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Re: JC business accepting bitcoin
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Volatility is a feature of commodity speculation, not a currency.

And no, this is not counterfeit. Counterfeit currency is fake, and demonstrably so. With this weakness, you cannot tell which BTC are the ones generated through the exploit. They are identical, and undermines the value of "actual" BTC since it shortcuts the creation algorithm.


And no.. this is a BTC problem. They are just the target du jour. It happened to Bitstamp as well. The only way to validate a transaction is to check the entire hash chain, which takes hours. If they do that, then it's useless as money.

Besides, what good is money that is worth less at some banks? That points to it as little more than a vehicle for pump and dump speculation.

Oh, and..

http://www.reddit.com/r/actualmoney/c ... nd_my_actualmoney_wallet/

Posted on: 2014/2/21 1:55
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Re: JC business accepting bitcoin
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Thanks for the correction about the Mt. Gox price decline. But the broader index, CoinDesk has still seen a 30% reduction in the value of BTC over the past two and a half weeks since the hacks have been publicized. And this is with them removing Gox from the index, despite it being the largest exchange/repository.

AS for characterizing this issue as "counterfeiting", it is more of a replay attach. A transaction can be duplicated, creating new BTC out of thin air. The produced BTC are indistinguishable from real ones since they are just computer data. The way to combat it is to not transfer BTC until the entire validation chain is checked, but that destroys its utility as a currency. A currency needs to be convenient, with low friction. A multi-hour clearance period makes it useless for consumer transactions.

Posted on: 2014/2/18 1:33
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Re: JC business accepting bitcoin
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Nope.. the value of all bitcoins in the world dropped by half because of the Mt. Gox hack. All Bitcoins are worth half of what they were last week.

And this is not a case of counterfeit. It is a case of an insecure payment system. And not of one Bitcoin repositories, but all of them. It is a weakness in the technology. Fixing it would remove the ability to use it as currency.

As for using it as currency.. Meh.. the vast majority is held for speculation, and the little that is spent is used for black markets. Something like 90% of Bitcoin transactions are for narcotics and money laundering.

Posted on: 2014/2/17 5:53
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Re: Keeping a reproduction musket in JC
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That is a big if. To me, it seems like they passed to his mom as joint property through marriage, so he doesn't get the bequest safe harbor. They would have had to be given specifically to him through a written will to count. And with firearms, the technicalities are what land you in jail.

Posted on: 2014/2/17 5:50
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Re: Keeping a reproduction musket in JC
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They are firearms. You will need to have a permit.

Don't mess around with this. It can result in a multi-year prison sentence. Have your mom hold on to them if she can do so legally, while you and your sister each apply for a firearms permit. Then she can legally transfer it to you. It's not a pistol, so you don't need a purchase permit, like you need for each handgun.

Go talk to the people at the firearm permit office at Police HQ and ask very specific questions. Does you mom live in Jersey also? Are the muskets even legal for her to own? Firearms are governed by state law, but you have to apply in your home municipality.

Posted on: 2014/2/17 4:25
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Re: JC business accepting bitcoin
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The Mt. Gox hack was later, and attacked the same exact weakness in the validation chain. Bitcoins dropped half their value overnight... literally overnight. All of them. Worldwide.

It makes people talking about fiat currency hilarious. Next we'll be given 4th grader economics lectures about chartalism, or the virtues of gold buggery.

Hmm.. I know the family that owns Helen's. I should email them the story.

Posted on: 2014/2/17 4:20
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Re: JC business accepting bitcoin
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The weakness is in the Bitcoin validation chain, not an individual bank. Every single Bitcoin bank is vulnerable to the same hack.

And a hack of a single bank will not kill half the value of every dollar in the world.

I knew eventually someone would start talking about fiat, as if Bitcoins are anything more than speculative pipe dreams. Gotta love the Austrian fascination psychosis.

