Isn't this the purpose of the secure enclave on iPhones? Taking the drive away from the secure enclave makes the drive useless and the enclave only allows a few password attempts.
1,595 karma · joined February 29, 2012
Roll your own crypto is playing the game.
Running an exchange is being the house.
The house always wins.
Dedicated ASIC only for your chain = good. Commodity hardware = bad.
As the internet becomes a resource that is completely boring and out of touch to 15-40 year olds people will flock to a less restrictive system. As eyeballs move over people will invest time and effort into making those systems usable.
This happened with the internet and can happen again with decentralized systems.
Unfortunately most of my peers call for more and more regulation of business and all technology. More regulation is always good in their eyes.
I've explained how regulation should be viewed as a constant push and pull, as society needs to be willing to repeal a regulation if it's not logical or relevant.
Unfortunately the word repeal and regulation in the same sentence is dirty and I get looks for even mentioning how large unnecessary barriers to entry via regulation isn't always a good thing.
In some ways this is why I support crypto currencies. Not for the scams and pump and dumps of today, but rather the building of a decentralized internet that may survive the lawyers and usher in a new era of freedom and creativity. Of course we are still about 5 years from having a GitHub or a search engine on top of crypto currency at the current rate of development. Unfortunately the bubble craze attracted a lot of unsavoury characters that is currently doing this space a lot of harm. Thankfully the lawyers can't shut Bitcoin down so we're safe for now.
Hopefully what exists in several years time will be good technology, and hopefully the scams have gone away.
I'd wager than marvels like Bitcoin and Ethereum will still be here.
I know most of Hackernews hates Ethereum, but I really like Ethereum and their ideals, although I am mostly anti ICO. I'd prefer most of these DAPP ideas to be using ETH and not yet another token.
If the companies are not being anti competitive is it fair for a Government to break up private enterprise that is not breaking the law?
I feel that it's going too far allowing Government to split apart corporations acting legally just for being successful.
What are your thoughts?
> reason a company gets a
> public good, right? If I
> want to own a city park,
> and I spend a bunch of money
> trying to own it, that
> doesn't mean I do, in fact,
> own it or should own it.
Isn't the error here assuming that the IP invented by the private entity is automatically a public good?
To me a public park is not equal to IP invented with private funds.
That's huge. If this volume is based on fake dollars then I think the entire space could be massively inflated.
I've heard many in the cryptocurrency space throw figures around such as $1,000.
I fear that the crash would be far lower. The argument is that the entire run up is fake therefore a realistic price would be back around $100.
With that said, I would like to believe that if caught, these types of seed hacks could be prosecuted. (If viable)
This is true and massive mistake on the reporters part.
However the overall concept of the article could be easily applied to coins such as Zcash and Monero that do have anonymous transaction methods.
In my comment [1] I argue that even then, these types of trades are not a concern for the IRS.
For tax purposes one of the key concepts in mining Bitcoin and trading Bitcoin is the use of a third party. If you have moved coin to a third party to execute a trade and the IRS audits you, it's up to you to prove that these addresses are owned by third parties.
So then you need to supply the entities individual or corporate name. If you're lying and cannot produce the identity of the exchanger, then you're going to be a world of trouble. Even if it's a decentralized exchange, you're going to need to show the transaction that execute the trade.
Even if you're doing these trades with shielded Zcash transactions (these are completely anonymous transactions) once you supply addresses A, B, C, etc... to the IRS (or the ATO in my case) and you get audited, you need to show who these third parties are.
Honestly, cryptocurrency is not an issue for the tax office, even cryptocurrency such as Zcash and Monero are not an issue.
I think that copyright should not expire during the creators life. I can profit from my business activities for the entirety of my life, so should an artist.
After death? Absolutely expire that copyright. In fact I think that perhaps a limit of 14 years after death so that a widow can make use of it but no more.
Also these forks often collapse, so when was the income gain? The same day? You'd have people owing more tax than their entire net worth. (Forks often pump in the first day/week then drop to nothing.)
If this is possible then you could attack every Bitcoin holder by making millions of forks each day and making lots of trades to give each fork real value. If you don't declare each fork you end up getting penalties.
I would imagine a more sane way to deal with this is like how the ATO deals with Bitcoin mining. You mine Bitcoin but it's not realized until transferred to a third party.
I would argue the same for forks.
A fork is made, you have coins. But it's not like you received those coins. Technically you always had them as they are old coins just now on a different chain. If you sell the coins then it's a gain that you owe tax on.
But forcing each user to track every fork as income is impractical and not viable. You'll see more of this as thousands of forks come into existence over the coming years.
This is something I would actually look into getting a private ruling about.
The number is accurate enough for most orders under $10,000,000. Has this person actually traded Bitcoin?
You might not be able to sell a large order to the cent, but with Bitcoin you are certainly able to cash out within less than 1% of the listed price. I move orders around a lot and I see real money, so I know it's not fictional. In addition I frequently use an exchange with about 100 times less volume than the USA exchanges.
Also shares have a spread too.
The Bitcoin order book is not razor thin, unless you are trying to sell $10,000,000 in one go. Then you just need to spread out the sell over about 5 hours.
Also the issue with arbitrage isn't the Bitcoin side of the transactions, it's often the USD or AUD side.
But arbitrage does work and the price is much closer worldwide than it used to be.
These little islands that the author talks about range from $1,000,000 24 hour volume for the smallest exchanges to $200,000,000 24 hour volume for a mid - high size exchange.
TL:DR I can assure you the price is real, cashing out is easy and viable. If you want to cash in $10 million just expect your limit order to execute gradually over about 5 hours.
Australia has probably the best system in the world for dividends. We use a franking credit to offset the tax paid by the corporation so effectively we have no double taxation of dividends.
I've never seen the point to any double taxation and I applaud any government willing to help citizens and business work around double taxation.