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On The Great VC Coin Rush: At The Bitcoin Convention

@scrooge What the Fed did was to issue guarantees and expand/adjust the pool of US sovereign debt. They didn't really print money in any sense, and it's clear they didn't because inflation has remained at historic lows. Nonetheless it's widely regarded that the Fed acted decisively to avoid a meltdown in the banking sector, because they had the power to do so.

Now, say the sovereign bank has no control over its money supply -- what would this look like? You need only look to Cyprus. In the middle of a bank crisis, Cyprus -- a Eurozone country -- was unable to guarantee banks, because there was no way for them to create more Euros without the permission of the ECB. (Note that they need not have printed any more currency, as a guarantee may have been enough to backstop the banks, as in the USA.) So they had no choice but to confiscate funds from depositors (or, revalue accounts to reflect money that didn't actually exist), and the result was chaos. The irony is, this is the world that the Bitcoiners want to create.

Posted on June 4, 2013 at 1:43 pm 0

On The Great VC Coin Rush: At The Bitcoin Convention

Posted on June 4, 2013 at 1:43 pm 0

On The Great VC Coin Rush: At The Bitcoin Convention

Posted on June 4, 2013 at 1:42 pm 0

On It's Time For Google To Buy All These Publishing Companies And Shut Them Down

#LameStreamMedia

Posted on March 28, 2013 at 2:03 pm 0

On The Questions Following Aaron Swartz's Death

@barnhouse Even if Swartz did not "break in" to the MIT wiring closet, it's clear that he used the closet to evade MIT's sysadmins, who knew that someone was trying to download the entire JSTOR archive and were trying to prevent him from doing so.

Posted on January 17, 2013 at 9:56 am 0

On The Questions Following Aaron Swartz's Death

@barnhouse To clarify, he had a right to download *each* of the papers in JSTOR, but he did not have the right to download *all* of them, if JSTOR's terms of service are typical.

Posted on January 17, 2013 at 9:50 am 0

On Where Is This "Mali" Where Frenchmen Are Having Wars?

@PoignancySelz With all the unilateral wars on terror and massive demonstrations against gays, are France and the US friends again?

Posted on January 15, 2013 at 3:48 pm 0

On The Week of Huge Things Flying Uncomfortably Close To Earth

If the Earth were a quarter, XE54 would have been a foot and a half away at closest. 4179 Toutatis would have been about 40 feet away.

Posted on December 12, 2012 at 12:55 pm 1

On Airlines, By Level of Evil

@hershmire Lufthansa is actually pretty good.

Posted on November 27, 2012 at 1:01 pm 1

On Murderous Twinkie Will Still Be Made After Bankruptcy Sale

Posted on November 16, 2012 at 1:44 pm 0