Henry Blodget's Bitcoin Blunder

Henry Blodget and crew have taken a couple of swings at Bitcoin this week in the Business Insider.

In these articles, Blodget and Weisenthal make a series of inexplicable leaps with significant logical flaws which I'd like to address. Don't get me wrong, these common mistakes are often made by people who spend their life in banking, Wall Street and otherwise come from the world of the criminal elite.

Let's get started with this statement:

Dish Anywhere doesn't work with Chrome (workaround)

 

My folks recently upgraded to the Hopper from Dish Network.  Among its great features is the integration with their "newly" acquired Slingbox technology in a service they call Dish Anywhere.  When it works, Dish Anywhere is a terrific way to watch live TV and your recorded shows online.  And you can watch them from anywhere that you have an fast enough internet connection.

To use Dish Anywhere you must first install a browser extension that enables the sling player.  Normally after this minor annoyance, you are up and watching tv almost immediately. Unfortunately however, Google recently pushed an update to Chrome that blocks the installation of the Dish Anywhere extension.  No error message is raised and the user is left to assume that installation was fine, but instead you are again asked to install the extension when you return to Dish Anywhere. Further inspection in the Extensions screen shows no sign of the plugin anywhere.

Bitcoin Exchange Price Rollercoaster

 I don't know about you but I love amusement parks.  Rollercoasters are my favorite.  I can't get over the thrill of being tugged up a monstrous hill by a rusty chain only to be dropped mercilessly hundreds of feet toward the encroaching earth.

If you look at the historical chart of Bitcoin prices, you'd be excused if you mistook it as the plans for some new rollercoaster at Six Flags. Those of us who have been following Bitcoin for some time have grown very accustomed to the fast and vast swings in price.  In any normal day, it's common to see the price move 10% to 20% and when it swings big, it swings big.

So why do we endure these large swings and put our financial faith in something so blatantly inconsistent?

Because no matter the swings, when you look at the fundamentals, Bitcoin is woefully undervalued.

FIX: New Tab page in Chrome Broken After Update

Apparently the rest of the world hates the new New Tab page in Chrome as much as I do.  I've been complaining about the changes in the beta and dev versions for months, but Google just hasn't shown an ounce of concern for it.  Yesterday they rolled it out to the rest of the world with even more unbelievably bad changes.  

Sprung Cleaning

I'm finally getting around to cleaning out my office since arriving back from my summer trip back to the States.  I've come across some items I no longer need and would like to sell if anyone is interested.  You would need to pick it up or be in range of a Tropic Air cargo office for pickup. Everything is functioning to the best of my knowledge unless otherwise stated. 

  1. 2GB DDR3 Memory Sticks (Qty 3, triple channel).  240Pin DIMM Crucial CT25664BA1067.M16SFD
  2. 1GB DDR3 Memory Sticks (Qty 3, triple channel).  240Pin DIMM Samsung M378B2873DZ1-CF8
  3. PCAsus Graphics Card (NVIDIA GT620). DVI, HDMI and VGA out. 2GB Memory PCIe x16
  4. Book: Hello, Android - Learn programming for Android
  5. Book:: ActionScript 3.0 Cookbook - Learn programming for Adobe Flash/Flex platform
  6. Book: Professional Android Application Development - More detailed book on developing for Android
  7. Barebones Core i7 Desktop - Needs Memory, graphics card and hard drive to be usable.  Also, a heat sink on the motherboard is failing causing the system to overheat and shut down. The desktop was originally the Gateway FX6800-01e but has been stripped down over the years.

Make me an offer.

 

Dear Mr. President

Dear Mr. President.

The United States is not the parent of the world. We do not get to punish other countries when we think they are behaving badly. If anything we are the drunken uncle who gets mean and instinctively lashes out, smacking kids and kicking grandma, who after sobering up can't understand why everyone hates him.

It's time for an intervention.

Sincerely, 

Everyone

 

Happy Dependence Day

This day is intended to be a celebration of our independence from the tyranny of Britain. Instead we are confronted with the tyranny of our own elected government and reminded of just how far we've fallen. When will we awaken? When will the spark of revolution reignite in the American people? Or is it just too late for our enslaved nation all too eager to regurgitate the corporate puppets on TV "news" instead of actually having a coherent thought of their own. We have taken a stand against tyranny before, do we have what it takes to do it again?

"When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."

- Preamble of the Declaration of Independence 

Nostalgia for Binions circa 2003

I highly recommend this blog series on the 2003 World Series of Poker. I was in my first year playing poker and I won my first tournament (sts) at the 2003 WSOP. The third place finisher in my win was the Angel character he's talking about in Part 4. He is described perfectly in the article, but honestly, I thought he was great. Not great like I want to be his buddy or anything. But great in an iconic, old-school Vegas degen stereotype that made me love the city so much in those days.

I felt very nostalgic reading this. It reminded me of some great times with my first true love (poker that is). The stories filled in a lot of info that I was missing being so new to the game and seeing odd events through naive eyes. Binions is still one of my favorite places in Vegas for historical reasons alone. I do miss that place.

You should start reading from the beginning at Part 1, War of the Binions.

http://www.nolandalla.com/category/wsop/

Bitcoin Disinformation

Nearly every single negative article on Bitcoin is based on one or two fundamental inaccurate assumptions or misunderstandings about the currency. This guy makes that same fundamental mistake, specifically in believing that Bitcoin scarcity is only limited by the "word" of some Bitcoin company. 

The technical reality is that the maximum number of coins that can be created is hard-coded at a set figure of 21 million and that maximum is not only hard-coded into the software, but also into the validation rules of Bitcoin transactions. Should someone ever decide to increase the maximum number of Bitcoin and introduce that change into the system, the transactions approved by that change would never validate on the rest of the system. Therefore, it's impossible to be done without creating a separate and new Bitcoin-like currency through a fork of the validation chain.  

Moral of the story, the hard limit in number of Bitcoin is unchangeable and this guy is a moron for speaking with authority on something he knows nothing about. Oh and he has big ears.

http://www.toledofreepress.com/2013/05/09/treece-the-bitcoin-fallacy/