1004200+ entries in 0.782s
smickles: this is
the problem,
the way my desk faces, he is behind me
smickles: bah imsaguy2 should get BAK so
that he can sign
the s²cm report
mircea_popescu: finance people will control
the bitcoin world.
they are moving in but very slowly (mostly because
they have
trouble distinguishing A and C, and despise B)
smickles: i see
thestringpuller is an optimist
thestringpuller: the first 1/3 will end up controlling
the bitcoin world when
the other 2/3 annihilate each other
mircea_popescu: bitcoin is made up roughly by
thirds : one
third is very intelligent but softspoken and a little aspie
tech people ; one
third is unabashed scammers ; one
third is purest form of idiot
thestringpuller: but it is sad
to see ignorance running rampant like a disease
mircea_popescu: but i did use it at a
time when naked girls made out of letters counted as porn
thestringpuller: is bitcoin really
the last bastion against
the eternal september?
thestringpuller: telling stories of days of usenet past, when bbs ruled
the modems
pigeons: mircea_popescu used
the internet when it was called compuserve
thestringpuller: so youve been using
the internet a long
time mircea_popescu
jurov: i know you lived
there, but seems you did not adapt very much
mircea_popescu: nowadays. it was merely started
to suck back in
the early prev decade
jurov: i
think you're enigmatic for americans.. completely different culture
mircea_popescu: how am i enigmatic ffs. i'm like...
the only person in btc using
their name, my mug is all over my blog
smickles: lol, mircea_popescu, what's up with your /c crowd?
they have a huge naruto cosplay
thread capped off a pic of a couple dozen slave leias
mircea_popescu: so
this is going
to be
the next nexus of bitidiocy
then ?
smickles: as far as i knew, deepbit and
theymos were interchangable
smickles: i understand he's younger
than me, so he should have plenty of future
mircea_popescu: i guess if not he'll have plenty more opportunities in
the future anyway.
mircea_popescu: anyway, i should hope he has learned his lesson on
the forum.
smickles: mircea_popescu: it's person
to person contract sales with forced margin calls if
the shit hits
the fan, sound familiar?
mircea_popescu: "we must find something other
than
that and
this other
thing which works"
mircea_popescu: smickles no, it was "o,
this
thing i made SUCKS and it was badly managed and it's pure bulshit and a scam heaven"
mircea_popescu: anyway. i was gonna say it's somewhat unlikely
they actually have
the means
to pay if
the price moves significantly, but maybe some btcs are worth
the next generation of btctalk drama
smickles: "let's find an exchange
that isn't mpex or glbse" (meanwhile he part owns what is likely
the runner up of
those
two)
mircea_popescu: fuckwit. what's he waiting for, me
to give him free shares ?
mircea_popescu: THAT's why he was
talking completely unwarranted shit about mpex ?
smickles: mircea_popescu: at such volume
that i picked up about 200 below 11.4
mircea_popescu: well im
too lazy
to dig up whatever acct details i made up whenever.
smickles: i was
thinking
there was a play like long
the future, buy a put
smickles: it was
trading at about 10 earlier
smickles: mircea_popescu: yeah,
the gold and oil futures have near nil volume, but I was
talking about
the usd future
smickles: < mircea_popescu> smickles it has volume now ? | volume 232780 usd (which probably
translates into 23278 contracts
traded) open interest 7114
smickles: thestringpuller: sounds like your idea is gaining some
traction, eh?
thestringpuller: cause exchange rates are much higher
than what visa charges processors
thestringpuller: you have
to hedge your holdings in order
to overcome exchange fees so it's not
traditional
thestringpuller: you can make it perceived
that way if you have pools in a warchest of sorts
vampireb_: that what I meant, only
the required amount of BTC should be exchanged or locked during
the auth
thestringpuller: (eCommerce auth is some of
the most optimized software out
there)
thestringpuller: even credit cards aren't processed on demand,
they are only auth'ed on demand, VISA/MasterCard sends a signal directly
to
the processor,
the processor checks
the available balances of
the accounts and sends back an auth response accepted/declined. only at night are
the accounts
truly reconciled. for btc why would it be any different?
thestringpuller: if you automate
that process
then it seems like it's on demand
thestringpuller: you have
to go
through an exchange
though at some point
to resupply your fiat on
the card
vampireb_: i'd prefer of course just
the card is getting funded from BTC on demand :-)
thestringpuller: except in an automated batch processing world, each one of
those "steps" is continuously happening each night
to make it look like your doing btc -> card
thestringpuller: process which
transactions? converting from exchange->fiat?
vampireb_: i am not sure what "liquidate" means, still you would need a 3rd party
to process
the
transactions. which will be out of reach for a lot of ppl.
thestringpuller: vampireb_: what i'm getting at is it
takes a while
to make
the steps
to liquidate into an account seamless, I want
to make a solution anyone who wants
to
take
the effort can set up on
their own servers and spend cash with a prepaid card/debit card of
their choosing
thestringpuller: my division in
TSYS (the cc processor I work for) processors rush card (the prepaid card by russell simmons for you def jam fans) and
they have so many fees
rg: i
think nearly 80% of his cc
transactions are me
rg: hes
the gyu who buys me food online
rg: [14:38] <thestringpuller> i have an amex prepaid card I liquidate btc
to for buying lunch
vampireb_: well i am recalling from memory
that someone was funding cards
this way
thestringpuller: it's not seamless yet but with a few more
tweaks it will be
thestringpuller: i have an amex prepaid card I liquidate btc
to for buying lunch
thestringpuller: vampireb_: but in
terms of an OSS solution you would just use exsiting accounts
rg: but not easy
to do online
thestringpuller: vampireb_: you can have reloadable cards issued
to your business but it requires a KYC check
vampireb_: well
to issue a debit card, you need
to have a help from a bank.
rg: they had
the best rates
vampireb_: ok used
to be.. i dont recall rates, but it was about 3% while visa/mc was like 1.5%
rg: 1 amex
transaction a month hardly justified
the fee
rg: you just need
the volume
rg: so fi ONE person used amex
to buy a $5
thing
rg: i was
the one who discovered we were losing $100/mo
rg: and we used
to fight with credit all
the
time
rg: i used
to manage a convenience store
EskimoBob: if you have a card reader and a client,
that can connect
to blockchain?
vampireb_: i have done my share of micro
transafvtions and credit processing
rg: direct connections
to visa have volume limits
rg: that connects
to visa
vampireb_: to do any kind of
transactions with cards you need
to connect
to visa network
EskimoBob: card reader can be plugged
to a pc or laptop and client software