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Where do you want to go to do academic research and still have fun? Where can you really do research instead of becoming an overpaid secretary? If you want to get rich go and work in investment banking...

well.. i'd better live decently than get rich... which is not possible in Paris (take 1680 euros for one family and a 1000 euros rent, minus all normal expenses (health, car, insurance, ...), it's difficult to finish the month...) Without mentioning that in France you would become an underpaid secretary...!!! My ex phd director is a professor and she doesn't even have a secretary to manage the 150 applications to the master she is in charge... My experience would rather say that the salary and the time you have for research are quite decorrelated.

An energy scenario published by an oil company? Allow me to be sceptical...

Indeed, Shell is an energy company, not just oil, for some time now ... The two scenarii are, in their approach, dependant of economic and political situation, which is right now impossible to forecast. Reference to Kyoto is surprising, almost out-dated! But overall, I find it rather optimistic at some stages, and probably the timeline (p37-39) is unlikely with recent events.

the report was published in 2008, which explains the reference to Kyoto, as the follow-up to it was much more uncertain at that point. The Blueprint scenario is indeed optimistic, but also quite unlikely I'd say. I don't see humanity suddenly becoming so wise and coordinated. Sadly, I see something closer to the Scramble scenario as much more likely to occur.

not an oil company??? please have a look at the percentage of their revenues coming from oil and gas and then compare this with all their other energy activities together and you will see very quickly that it is only window dressing ... they are an oil and gas company ... and nothing more

not JUST oil. From a description: "Shell is a global group of energy and petrochemical companies." Of course revenues coming from oil are the biggest, the investment turnover on other energy sources is small for now. Knowing that most of their revenues is from an expendable source, to guarantee their future, they invest elsewhere. They have invested >1b$ in renewable energy, including biofuels. They had the largest wind power business among so-called "oil" companies. Oil only defines what they do "best". As a comparison, some time ago, Apple were selling only computers and now they sell phones. But I would not say Apple is just a phone company.

window dressing only ... e.g. Net cash from operating activities (pre-tax) in 2008: 70 Billion$ net income in 2008: 26 Billion revenues in 2008: 88 Billion Their investments and revenues in renewables don't even show up in their annual financial reports since probably they are under the heading of "marketing" which is already 1.7 Billion $ ... this is what they report on their investments: Capital investment, portfolio actions and business development Capital investment in 2009 was $24 billion. This represents a 26% decrease from 2008, which included over $8 billion in acquisitions, primarily relating to Duvernay Oil Corp. Capital investment included exploration expenditure of $4.5 billion (2008: $11.0 billion). In Abu Dhabi, Shell signed an agreement with Abu Dhabi National Oil Company to extend the GASCO joint venture for a further 20 years. In Australia, Shell and its partners took the final investment decision (FID) for the Gorgon LNG project (Shell share 25%). Gorgon will supply global gas markets to at least 2050, with a capacity of 15 million tonnes (100% basis) of LNG per year and a major carbon capture and storage scheme. Shell has announced a front-end engineering and design study for a floating LNG (FLNG) project, with the potential to deploy these facilities at the Prelude offshore gas discovery in Australia (Shell share 100%). In Australia, Shell confirmed that it has accepted Woodside Petroleum Ltd.'s entitlement offer of new shares at a total cost of $0.8 billion, maintaining its 34.27% share in the company; $0.4 billion was paid in 2009 with the remainder paid in 2010. In Bolivia and Brazil, Shell sold its share in a gas pipeline and in a thermoelectric power plant and its related assets for a total of around $100 million. In Canada, the Government of Alberta and the national government jointly announced their intent to contribute $0.8 billion of funding towards the Quest carbon capture and sequestration project. Quest, which is at the f

thanks for the info :) They still have their 50% share in the wind farm in Noordzee (you can see it from ESTEC on a clear day). Look for Shell International Renewables, other subsidiaries and joint-ventures. I guess, the report is about the oil branch. http://sustainabilityreport.shell.com/2009/servicepages/downloads/files/all_shell_sr09.pdf http://www.noordzeewind.nl/

wow it's frigthening! it's the dream of every anarchist, every drug, arm, human dealer! the world made as a global fiscal paradise... the idea is clever however it will not replace real money because 1 - no one will build a fortune on bitcoin if a technological breakthrough can ruin them 2 - government never allowed parallel money to flourish on their territory, so it will be almost impossible to change bitcoin against euros or dollars

interesting stuff anyone read cryptonomicon by neal stephenson? similar theme.

:) yes. One of the comments on reddit was precisely drawing the parallels with Neal Stephenson's Snowcrash / Diamond Age / Cryptonomicon. Interesting stuff indeed. It has a lot of potential for misuse, but also opens up new possibilities. We've discussed recently how emerging technologies will drive social change. Whether it's the likes of NSA / CIA who will benefit the most from the Twitters, Facebooks and so on, by gaining greater power for control, or whether individuals are being empowered to at least an identical degree. We saw last year VISA / PayPal censoring WikiLeaks... Well, here's a way for any individual to support such an organization, in a fully anonymous and uncontrollable way...

One of my colleagues has made a nice, short write-up about BitCoin: http://www.pds.ewi.tudelft.nl/~victor/bitcoin.html

very nice analysis indeed - thanks Tamas for sharing it!

mmm I'm not an expert but it seemed to me that, even if these criticisms are true, there is one fundamental difference between the money you exchange on internet via your bank, and bitcoins. The first one is virtual money and the second one aims at being real, physical, money, even if digital, in the same way as banknotes, coins, or gold.

An algorithm wanna-be central bank issuing untraceable tax free money between internet users? not more likely than the end of the world supposed to take place tomorrow, in my opinion. Algorithms don't usually assault women though !:P

well, most money is anyway just virtual and only based on expectations and trust ... (see e.g. http://en.wikipedia.org/wiki/Money_supply) and thus if people trust that this "money" has some value in the sense that they can get something of value to them in exchange, then not much more is needed it seems to me ...

@Leopold: ok let's use the rigth words then. Bitcoin aim at being a currency ("physical objects generally accepted as a medium of exchange" from wikipedia), different than the "demand deposit". In the article proposed by Tamas he compares what cannot be compared (currencies, demand deposits and their mean of exchange). The interesting question is wether one can create a digital currency which is too difficult to counterfeit. As far as I know, there is no existing digital currency except this bitcoins (and maybe the currencies from games as second life and others, but which are of limited use in real world).