the day, people would barter with food, furs etc - those items themselves were and still are currency. They were rather incovenient in most cases, as food would rot, the furs may not be in demand and take up a lot of space etc - therefore they came up with an idea of an intermediary item that wasn't useful in itself but both parties agreed to have value. To support that agreement it was usually handy to have the item be rare - in case of gold, for most people it is easier/cheaper to just buy it in exchange for other goods/currencies - this ensures that the agreement that holds the value of the currency can not be easily gamed. I am not sure if I need to reiterate why is it important for the currency to hold value - you may want to wait until spring time to buy some seeds, until then, it's more convenient to store your wealth as currency and in that regard BitCoin fails for now. I also think that for now it is far easier to game BitCoin system than it is to game gold or US Dollar system - for BitCoin, just buy an ASIC miner or hack someone's wallet etc...

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