People will kill other people with government. People will kill other people without government. Businesses will do fraudulent things whether there is government or not. No matter what situation, someone will find a way to take advantage of it if they really want to. So yes, someone will find a way to take advantage of fractional reserve banking like they would anything else. Does that mean that there will a "breakdown of the system?" Probably not. Fractional reserve banking in a free market world may put some businesses and banks out of business, but just because one bank or individual in a bank took advantage of fractional reserve banking doesn't mean all banks will go out of business and destroy the world as we know it today in some apocalypse that you see coming from fractional reserve banking.
You are of course drawing the wrong conclusion, the fact that the flaws exist and are exploitable... ensures that the system will break at some point in time. The problems will either accelerate until they destroy the system or something else will change somewhere else making the entire system pointless. obsolescence is the only thing capable of slowing down acceleration of a flawed system as it nears critical mass. Or if you don't quite follow that: "On a long enough time line, the survival rate for everyone drops to zero." |
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The world has used gold as money for thousands of years because its purchasing power cannot be inflated away by governments and banks. Gold is mined at roughly the same pace as the increase in world population.
Well, you are forgetting 17th century southern Europe when Spain imported so much plundered gold from the New World that it caused widespread inflation. This raises an interesting questions: Is bitcoin (or something like it) the final nail in coffin of nationalism? Once everyone's using the same money... doesn't that largely remove the need for government beyond the local level? |
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Should be interesting to see how it goes. My prediction: nothing happens at all. But to be rational about it, it comes down to a fight over wanting to do it transparently or wanting to do it more obscurely. Personally, I'll take transparent over obscure any day... |
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It's technically doable - it's called asyncronous logic, there are even a number of CPUs based around it including the GA144 that ElectricMucus has, it's just not commercially viable because it's so hard to design and debug. So in a way I'm actually kind of surprised BFL aren't using it  There are a bunch of things which are async logic which aren't really marketed as such, e.g. octasic DSPs. For a miner the complicated valiation issues aren't really an issue, and wouldn't be surprised if someone could get a decent efficiency improvement by slicing sha256 into groups of 8 words and running them async across a span of 8 rounds (where they should naturally time back up, at least if the wiring in the round is totally regular). I wouldn't say that too loudly =P I tried it in another thread and got shouted down and then locked into a debate over the advantages and disadvantage of "unrolling process" (their words not mine). |
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If they had a history of lying, then I wouldn't believe them.
How many times do they need to break a promise before it is considered to be lying? Hundreds of customers over many months were promised products "in 6-8 weeks", and none of them got it when promised. They have a clear history of distorting and stretching the truth. To me that indicates a strong likelyhood that anything not verifiable is likely a lie from them. Shipping of new units is still anticipated to being late November or early December.
Think they still might make that "late November" date? Since they don't specify the year, I guess they mean 2013 so they're not lying, right? It's interesting that when I purchased my fpga equipment from them I was expecting 6 - 8 weeks and got them in under a month. |
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You would make out better reporting the earnings NOW on btc earned. Then when you sell later, you only pay capital gains.
ex:
earn 1000 btc and stash in cold storage till btc hits 50$
ex1:
pay income tax now @ 12usd: 0
pay income tax after selling: 50,000 usd: ~30% pay 15,000 usd tax
total tax paid: 15000 usd.
ex2:
pay income tax now @ 12usd: pay 3600
pay income tax after selling (capital gains) 50,000 ~15% pay 7500 usd tax
total tax paid: 11100
I disagree - 15% cap gains is very likely to increase to 30% or even 40% before the end of obama's term in office. In addition to that, we don't know what the gain on btc/usd will actually be... we can assume up but just don't know how much. In addition I can continue purchasing goods and services using bitcoin I've saved - with it never having to be reported, legally bitcoin has a legal status. Finally, I might be moving out of country soon, in which case my tax liability status will change according to whatever laws are in the place I move to... in which case, why pay now when I could possibly have much reduced income tax rate later on. |
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Seriously? You can't tell the difference between a religion, a terrorist organization and a race?
No, that's not what I'm saying. I'm saying that nobody cares about the shit that comes out of you. Islam has not "always been about jihad" you dickweed. There are over a billion members of islam. Troll. I see you're denying one of the primary tenant of islam is that it commands non-believers be killed and specifically that jews should sought out and killed... If you identify yourself as muslim then I'd suggest you start by actually reading the qur'an before you get all hot and bothered by someone calling it what it is. Seriously, just read it - start at the beginning. Or if you're too lazy to actually study (as I suspect) then you can simply skip to 9:123 where it says "Believers, make war on the infidels who dwell around you." But yes, I'm trolling here. Because god forbid that you actually know the scripture of the violent religion that you espouse to be a member of. |
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When to report is the correct answer.