Posted on: 2014/2/17 3:55
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Re: JC business accepting bitcoin
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Quote:

immigrationlawyer wrote:
Quote:

WhoElseCouldIBe wrote:
Quote:

borisp wrote:
Quote:

WhoElseCouldIBe wrote:
Quote:

papadage wrote:
Actual currency is always faster and easier, with less friction.


how so?



Well, like, for example, you are a government, and you want to buy something, - you can just print the money and buy it. After all you control the press. Easy-peasy.



most people aren't the government, though.


one of the great advantages of bitcoin is that it is faster, easier, "less friction", less costly, etc. than currency for all parties involved. That's part of the attraction. Basically the complete opposite of what you're saying.


Right.. even after the last few weeks of news that the payment resolution system is broken and subject to hacking. And this is a flaw in the fundamental system of authenticating transactions.

http://www.investing.com/news/forex-n ... -troubles-continue-266646

Posted on: 2014/2/16 22:05
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Re: JC business accepting bitcoin
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Actual currency is always faster and easier, with less friction.

As for new currencies being easier to mine, that is an argument for abandoning BTC, since mining it is not practical for regular folks... since it costs more electricity to mine than what you can get out of a GPU.

As for the Depression, the crash was kept in abeyance for a decent amount of time through expansionary monetary policy up until late 1928. When irrational fears of inflation took over, tightening ensued, and so did the crash.

Posted on: 2014/2/3 5:32
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Re: JC business accepting bitcoin
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That is a creative interpretation of history.

Deflation was the issue in the late 20s and was combated by wholesale issuing of currency by buying Treasuries. Basically, a predecessor of the current Quantitative Expansion.

It was when this stopped under less enlightened Fed management, because of irrational fear that the currency was being debased, that the Depression got worse.

Posted on: 2014/2/2 22:49
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Re: JC business accepting bitcoin
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And monetary deflation does not bear any resemblence to IT equipment depreciating due to being used and superseded.. except in a strange analogy that has no basis in reality. Money is a store of value. Bitcoins are terrible in that since the value is dominated by speculation. There are more options contracts on BTC than hundreds of times of the BTC actual value.

As for mining, the hash calculation become more difficult with each BTC in circulation. At first, a part time client working on a PC's CPU could be used to mine effectively. Then people switched to GPUs. Then to parallel multi-GPU systems. Then specialized chips (ASICs) custom made to do that one task. At each step, the ability of a regular consumer to "mine" BTC has diminished. Now, mining is controlled by s mall cabal of people who get almost exclusive advance access to the newest hardware, which then gets sold to suckers mionths later, as it is superseded.

BTC is a pipe dream for a lot of IT people I know.. like Linux on the desktop, or the current Steam Machines. It's a reductionist fantasy.

Posted on: 2014/2/2 16:21
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Re: JC business accepting bitcoin
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Might as well try to pay in those weird little gold chips embedded in plastic.

The inflation vigilantes will always be coming for the dollar. In the meantime, BTC swings wildly in price, and its issue is locked up by people who corner the ASIC market early. The ones who have early access to new mining chips will have the advantage as each succeeding Bitcoin is harder to mine.

And then when the last one is mined.. deflation.. The next great depression.

Posted on: 2014/2/2 6:15
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Re: 10 N.J. towns with the highest number of heroin, opiate abuse cases
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Yep, and people in finance, law and other white collar professions never have incredibly serious cocaine habits.

Posted on: 2014/1/30 13:11
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Re: Maxwells will keep name, but turn into pizza joint
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A few..

Augustinos is fantastic for Italian.

The good thing about Jersey City seems to be that many hip joints in Brooklyn are opening locations here instead of in other boroughs of NY, or Hoboken.

Now we need more varied restaurants. Greek, Moroccan, and Ethiopian would be nice.

Posted on: 2014/1/30 1:30
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Re: NYT: Jersey City May Require Paid Sick Leave
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It's also a bit difficult to reclassify workers who were already on a W2 as 1099 contractors. In general, low level jobs that would not have had paid sick days would not be able to meet the IRS and DoL tests for contractors. Too much supervision and control by the employer in most cases.

