312800+ entries in 0.081s
mircea_popescu: right but i mean of whom or what or in general, who needs to be hit over the head with the observation that the bitcoin space has had a gaap for years and they're being ignorant.
mircea_popescu: "The poorly thought trust system also highly favor said organization" favors. cause singular.
mircea_popescu: No results found for "There are currently no Generally Accepted Accounting Principles (GAAP) governing bitcoin".
mircea_popescu: and a market of "hackers" let's say, ie, the sons and daughters of said iliterate peasants. who will just move to bitcoin.
mircea_popescu: truth is bitcoin is exactly going to kill them. western union has a market made out of illiterate peasants and assimilated non-persons, which is not really worth serving per se,
mircea_popescu: meanwhile the sec is too fucking snotty to actually get to work at strangling these idiots.
mircea_popescu: please keep buying shit at par, we'll give you rented hashes for 5% six months later
mircea_popescu: i so wouldlike to see someone grow some fucking balls and argue in court that they're not hold to do anything the irs wants because well... the irs doesn't follow the law.
mircea_popescu: otherwise, you're "legally required" to keep the records for... ever.
mircea_popescu: well that depends. if it suits them, they only keep them for 6 months.
mircea_popescu: rithm the misguided pretense as to jurisdiction is starting to get on my nerves. sec doesn't actually make it, but all sorts of dr foreskin lapdogs fall over each other to "create consensus"
mircea_popescu: fiat people : stop trying to pretend bitcoin is fiat. bitcoin is not fiat. more importantly, your expiration date is in the past.
mircea_popescu: mthreat all this "we gotta say something and we have no idea what to say so here's a collection of copypasted material with filler" shit...
mircea_popescu: quite the vibrant little community we got here. there's even a manul in a treehouse!
mircea_popescu: actually i think something else is the most interesting property, and sorta too lazyto write blogpost
mircea_popescu: I encourage you to visit the links: the profiles section will help you in your daily worshiping of myself, while the other sections will allow you to experience the productions of some other great minds. However, you will come to the inevitable conclusion that I’m better than all of them combined.
mircea_popescu: This blog is the inalienable property of the greatest mind the universe ever had, and is ever going to have. Its contents are licensed under a Creative Commons License.
mircea_popescu: pankkake that is matematically equivalent to "each block is its own sort of halving"
mircea_popescu: but you're right, the only current business of pseudo-bitcoin businesses a la coinbase, bitpay etc is that they're benefiting from a legal inefficiency, where exchanges that admit it are being fucked actively, whereas exchangesd that pretend to be paymernt processors aren't fucked quite as bad quite as yet.
mircea_popescu: "Bitcoin with an infinite but reasonable inflation would not be so different."
mircea_popescu: so you'd have to find 100k blocks or thereabouts to break even
mircea_popescu: or about 10 btc. while a block is worth about 5k-10 satoshi
mircea_popescu: "You ask why people invest... Let me answer that for you as I have decades of experience providing analysis to investors... "
mircea_popescu: oggnasty : "Valuing these offerings over time in BTC is idiotic..."
mircea_popescu: "A more formalized version of this should be linked/appended to every single IPO offering on the forums as a cautionary tale. "
mircea_popescu: Namworld if you want i can sign it for you. then whoever wants to say you changed it will also have to say i signed a new version.
mircea_popescu: and also it's a fine example of what'd go into the bitcoin-assets registrar of deeds.
mircea_popescu: the absolutely ideal system, imo, would be a server that used the same secret for ALL PLAYERS and reset it (for all players) at any player's request. but this poses problems for anon players.
mircea_popescu: if hash may be revealed at any random point, this is suddenly problematic
mircea_popescu: now, if you know when the hash will have to be revealed, this is possible
mircea_popescu: 1.2 btc bet comes in. server looks at results, A wins, B loses. server picks its hash as B and reconstructs the merkle tree
mircea_popescu: ie, either "A" or "B" would give the 0.1 and 0.2 bets same results.
mircea_popescu: at this point, server is also mining, and knows that hash "B" would also be consistent with the history so far.
mircea_popescu: server seed is "A". 0.1 btc comes in, is calculated. wins or loses.
mircea_popescu: Namworld do you see why the jd "show on request" model is slightly stronger for fairness than the "fixed time disclosure" ?
mircea_popescu: client's last deposit tx is good, and a lot of space in there in the block in case it's needed.
mircea_popescu: the coinroll "end of the day disclosure" method is also acceptable. it may be open to abuse for low volume sites (based on finding hash collisions, much in the same way mining works) but doesn't seem too practical
mircea_popescu: but anywqay, this entire paper is not about server cheating, it's about how "if you're lazy and stupid you might lose". sure. as it should be. let people make proper betting bots with seeding per bet
mircea_popescu: jd for instance allows you to run 0 bet sampling rounds of infinite size.
mircea_popescu: Namworld "No, you wouldn't be able to notice that the website, across all players, has a much higher house edge than 1% which is unlikely. It's easy to fill with fake "lucky" account to compensate " << you could notice it over your own experience.
mircea_popescu: play all the games that meanwhile died, from ancient egypt and fenicia to chemin-du-fer
mircea_popescu: punkman i never got bacarrat, but you know what might be a good idea ?
mircea_popescu: Namworld stop being stubborn. if you put up text like that you need a blog. how's someone going to comment on it for instance ? how's someone coming in 1 year know what was already commented ?
mircea_popescu: 1. Client changes the seed after each new server seed, before every bet. He doesn't know server seed, so seed he provides should give a random number. (Painfully tedious, few actually do it, but for those who do, provably fair.) << prolly a bot that does this would be useful.