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I agree. I think they handled the question fairly. Pity few online blogs and websites do the same, outside of the very articulate Jon Matonis at Forbes.
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They're probably more worried about charge-backs, than any customer risk. They don't give a toss if you put a minimum deposit on an account - it will soon be carved up with bid/ask spread fees that the different houses charge to place trades.
Funny how they try to cloak it in some kind of mock concern, though.
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For anyone interested, I found this on Dotcom's twatter:
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Max Keiser @maxkeiser
Bitcoin is to central banks what mega is to Hollywood: the solution. CB's and H'wood are both poison. Encryption is the cure.
--------
I could not agree more with Max. Also, it seems to lend some strength to my suspicion that Dotcom is at the very least, keenly aware of Bitcoin though it remains a mystery what his exact feeling and plans are.
You know, I'd laugh my ass off if he has just been soaking up supply to kick off bitcoin oriented business plans. I have to admit that the appreciation has stunned even me. |
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As of this post, the article has been read 9,952 times.
Update: As of 01/29/13 - it has been read 13,650 times - putting it on par with some of the more popular articles.
Really popular articles can net about three times that number, but for a short time span I think this is important. The overall tone is positive - with a few readers chiming in to point out the usual troll responses that center around "What if the internet explodes - no more bitcoin" and other sillyness.
A lot of financial people watch this blog. This is a big deal.
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From personal experience, I can tell you developing for Android is a lot easier than the process iOS/Apple puts you through.
Also from the Android perspective, being able to do ad-hoc distributions for testing is as easy as emailing your .apk to the person you want to test it, or hosting it on a fileshare service.
I also prefer an environment where applications have a common store and aren't "siloed" from other apps or the underlying OS functionality. For those reasons and more, I think the balance is shifting to Android globally.
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Even if the edge-exchanges went away for some reason, it wouldn't stop people putting up sites for price discovery and local trading - or other means. Bitcoin is bigger and better than what crappy sovereign currency it is valued in.
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My attempt to right that crooked ship is below: Mencius, your first point regarding a DOJ indictment on an edge-exchange seems to ignore the fact that any kind of prosecution on a decentralized system ever results in long-term harm to that system. Big media companies using collective suits against bitorrent users, for example.
This has hardly stopped any use of the protocol. To the contrary, it has only increased its popularity as people who have never had an inclination such things were going on became informed through various articles on the subject.
Then you assert that because one edge exchange is impacted, and for the sake of the argument lets just assume there was one successful shutdown, that the overall valuation of bitcoin would fall to zero.
While the users of that exchange would certainly be hurt by such an action, the rest of the network would shrug and move on. There are other avenues besides edge-exchanges, and when bitcoin reaches its full potential, they won't be relevant anymore.
You then invoke the general fear-mongering strategy of suggesting a major government would ban the use of bitcoin - again ignoring that it would most likely encourage its use.
As for the rest of your article, you touch on the usual debunked myths such as "hoarding will kill bitcoin", and some rather long rambling about how well the shutdown would kill the network. (It won't, as I described earlier.)
The crowning jewel on the entire affair is how at the end you advocate gold being resistant to government prosecution and seizure, which is laughable in light of its density and material qualities that lend it to detection when carried in refined form.
I'm afraid that suitcase of gold in the lining won't be making it through the airport, while the transfer of wealth across the internet using bitcoin won't even weigh down the traveler using it.
Then again, that is all this piece is - a lot of hyperbolic reasoning sewn together with a rather unrealistic view of government efficiency.
Good luck, you'll need it with that cognitive bias dragging you down. |
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One thing I didn't get about Ripple were debts cancelling themselves out.
So if Bob owes Alice $500, and Alice owes Bob the same amount for some reason - that makes sense it would cancel. But since Ripple allows you to make a 'chain' of debt-issuance, I don't see how a third party would take a passed along debt and cancel it out that way.
Maybe I'm missing something, but honestly I don't see the point of bolting on debt issuance in the first place.
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I would at a minimum, set up an air-gapped computer that only contains your cold storage wallet. Seeing how netbooks and other small devices are really cheap, it would be good insurance against someone trying to nab your bitcoins. Especially if you follow the practices that only allow signed transactions to be spent on the network from that machine.
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So, besides being a good necroposter - twolifeinexile has decided to "stir the pot" on his own. What, couldn't find any more Atlas threads to resurrect?
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This is a very interesting idea - how about combine aspects of both? (Storage and peer-to-peer decentralized trading) One thing that came to mind is this for the front-end: https://en.wikipedia.org/wiki/Osiris_%28Serverless_Portal_System%29And combining aspects of this for filesharing via the web portal above: https://en.wikipedia.org/wiki/OneSwarmGot me thinking here... I really like the idea of offering up bandwidth/storage for BTC, assuming of course inbound/outbound is encrypted and I have no way to decrypt the files. (Common carrier defense.)As for accepting files for bitcoins - I think you could use a system where waiting for at least three confirmations to start file transfer, checking for the final confirm to retain the file in storage. |
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I don't like it, it's not linear. There's hardly any difference in the value of 1 satoshi and 100 000 satoshies as of now, but there is a huge difference in value between 10^6 satoshies and 10^9 satoshies. All those zeroes will just confuse people.
Hey jackhole, any reason you're NECROPOSTING old threads? |
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I don't see it.
Yeah, you're right - we didn't see that CRASH you called for this past weekend (Jan 19th-20th). You meant CRASH UP, right? Oh the hilarity... |
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Dwolla sucks so hard, they could make a fortune operating electron microscopes, or satellite testing chambers.
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I'm so glad that Mucus called the "crash" for this weekend.
We seem to have CRASHED UPWARD. Well done, please, predict another one!
16.75 ... NICE.
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If mega were to accept BTC there would be serious hints out by now.
It's a 100% rumour without any basis in reality.
I expect a huge crash on the 20th
Frankly, only complete idiots would buy BTC in expectation of an announcement based on an unfounded rumour from a 3rd party which they have no relationship to. This community has done some stupid things in the past, but I don't hink it's that stupid. I'm quoting this. Just in case.  He meant to say he expects a huge "bubble" on the 20th. Bubbles are everywhere, you see, every time bitcoin fluctuates  (Even just a little bit!) Bubble up, bubble down, bubble sideways. (Nah, not really.) |
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Theoretically, if Kim could get suppliers of hosting and bandwidth to take bitcoins, he wouldn't have to cash out anything. Incidentally, this is how the system will work when we grow past the edge-exchanges being relevant.
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I'd add to my holdings, in a second.
The future isn't the dollar valuation of bitcoin - it is merely possessing bitcoin that will be key.
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Atlas, you're a complete idiot.
By your reckoning, every open source project on the internet could be full of "back doors" and "hidden agendas". Guess what, they haven't been. Where are the sob stories from users who installed the latest distribution, and through some elaborate "secret" method, had their banking credentials stolen and misused? Oh that's right, there AREN'T ANY.
Here's another one for you - reality in your mind is simply your perception when your senses deliver the electrical impulses to your brain. They are perpetually "late", due to physics of our universe. Therefore, someone with an agenda could be shaping your reality every second to present you with a "fake" one. (If you even begin to believe that, or try to use it in a rebuttal to me - consider getting some professional help.)
While your noodle is baking on that one, perhaps let the adults focus on their tasks while you beat your pots in the kitchen?
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Life is out there, its just either too remote or too smart to get involved with us. (Probably both.)
As for bitcoin nodes, I'd run one just to support the network - because I believe in the change it can bring to the world.
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