There would be a greening of labor lawyer pockets if any real number of businesses tried it.

Posted on: 2014/1/28 13:09
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Re: Union Republic -- Impressive New Place on Newark Ave @ Third Street
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My girlfriend and I had our second visit there tonight. I had the Nose to Tail the first time, and it was fantastic, so I was going to try the Hen Full tonight. They were out of it though. No matter, since the porky goodness of the Nose to Tail hit the spot on a cold, snowy day.

She had one of the vegetarian ramen, the Alpha @ Omega, which she said was better seasoned than on our first visit. We also split a chocolate banana bread pudding, which was pretty good, but not on the same level as their ramen dishes.

All in all, a solid addition to the Italian, Mexican, Thai and burger heavy casual dining in Jersey City.

The last few spoonfuls of tonkatsu broth, little bits of pork, scallions slivers and egg yolk are sooooo good.

Posted on: 2013/12/11 2:56
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Re: I love Brewshot
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I go to Cocoa Bakery for their desserts. Their coffee is merely passable. Choc O Pain is better with coffee, but only is you order an americano. Their drip is not very good.

Service has gotten a bit better there, but they need to have a better system. They should have a beverage person, a food person and a cashier, not three generalists that step all over each other. They can pitch in and help each other though.

Dames and Warehouse are definitely better for coffee, but with very limited food selection. I tend to rotate among all of them, depending on what I want to eat, or if I want to sit for a while and either read, browse or do a bit of work.


Posted on: 2013/12/8 17:51
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Re: I love Brewshot
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I tried an americano, and my girlfriend had a pour over. They were OK. I would still rank Dames first, and then Choc O Pain. The former is better for coffee, but the latter has more to eat.

Posted on: 2013/12/7 18:06
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Re: Former Gov. McGreevey to head Jersey City jobs commission
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The expansion would have allowed many more to qualify at no additional cost to the state for several years, and only 10% of the increase afterwards.

Not gonna happen here thanks to governor fatass.

And all in some stupid hope the Tea Party idiots will vote for him.

Posted on: 2013/11/19 5:31
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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And yet the soccer mom who gets by on "momma's little helpers" doesn't have to deal with the same stigma and legal consequences.

Nor the banker who do powder.

Or the lawyers and medical interns on speed.

---

Anyway, time to go out for a delicious dinner. Good night.

Posted on: 2013/11/17 0:53
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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Nice try, but you are kinda hung up by your own words...

Heroin abuse is a public health issue. Criminalizing it helps not a bit. Also, you have probably smoked pot more recently than I have, so let's not throw stones, chief.

And it looks like you would agree that the war on drugs is wrong, but can't get over the icky drugs enough to see why it would be better to offer treatment than counter productive prison sentences.

Posted on: 2013/11/17 0:43
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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There are two things wrong with that:

1. Addiction is a medical issue, and by criminalizing drugs, we do not seek to treat, but to punish. People will hide their addiction instead of seeking help.

2. Heroin is no worse than many other drugs, including prescription pharmaceuticals, but by criminalizing it, we also help the spread of disease along by making needle sharing more common. Most of the problems with heroin would be lessened if people could get help openly, instead of havign to hide in shame.

Look at how many people, when given a chance, turned themselves in to get a clean slate. Forcing people to live in a shadow society because drugs are icky is counter productive.

I have had many friends affected by drug issues, and most of them would have been better off if it was treated as a medical and social issue instead of through imprisonment.

Also, because drugs are criminalized, street trash quality drugs, adulterated drugs, overdoses and secondary medical effects are much more common.

I'm forty-five, and am a life long resident of this town, and not in the mostly sheltered enclaves like Country Village, nor a recent starry eyes transplant. So yeah.. whatever... Before slinging insults about who is naive, think about the natural consequences of the failed war on drugs.


Also.. you, just a couple of years ago..

Quote:

Seagull wrote:
Quote:

borisp wrote:
Quote:

Seagull wrote:
I'm not going to debate with you, but since you believe crimes are only acts that violate other people's rights, then I'm very happy you agree with me.


