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Economy / Economics / Re: Person-Hours as a currency
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on: August 10, 2011, 10:19:06 PM
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Very interesting.
When we colonize other planets the conversion-rates would be static due to longer or shorter days. Of course assuming that value of time depends on the length of a day.
You would have to consider the age, as one hour for a child is experienced as faster than an old mans.
And not to mention as the social cultures and technology is so rapidly changing, old hours would be less valuable compared to new. The new hours would be more efficient due to better tools.
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9
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Bitcoin / Bitcoin Discussion / Re: Creating a real wallet for bitcoins
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on: August 04, 2011, 09:32:18 PM
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Another option for people with NFC on their phone  The wallet.dat would be stored in the SheevaPlug with backup over internet or by hardware. You would use the SheevaPlug as a bank and your phone as a wallet. The token(s) would be used to transfer money between the two with the help of a program capable of securely transferring private keys as well as creating and importing them. With your phone you send a request code (could include desired amout), only readable by the SheevaPlug, to the token. The SheevaPlug then reads the token and generates a new response which has everything the phone needs to be able to import the private key(s) to the phones wallet. It could also go the other way around. Im not a programmer so I have no idea how hard it is to create a program like that. |
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Bitcoin / Bitcoin Discussion / Re: Im just been attacked and robbed on my MT Gox account
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on: August 04, 2011, 09:02:39 PM
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Where did you store your password?
I do not understand your question You said you had a unique, long and secure password. I generally do not expect people (like myself) being able to remember them. Did you use a service like LastPass or did you have the password written down in (encrypted) text somewhere (inside or outside the computer)? |
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11
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Bitcoin / Bitcoin Discussion / Re: Creating a real wallet for bitcoins
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on: August 04, 2011, 08:50:58 PM
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I think I have an excessive level of paranoia, because I rejected all general purpose computers (like phones, tablets, etc) because they are too connected. I want something that ONLY knows bitcoin JSON over serial.
Whispercore will save your ass if someone physically steals your phone, but I don't think it'll help if the phone gets owned from the inside.
Yes, there will always be dangers like malware and wire(less) intrusion. Usually one can afford to lose money that is in a wallet, especially if it is you have it on your person. I think buying a cheap android device dedicated to the bitcoin wallet app could be a fairly good wallet. If you make sure everything is encrypted, enable 3G (or WIFI/Bluethooth/NFC) on demand, all other radios disabled and with a secure screenlock it would be pretty safe. A data self destruct mechanism could also be implemented. |
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Bitcoin / Bitcoin Discussion / Re: Creating a real wallet for bitcoins
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on: August 04, 2011, 06:43:16 PM
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I have a Nexus S running WhisperCore (a ROM with built in encryption) with the bitcoin wallet app.
WhisperCore comes with a backup program called Flashback that will encrypt and upload data to Amazon S3 storage.
Titanium Media Sync is also a good alternative as it will enable you to select files individually (+you dont have to pay for Amazon S3).
I think this is a good and safe enough solution (for me) when it comes to a "real wallet".
Obviously there are still risks and most of them are solved by having a "bank", containing all the bitcoins I can't afford to lose, where the wallet.dat is encrypted in a TrueCrypt container hidden in Wuala, Dropbox, locally on my computer and on a physical medium.
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14
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Other / Politics & Society / Re: Anybody who has not seen this movie should watch it tonight!
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on: July 30, 2011, 11:08:20 AM
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Yes, the deregulation caused the problem. The solution is not more regulation, though, but rather abolishing the monopoly on money. Let banks run competing currencies, or least put the United States back on the gold standard.
Wouldn't putting the USD back to the gold standard be more regulation? And what makes you trust the banks under no regulations? |
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Other / Politics & Society / Re: Anybody who has not seen this movie should watch it tonight!
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on: July 29, 2011, 01:44:47 PM
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Pretty much. I turned it off part of the way through because it was irritating me. The premise I got from it was that the economic crises was caused by deregulation of the banks (they used Iceland as the beginning example). Deregulation of the banks, is of course, equivalent to free market policies, therefore, free markets and capitalism are bad and more government oversight is needed. I should probably finish the rest of it to be fair, but I don't really want to waste my time.
government sponsored oligarchies != the free market
Exactly what is it that causes the emotional reaction you are describing? The claim that the economic crisis was caused by deregulation (or not enough regulations) of the banks? |
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Economy / Economics / Re: so.... what country ISNT in debt?
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on: July 26, 2011, 10:55:12 AM
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Knowing just external debt will not tell us much as it is only one side of the equation. Here is an example from Norway (taken from http://www.norges-bank.no/en/price-stability/government-debt/why-government-debt/): Why government debt?
On the whole, the Norwegian government's net asset position is positive. This means that total assets exceed total debt. Government assets include deposits in Norges Bank, investments made by the Government Pension Fund Global, shares in domestic enterprises, lending and direct investment in state banks, state-owned enterprises and state limited companies. Government debt consists primarily of government bonds and Treasury bills.
In most countries, the government must issue government securities in domestic or foreign currency in order to have funds to repay existing debt which falls due and to finance government activities. Since the Norwegian government's net asset position is positive, the government could repay all government debt without raising new loans.
The Norwegian government nevertheless chooses to raise new loans by issuing Treasury bills or government bonds because:
The government must have a certain liquidity reserve in order to be able to cover daily payments. There are wide daily fluctuations in outgoing and incoming payments in government accounts, and it is difficult to calculate the size of these flows in advance. This is particularly the case for incoming tax payments. Adjustments in the government borrowing program can only partially smooth these fluctuations. The aim is therefore to ensure that the normal cash reserves do not fall below NOK 20-25 billion.
Government borrowing affects the banking system's total deposits in/borrowing from Norges Bank. The implementation of the government borrowing program may therefore be adjusted to some degree to Norges Bank's operations to manage liquidity in the banking system.
Another objective of government borrowing is to maintain and develop smoothly functioning and efficient financial markets in Norway. By issuing government bonds and Treasury bills, the government provides a risk-free yield curve for investments with a maturity of from about one month to about 10 years. Another important aspect of government securities is that they increase liquidity in the Norwegian capital market. Without the supply of government securities, the markets would be less efficient. Other loans and debt instruments are often priced in relation to government loans. Thus, government loans provide a good overview of the Norwegian securities market.
The objective of the government's debt management is to ensure that the government has adequate liquidity at the lowest possible cost. The government's interest income and overall exposures due to changes in interest rate levels must also be taken into account when evaluating borrowing costs. And you ask where the money comes from? That depends on what country you are looking at. For example the US's foreign creditors are mainly China and Japan, but the biggest part comes from the Fed itself where the debt is tied to intergovernmental holdings like social security (very bad idea IMO). Other countries might have their dept from the world bank, other countries, bonds or private institutions. And don't forget how debt is treated in the banks themselves in terms of cash reserve ratio. |
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Other / Off-topic / Re: Our Fed fed Elites
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on: July 22, 2011, 05:33:50 PM
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$16 trillion!
To give you an idea of how much 16 trillion is, I cant give you an idea of how much 16 trillion is.
All I know is that it would be more than enough to pay off the US national debt  |
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