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mircea_popescu: kakobrekla: or just mix the laxatives in the drink and run. << why run ?
mircea_popescu: great. punkman is like the resident social caseworker.
mircea_popescu: and in fact what was stolen is a broken spoon nobdy cares about except for some down syndrome patients ?
mircea_popescu: through such eminent strategies as giving away whatever passes for a password in that particular altscam world ?
mircea_popescu: so is it that some derp holding a worthless scamcoin he arbitrarily values at 1k btc got his worthless scamcoin "stolen"
mircea_popescu: i wonder what's next, we decide to confiscate all bitcoin owned by anyone involved with the french government ?
mircea_popescu: lol so the frenchies want to a) make bitcoin tx illegal among anon parties and b) make max tx 3k euro.
mircea_popescu: asciilifeform etsy is a great place to meet famished young things. some pretty. some educable.
mircea_popescu: never waited more than a minute. walk up to street, lift hand. taxi is tere.
mircea_popescu: actualy, to put it in perspective, i've lived here for over a month, took > 100 rides, NEVER HAD TO CALL ONE.
mircea_popescu: the idea that there's a "global market" is beyond shoddy.
mircea_popescu: i can tell you that uber has 0 chances in romania, because i've never had a taxi be over 5 minutes, nor did i ever have a problem getting lost items back
mircea_popescu: " For most of America, prior to Uber it was impossible to predict how long it would take for a taxi to show up."
mircea_popescu: if there ever was a good signal to gtfo out of us stocks... i dunno what else it could be,.
mircea_popescu: "So here is the objective of this post. It is not my aim to specifically convince anyone that Uber is worth any specific valuation. What Professor Damodaran thinks, or what anyone who is not a buyer or seller of stocks thinks, is fairly immaterial."
mircea_popescu: most "vc"s are exposed to less btc than usagi was three years ago, for crying out loud.
mircea_popescu: nobody getting in today gets even 100k together, let alone 3mn, to keep proportions.
mircea_popescu: asciilifeform the problem was 1mn btc sloshing together at a time the total circulating btc was like 5mn
mircea_popescu: why put a pike on display just to stab yourself on the eye with ? just don't mention statistics at all, and merely go on derping nudely, "i want uber to be worth moar"
mircea_popescu: "Young math students are warned about the critical difference between precision and accuracy. Financial models, especially valuation models, are interesting in that they can be particularly precise. A discounted cash flow model can lead to a result with two numbers right of the decimal for price-per-share. But what is the true accuracy of most of these financial models?"
mircea_popescu: so a lot of the heartache of discovering one is poor because one is stupid, not because one never "had a chance" is spared them.
mircea_popescu: "people", ie, nobodies who got in in 2013 got in at a time their meagre disposable income already made it impossible for them to matter.
mircea_popescu: by the time you're that defeated you really have no incentive left to admit you're stupid.
mircea_popescu: well no. most of them went on to "invest" in glbse, be "offended" by mpoe-pr, then "invest" in whatever,
mircea_popescu: two years later, she's working that mfc and wondering "why it all went wrong"
mircea_popescu: but this idiot with a flashy car tells her how he's gonna make her a singer-actresss
mircea_popescu: no, more like we tell that Columbia girl that the best future for her is on her two knees and with a welted butt in our household
mircea_popescu: eminently uninsurable, and the confusion between the two things pretty much the #1 killed of insurance businesses.
mircea_popescu: the risk that your boss may not let you make the prototype however, for whatever ideological reason, is the other type.
mircea_popescu: the risk that your prototype may not work, for whatever real reason, is one type, and eminently insurable.
mircea_popescu: and an appalling fraction of the over 30 crowd to boot
mircea_popescu: and now y'all are better qualified risk managers and generally speaking financiers than pretty much everyone under 30 on ws.
mircea_popescu: that's why you don't let derps build unstable skyscrapers. not because the thing WILL fall, but because the thing MIGHT fall
mircea_popescu: but the cost of everyone on the street insuring against being fallen on ? 1mn over 10 years.
mircea_popescu: bitcoinpete consider the case of a street where some idiot builds an unstable skyscraper.
mircea_popescu: <asciilifeform> from a different angle: why no cheap factorygurlz in usa? because the 'candidates' are instead paid to sit and wank << false. the cheap factorygirlz in china come from families which have cared enough about them to invested beatings and other very valuable time.
mircea_popescu: generally, the sooner agents are brought to their knees the less blood gets spilled.
mircea_popescu: if there were no pirate and no silkroad whatshisname, the usg wouldn't be tempted today by the very dangerous heresy that "maybe it can make it on its own"
mircea_popescu: vs the 50 idiots who bought pizzas and lost wallets and whatnot.
mircea_popescu: consider group 1 of 50 idiots who "invested" with pirate, thus creating for me the problem of there existing a pirate, something im still dealing with.
mircea_popescu: whereas group 2 just spends it, therefore merely wasting resources.
mircea_popescu: benkay because group 1 was "investing it" therefore wrecking capital allocation
mircea_popescu: but the reason these derps are on kickstarter and bitcointalk instead of whatever mine isn't that they had enough money and bought their way out.
mircea_popescu: as long as the scammers actualy waste it, rather than keep it, this is financial sterilisation.
mircea_popescu: asciilifeform that's the minor part of the binomial. the major part is that it is removed from folks who shouldn't have had it.
mircea_popescu: which is kinda why the headlines read like they did, a few years ago. "x bank writes off y bilions"
mircea_popescu: the most important economic activity in a runaway inflation macroeconomy is the writing off of bad debts.
mircea_popescu: of course, actually wasting money is a net positive for the us system.
mircea_popescu: we're in postmodernism here, and so therefore postsanity.
mircea_popescu: asciilifeform sane people also aren't on kickstarter, nor do they think everyone's their peer, nor do they think they have something to "contribute" in random fields that never heard of them.
mircea_popescu: the problem with kickstarter and the shit trying to copy it isn't that it wastes a lot of money, but that it wastes it pointlessly.
mircea_popescu: assbot: Kickstarter project spent $3.5M to finish a working prototypeand ended in disaster | Ars Technica << punkman to be fair, that's not really either important or making a lot of sense. sometimes prototypes fail, which is why they're called prototypes. i don't think you can find any item which didn't have millions "wasted" in prototyping
mircea_popescu: "I will rape you fucking partridge. I am more legit then you. I am sure that your account is hacked and you are not the one you are trying to show. Shut up there or i will fuck you in hole"
mircea_popescu: "Huge investors are consolidating here, that's good sign. You found this topic very fast. Excellent. Big things in work."
mircea_popescu: "My contribution in the innovative structures last years filled out 88% of my time."
mircea_popescu: the consumer end is cursed to be forever consumer facing.
mircea_popescu: it won't soon end. next move is rap derps going on about their bitcoin creed
mircea_popescu: "I am Mr Ricardo, one of the first bitcoin miners early in 2009, prosperous engineer, social policymaker and developer of different marketplaces everywhere in the network."