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mircea_popescu: similarly, if oksluts.com opens up offering sluts starting at 1.75 and DD for 1k dollars,
mircea_popescu: wywialm the fundamental problem with this view is that i do not wish to engage in a financial relationship with deadbeat B, where "your site was only an intermediary". i wish to engage in specified, modellable deals.
mircea_popescu: but your design is anything but robust. it's web-optimized, metaphorically speaking.
mircea_popescu: bit by bit works, but by invalidating THAT, and sorted in order of importance.
mircea_popescu: so far, i'm not as much as able to distinguish this from "here's my facebook clone", honestly.
mircea_popescu: you can't say you designed something and then keep pulling items from your sleeve as discussion of your design progresses.
mircea_popescu: and the "how i picked 10%" is a testament to the whole "copying big boys" thing. there's a reason they use the magic numbers they do.
mircea_popescu: not that you ever explained in your design description what "maintenance margins" are, but this is a magic trick without substance : if you need to move 5% to break you'll move 5% and if you need to move 15% you'll move 15%.
mircea_popescu: what happens if A is leveraged 1:1 and owns 100 contracts and B is leveraged 2:1 and "owns" 400 contracts, if that " the auction is triggered" undocumented bug springs into auction ? can A's wholly-owned contracts be touched by B's insanity ?
mircea_popescu: we're not discussing here the ideal case where "the liquidated position is small enough". we're discussing here interesting cases, when you have a noisy market and a bunch of agents that act irrationally.
mircea_popescu: essentially, you see what the big boys are doing, and figure you'll just do it yourself. except - the big boys can do things BECAUSE they are the big boys, ie, there's bernanke there to "save the economy". you aren't, and i can lean on you. moreover, the big boys don't ever do this 2:1 thing. they do a little margin, and as private financing, which is exactly how you should be doing it also.
mircea_popescu: and no, you can't fucking liquidate on the market, think about it for a moment. the very reason you are liquidating in the first place is that the market's no good.
mircea_popescu: "the exchange covers the losses" out of what ? you're not fabulously rich afaik.
mircea_popescu: This in the happy case where the exchange doesn't attempt to autoliquidate positions, creating all the noise surges you could wish for.
mircea_popescu: Bu is now way the fuck underwater, exchange takes his order off also.
mircea_popescu: MP comes in and sells 1 X at 10.1. the price for X is now 10.1
mircea_popescu: exchange advances 2:1 margin to Be, backed by "its" cash.
mircea_popescu: exchange trades symbol X. participant Be[ar] comes in and deposits 1000 coins. participant Bu[ll] comes in and deposits 1000 coins.
mircea_popescu: mkay, let's detail this for the benefit of the kids reading logs.
mircea_popescu: they paid me. this doesn't make the model more workable.
mircea_popescu: and c-1) have you looked into the history of icbit.se which did the exact same thing and its trampling is discussed in early trilema ?
mircea_popescu: wywialm a) you're sure about something you've not explained ; b) you are forcing me to read between the lines which is the opposite of competence ; c) if what you mean is that you steal everyone's deposited cash to do mutually-financed margin, what happens when a position split 50/50 (allowing you, possibly, somewhere close to 2x margin) suddenly moves in choppy trading to 85/15 split
mircea_popescu: was one of the lulzy moments in costa rica, day after landing there, me spends with local bimbos, next day, supermarket, bimbo bread, o.O
mircea_popescu: explain that part. how are they designed, these instruments.
mircea_popescu: wywialm nice, but this isn't what i have in mind when i hear "economic design".
mircea_popescu: pretty shitty wonderbread, but always good for a lulz, make teh galz have it.
mircea_popescu: ;;later tell mike_c hey, danielpbarron can't log into eulorum because something with cookies. anything change ?
mircea_popescu: the notion that i'd support such a thing is plainly outrageous.
mircea_popescu: what has happened since you first mentioned it to lukewarm reception is that the person doing it has still not done his half year of log reading and humble wot beginings.
mircea_popescu: this is a pretty miserable offer. capitalism is about who gets what, not about who needs what.
mircea_popescu: so basically "i have this untested thing we baked together with some greenhorns that aren't in the wot but wouldn't mind using me - wouldn't you like to give us money ?"
