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kmi

kmi
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  • Why Bitcoin Matters [View article]
    The most likely endgame would be the incumbent payment systems - say, Mastercard? - reducing their transactional costs to a close equivalent of Bitcoin's transactional cost....

    Not necessarily a bad thing.
    Jan 28 11:27 AM | Likes Like |Link to Comment
  • Why Bitcoin Matters [View article]
    I see what you are saying, but I do think there is a real, significant, difference in the fact that the Fed will defend the value of the dollar, and the sheer size of the amount of commerce occurring in dollars provides with its 'intrinsic' value based solely on the fact that if dollar did somehow manage to go to zero in a... day... the value of lost wealth would be pretty huge. Bitcoin is really, really far from that kind of relevance.

    Fiat currency isn't anywhere near as meaningless as commentators who state 'it's backed by nothing!' like to exclaim: it's backed by the entire US economy, every working individual in it, and every commercial entity doing business with it. That's one of the many things that gives the dollar relevance.

    Now consider how hard China is trying to make the Yuan relevant to the global economy, and how far it has to go, and you'll understand why I find fantasies of Bitcoin global dominance pretty hilarious. Add to that the fact that many people find alternatives more appealing: some have suggested Ripple is more robust although fundamentally similar, others suggest Dogecoin is the future because of its user base or whatever.

    Without Silk Road Bitcoin would never have obtained the traction it did, because it was used to exchange significant volumes of goods worth - for lack of a better term - real money. Those 'real' goods and that real 'productivity' and economic activity put 'real' money into the system to support it. So it has a head start against all its competitors. But I still believe a e-currency which solves some of Bitcoin's 'issues' is just around the corner, ready to render every Bitcoin in existence worthless in a timeframe that will be awesome to behold.
    Jan 27 02:37 PM | Likes Like |Link to Comment
  • Why Bitcoin Matters [View article]
    Slavery in the name of Freedom! (tongue in cheek)

    But yes, I've shared thoughts of the nature Ordinary Average Guy posts...
    Jan 27 01:24 PM | Likes Like |Link to Comment
  • Why Bitcoin Matters [View article]
    Until the US government accepts taxes paid in bitcoin, you will have to deal with the vagaries of a fluctuating 'exchange' rate. Commerce in bitcoin therefore becomes a speculative enterprise, or at minimum, something rather more complex than a simple exchange of 'equivalent' value.
    Jan 27 01:22 PM | 1 Like Like |Link to Comment
  • Why Bitcoin Matters [View article]
    Dollar transactions settled in bitcoin are subject to the vagaries of currency exchange rates. I'm sure the stories about bitcoin prosperity and calamity are only just getting started, considering the volatility it exhibits.
    Jan 27 01:16 PM | Likes Like |Link to Comment
  • Bitcoin exchange chief arrested [View news story]
    Money laundering and " and operating an unlicensed money transmitting business", being the charges, from linked article...

    US Attorney taking pains not to speak poorly about Bitcoin is interesting:
    "We will aggressively pursue those who would coopt new forms of currency for illicit purposes"

    As is the fact he uses the term 'currency'.
    Jan 27 11:58 AM | Likes Like |Link to Comment
  • Samsung reportedly prepping Google Glass rival; Himax rallies [View news story]
    Makes the 10 year Samsung-Google patent cross-licensing deal from the other day shine with a whole new light.
    Jan 27 11:56 AM | 2 Likes Like |Link to Comment
  • Why Bitcoin Matters [View article]
    " However an address can be mapped to an IP address so law enforcement can pretty effectively find the computer and the person."


    Everyone keeps talking about how anonymous and secure it is but the most interesting thing about Bitcoin seems to be precisely just how public it can be.
    Jan 27 11:54 AM | Likes Like |Link to Comment
  • Why Bitcoin Matters [View article]
    Here you go, an interesting account of tracking stolen bitcoins:

    "In a normal robbery that money would be gone by now, but it isn't. Bitcoin is pseudonymous, not anonymous, and bitcoins can’t just disappear. It works because each and every transaction is public and visible to each and every other person using the Bitcoin network, and a person is only as anonymous as their link to their wallet." from : http://bit.ly/1fqyBxl and also here http://read.bi/1fqyBxm

    Great article on Wired about just how Bitcoin transactions can actually be tracked:

    http://bit.ly/1fqyBxn
    Jan 27 11:32 AM | Likes Like |Link to Comment
  • Why Bitcoin Matters [View article]
    In all that, you managed to completely sidestep almost every point I made... save one...

    And even the point you make misses the thrust of my comment.
    Jan 27 11:23 AM | 1 Like Like |Link to Comment
  • Why Bitcoin Matters [View article]
    As 'private' as it may seem it is also intensely public: every transaction made with a bit coin is tracked... The biggest problem with bitcoin is, without anything backing it, that it is one technological innovation, or one black swan away from going to zero.

    Like Finland says, it is a commodity: replicating the model isn't a big deal, that's why there already are several competitors, Dogecoin, Ripple....

    With the US Feds now in control of some 25$ million as a result of taking down Silk Road, I'm sure there's no rush to completely ban it, but sooner or later the incumbent payment systems and currencies are going to figure out a way to replicate the pros of bitcpin w o the cons.
    Jan 27 08:09 AM | 3 Likes Like |Link to Comment
  • TransCanada gas pipeline blows up in Canada [View news story]
    Well, you are suggesting that 'it's only natural that some pipelines will explode, because there's so damn many' and your position is.... we should make more?

    Just fyi, I don't think Keystone XL (method for Canadians to export their product whilst burdening the US with the risk of pipelines failure) is a good idea but I'm not against pipelines in general. I mean, how else are we going to transport stuff, magic?
    Jan 26 08:31 AM | 2 Likes Like |Link to Comment
  • BlackBerry falls; DoD states no new phone orders placed [View news story]
    Blackberry has been manufacturing its phones itself, it will now outsource the manufacturing, like, for example, Apple does. There hasn't been any change in the design dept afaict.


    This change will allow blackberry to close/sell plants reduce costs, and leave that to specialist foxconn.
    Jan 24 07:51 AM | Likes Like |Link to Comment
  • Microsoft Corporation beats by $0.1, beats on revenue [View news story]
    When does the Nokia devices acquisition kick in.....
    Jan 23 05:43 PM | Likes Like |Link to Comment
  • Qualcomm buys 2,400 mobile patents from H-P [View news story]
    Taking bets Qualcomm monetizes said patents better than HP ever did, would, or could...
    Jan 23 05:42 PM | 1 Like Like |Link to Comment
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