Why not debate?

My question was simple - is it only about minor drugs for you, or is it about everything? Would you argue against any law that regulates what people do even when there is no victim, - like "not wearing a seat-belt", - or just this one?

Basically, is it a matter of principle, or do you just favor specifically marijuana smoking?


It's not about marijuana smoking specifically, it's about personal freedoms. Who is anyone to say how you treat your own body? If you want to live a healthy lifestyle without drugs and alcohol that's fine, but if you want to pollute it with drugs and alcohol then you should have that right to do so as well. So to answer your question, it's about the principle of personal freedoms, in this case to treat your body in accordance to your own wishes.

Posted on: 2013/11/17 0:15
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Re: Former Gov. McGreevey to head Jersey City jobs commission
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So, what's your point? You were mistakedly talking abolut Medicare, which is not the case.

Also, the expansion was being picked up 100% by the feds, so people are not getting care they could otherwise..

So, which is it? Should we be mad at the governor for not taking the cash because he is a partisan ass, or not? You were the one complaining about people not getting care.

Posted on: 2013/11/16 21:05
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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Pretty much. If all are legal, people will gravitate to the safer ones and not home cooked meth. Also, they can be regulated and then addiction can be treated like a public health problem and not through incarceration.

The moral crusade to jail street drug addicts would grind to a halt tomorrow if soccer moms on prescription meds and investment bankers and lawyers on powder cocaine were being jailed in similar proportions as the crack and meth-heads are. That and the fact that majority of the country has smoked pot, so has no right to be judgmental.

Posted on: 2013/11/16 21:01
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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Most of which are bullshit crimes, resulting in the US imprisoning a greater percentage of its population than any other first world country. And of course the growth of the professional prison industry.

Drug use and personal possession should be fully decriminalized.

Lots of authoritarians in this town. It's a pity.

Posted on: 2013/11/16 19:37
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Re: Former Gov. McGreevey to head Jersey City jobs commission
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Quote:

Yvonne wrote:
In order to have redemption you must also make restitution. How can he correct the problems excessive bonding he did in NJ or the misspending of education funds? Did he say he was sorry to people who are now turn down for Medicare because he spent the tobacco settlement? Words are cheap. McGreevey is also trying to protect his legacy.


What does Medicare have to do with the state government or McGreevey? It's a fully Federal program. Medicaid is administered by the states, and Christie recently vetoes the offered expansion so he can be in good standing with the Tea-tards as he vainly goes after the presidency.

Posted on: 2013/11/16 18:51
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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Many of the people who turned themselves in at the surrender just had long standing warrants for traffic and DMV offenses, or had fines they could not afford, and have had to live underground as fugitives for years.

I had such a situation when I was younger. Unpaid parking tickets become a suspension, which becomes a driving while suspended, and then it snowballs as I ignored it. It took a threat of actual overnight stays in jail to clear it up.. and all just due from being discouraged and broke at the time.

Violent felons are not eligible for the surrender, so in many cases, I would think the average person on that line has less sociopathic tendencies than the average investment banker. Most of them I have known have had less character than the average street hustler.


Posted on: 2013/11/16 0:18
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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Better a real criminal than the same with a white collar.

Posted on: 2013/11/15 23:09
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Re: Hundreds turn out for start of Fugitive Safe Surrender in Jersey City
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Quote:

owlie wrote:
They live among us?.CHARMING!

I would rather have many of them than some of the investment banking crowd.

Posted on: 2013/11/15 22:19
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Re: Left Bank Burger Bar
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As a Greek, I was always ashamed of the way IGTM represented our home cuisine. Left Bank is decent, and the few weaknesses can be fixed pretty easily. It's nice to have another option for casual dining.

That said, the burger at the new Park & 6th is better, though more expensive, and I still prefer White Star's food and atmosphere.

But more decent options is a good thing.

Posted on: 2013/11/15 22:11
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