Personally, I cash out enough to pay my electric bill. I pay income tax on this without reducing it in anyway.
The btc piling up in my cold storage wallets and won't be reported unless and until I turn them in for fiat.
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I've got rack space - going asic myself.
I'd host it for you - What would you like to pay?
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I should point out that compliance doesn't require testing by any specific entity. The manufacturer could be fined if the hardware doesn't comply. But typically the just test themselves.
That's different from a certification, which is issued by a testing company.
But you can produce non-certified hardware legally as long as you've tested it and it does comply.
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Incorrect. Hamas wishes to exterminate the jews. It's always been about jihad for islam.
That's a racist statement and doesn't belong on this forum. Last time I checked hamas isn't a race. Neither is islam. There are over a billion of them, so what's the difference if you believe it or not? Seriously? You can't tell the difference between a religion, a terrorist organization and a race? |
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Incorrect. Hamas wishes to exterminate the jews. It's always been about jihad for islam.
That's a racist statement and doesn't belong on this forum. Last time I checked hamas isn't a race. Neither is islam. |
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For something with erratic output like solar or wind it would make a lot of sense as you'll need a really big storage buffer to get output on demand plus you can reduce the capacity of your generator/elements to what you need at peak requirements instead of peak supply. That can be a big saving especially for wind as output rises exponentially with wind speed, a turbine that averages 2kw/h over the course of a year could potentially put out over 40 times that in gusty weather.
For situations like recovering heat from GPU's the heat output is more or less constant so there's no need for a large buffer if your trying to convert to electricity, the main thing limiting the output is the cost of the equipment due to exponentially diminishing returns the closer you get to ambient temperature, a heatsink at 20deg above ambient dissipates twice the energy of a heatsink 10deg above ambient which in turn dissipates twice the energy of one at 5deg over.
Yes, a hotter heatsink will dissipate more heat... because it's hotter... The goal is to cool the chip... this means you move heat away from it... so you use a larger loop... for cooler block and better cooler of the cpu... |
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accountability - enforced by videotape... is a good thing for all of us.
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First the population that harbors terrorists is nearly as much a part of the problem as the terrorists themselves.
And the civilian deaths are what makes people pissed off enough to become terrorists, repeat ad nauseum. Incorrect. Hamas wishes to exterminate the jews. It's always been about jihad for islam. |
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"If you don't like being bombed, you can moooooooooooooove".
"Nice" to hear rape apologist argumentation here. Apparently, blaming victims for their "choices" never goes out of style.
About what I expected. Completely ignore who exactly it is who keeps inciting violence there. Firing missiles back into a civilian population center is hardly "defending yourself." Is Hamas in the wrong? Yes. Does that mean that Israel is in the right? No, no it does not. First the population that harbors terrorists is nearly as much a part of the problem as the terrorists themselves. Second; As I've pointed out before, if it was happening anywhere else (say the border between texas and mexico) the area the attacks were coming from would be leveled and depopulated within a matter of days. Israel has shown great restraint over the years, suffering constant attacks - with only an occasional retaliation. Any other nation would have leveled the area completely and lived without the constant threat. |
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In my case I'm covered by solar in the summer... and micro hydro in the winter.
But also, I use mining to heat my house and garage.
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Well, we will see. In any case if you invested in ASIC you should have done so with more than one vendor in order to mitigate risk.
I absolutely agree, no matter who ships first, you want to be in that first shipment... ROI over a few days or a week or 3... We'll still have to see who ships when - but I have a feeling it's going to be bfl. |
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Of course, a variant using bitcoins as collateral would allow the loan origination, production and servicing to all be done online and should cost much, much less. I could see a $1,000 loan with $1,500 worth of collateral incurring fees of about $50 a month in interest and like $25 in fees per-loan.
I don't see any need for interest in this scenario. There should be a fee, based on the term of before they must be repurchased - this should be paid up front imo. Say... 0.09% weekly. Just shy of 5% for a year term. And they're collateralized at 150% to begin with. In the best case, the lender takes as short a term as possible - making nearly 5% a year on his investment with almost zero risk - - - on the other extreme someone loans out, never repurchases and the lender keeps the btc + the fee which has already been paid. Shorten the term to reduce risk. |
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Good work, but think how much nicer it would have been if there would have been an announcement that they're now accepting btc donations =P
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