mircea_popescu: squarely ignoring the fundamental part - that they should be left behind, that they're the scum in the engine and the gout in the knight.
mircea_popescu:
http://btcbase.org/log/2016-04-20#1454047 << no. 2012 was the year every dog with a flea in his beard could pretend to humanity. then 2013 brought the requirement to actually not be poor, and 2016 brought the requirement to not be stupid, and common folk are all butthurt over being left behind
☝︎ mircea_popescu: wywialm good for you but what's this to do with f.mpif ?
mircea_popescu:
http://btcbase.org/log/2016-04-20#1454044 << the principle is sound and very close to home. the unforeseen obstacle is, of course, people. specifically it turns out it's a lot harder than expected to distinguish the people who'd like to be involved from the people who have any busienss being involved. the sad realisation is that the world changed A LOT over the past few decades, and not for the better.
☝︎ mircea_popescu: wywialm well it's a sad time for f.mpif, what with bitbet going. but i guess maybe ? what've you got ?
mircea_popescu: this is some version of the "tree in the forest" argument.
mircea_popescu: if it's not larger than the operator then what is it ?
mircea_popescu: if it weren't for this, it wouldn't even be a bad thing, everyone'd do it.
mircea_popescu: it can not. that's the only important attribute of a ponzi - that it can not be closed down cleanly.
mircea_popescu: the reason ponzi collapses is because ~it can not continue~. that's it. if he could have, maddof would have closed down his ponzi cleanly. he can not. if it could have, the usg would have closed down its social securities, or "us financial system" or "real estate values" ponzies cleanly
mircea_popescu: the reason ponzi collapses is not because ~someone wants to~. that's the angle ponzi masters ~push~, and lazy, retarded ignoramuses like yourself lap up.
mircea_popescu:
http://btcbase.org/log/2016-04-20#1454022 << you are also using words you do not master the meaning of. successful closure is sufficient and definitive proof something WAS NOT a pyramid scheme. the reason should be obvious, if you're not lazy and retarded. you however are, no matter what your mommy may have mendaciously told you, both lazy and retarded, so let's explain :
☝︎ mircea_popescu: this isn't something to whine about. this is something to motherfucking fix. starting years ago, but 2nd best - today.
mircea_popescu: it's a sad property of EVERYONE IN BITCOIN that mp is in the classical position of zeus, where if the whole mt olympus picks up the other side of the ring, he can still throw them all over the fucking sky.
mircea_popescu: it doesn't attach to me, or to mpex. i'm doing things. it attaches to you, personally : you're not good enough. and you sure as hell fore that reason do not belong opining in here. go learn how to do things that mpex may consider listing.
mircea_popescu: see old discussions about "qualified investor" and so on and so forth.
mircea_popescu:
http://btcbase.org/log/2016-04-20#1454005 <<< it was explained originally and has to be explained periodically [because the flies have infinite hitpoints only in aggregate, as the fly swarm, otherwise live for half a year as individuals] that the principal point of the fee is specifically to keep fees away.
☝︎ mircea_popescu: [vocabulary : def = data exchange format ; de = data exchange ; pic = point in case]
mircea_popescu: in any case - practice prevails. this ("modder people use sql to de") reads to me exactly like "porn people use vhs" did in 1980. it's not that it's over for betamax. it's that "what is this and where's the vhs."
mircea_popescu: it'll never wash. if it washes at some point in some circle, that's proof positive the circle in question is made of shit. maybe more or less invidious shit, depending, but shit nevertheless.
mircea_popescu: PeterL i dun know that the "selection of assets" was ever the criteria.
mircea_popescu: trinque incidentally, i received confirmation from a rather unlikely quarter that your "SQL is the DEF" idea is spot on : apparently people in games [modders, people who do the auction websites, etc etc,] have long ago and unviersally agreed THAT is how to DE. pic :
http://logs.minigame.bz/2016-04-20.log.html#t07:32:45 mircea_popescu: "gee i wonder why a fresh install of X takes 2gb when the package is 200mb ?"
mircea_popescu: "oh look, this 16kb script download takes > 1mb hurrr"
mircea_popescu: punkman isn't all that buffer-filling shenanigans going to give the show away anyway ?
mircea_popescu: meh. mpex managed to flush the book. everyone is kindly asked to reintroduce whatever orders the had. apologies for the inconvenience.
☟︎