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mircea_popescu: BlueMeanie4 if i cared what i looked like i'd actually be a cult leader.
mircea_popescu: it's not a pretty place to live in. even if you do have the ever present, ever oversold hope you will somehow "create immense value" and run off to live in argentina.
mircea_popescu: that's how you ended up with "books" being the shittiest thing people will still take as a book, in a neat little package
mircea_popescu: your focus on the price to the detriment of the more important considerations is, again, what sunk the system you grew up with.
mircea_popescu: the thrift is actually the historical point here. economy started its life as an attempt to waste less.
mircea_popescu: in the sense laundromat literally means laundry robot.
mircea_popescu: the point is for the market to be meaningful not large.
mircea_popescu: maximizing the market is not a valid goal of economics any more than maximizing body weight is not a valid goal of medicine.
mircea_popescu: we happen to be here to reverse all of it and more, but it's irrelevant which way it goes really. obviously the cock going in hurts about as much as it hurts going out, so to speak.
mircea_popescu: the funny part being, of course, that they actually DID redesign the whole universe, and everything you imagine was always fixed and the case was purely and shamelessly invented then. then history rewritten to support this inane theory.
mircea_popescu: this is like, bitcoin will fuck it up the ass with a steel girder and everyone has a short and vanishing opportunity to change sides.
mircea_popescu: this isn't like... o hey, bitcoin is trying to persuade the old order.
mircea_popescu: nobody here gives a shit, and unless you change your mind you'll be force-marrying some english speaking brute.
mircea_popescu: "real tangible facts of how political systems work" indeed.
mircea_popescu: BlueMeanie4 pretend you're some exponent of the iroquis. everything you said works just as well.
mircea_popescu: kinda like we care about how the iroquis "state capitol" used to work.
mircea_popescu: how financial markets used to work pre bitcoin is purely of academic interest
mircea_popescu: BlueMeanie4 that'd be because you got some ideas you're trying to fit to observed reality
mircea_popescu: they have not. just, you never used any math and you never had much to say about economics.
mircea_popescu: BlueMeanie4 well you gotta read to see the operable ideas.
mircea_popescu: but one point is important : the world you know has failed. this will require a pound of flesh out of everyone involved. whether it comes in the form of the intellectual humiliation where you say "we were wrong and the actual voodoo people at the table" and move on, or the actual physical humiliation that goes with being on the defeated side...
mircea_popescu: well, to round the circle : i find it unfortunate that so many otherwise intelligent fellows are so fixated on their various habituations that they refuse to adapt and become useful for the future.
mircea_popescu: these "financial markets" aren't a single thing, and they only work as you describe them when they don't actually work.
mircea_popescu: this is fine, but it's a little silly to push that argument of familiarity too far.
mircea_popescu: so look : you can sit in a car, and derive from the experiene of sitting there some idea as to how the car works.
mircea_popescu: how much are us gold backed debentures, worth cca 1931 ?
mircea_popescu: who i am and what eggs are comes before any numerical consideration of value.
mircea_popescu: so no, it's not a thing equal to another thing, and they discount each other.
mircea_popescu: Morgan: "Before money or property or anything else. Money cannot buy it...because a man I do not trust could not get money from me on all the bonds in Christendom."
mircea_popescu: Untermyer: "Is not commercial credit based primarily upon money or property?"
mircea_popescu: you are making a mistake jpm warned against. allow me to quote the old gentleman.
mircea_popescu: now, you're more welcome to get burned a few times if you won't listen and feel entitled to call things sophistry.
mircea_popescu: which they bought because they think like you, in spite of me telling them not to.
mircea_popescu: otherwise, debt notes are older than coins, have been in use in china since forever.
mircea_popescu: that's how it goes in the book your learned on. this is called didacticism : the sad habit of people to recreate history in terms of their preferred systematic approach.
mircea_popescu: BlueMeanie4 this is like saying vishnu is the basic thing giving the world movement.
mircea_popescu: no. bitcoin is not debt backed. every dysfunctional currency is debt backed.
mircea_popescu: they didn't fail because of securitization directly, but nevertheless they will fail unavoidably for reasons rooted in why that particular kind of securitization works that particular way.
mircea_popescu: go ahead. it ain't happening here, and it won't survive the decade.
mircea_popescu: hey, you wanna stick to doing it that way by all means.
mircea_popescu: no, it's not exactly the same. hence the comment above about shorthands,
mircea_popescu: hell, the ether future contract specifically said it will allow assignment even.
mircea_popescu: same principles, of course, but changes the engineer's life entirely.