314900+ entries in 2.896s
mircea_popescu: "Luke Jr. was not only evasive in the thread linked, but he also went out of his way to deceive. He also deserves
a scammer tag IMO, but I guess that's
a seperate matter."
mircea_popescu: "The Obama administration is engaged in
a broad push to make more home loans available to people with weaker credit"
mjr_: (more accurately in the series
a song of ice and fire)
gribble: (avgprc <currency> <timeframe>) -- Returns volume-weighted average price data from MtGox. <currency> is
a three-letter currency code, <timeframe> is the time window for the average, and can be '24h', '7d', or '30d'.
gribble: MtGox lag is 8.573174 seconds. During this time, light travels 0.017180544706 AU. You could have sent
a bitcoin one full loop along the orbit of the Moon around Earth (0.016 AU).
mjr_: anyway, i have to do some work, but i like the anarchy of
a free market, whatever happens is supposed to happen, how well you do depends on your skill and risk profile
mjr_: gox would be like
a layer 4
mjr_: for example, if i have
a gox account, and everyone trusts gox, they can take my transaction without even hitting the blockchain
KRS1337: i dont see the network at this point to keep up with transactional data sufficient for btc to be
a currency..doubt it will evar be there =(
mjr_: as in, pulling off
a successful double spend in real life after
a face to face transaction is probably very difficult, AND not worht it
mjr_: its not even that i trust you as
a person
KRS1337: like..it takes
a while sometimes to transfer btc just from one point to another
KRS1337: i never understood how ppl can call it
a currency, maybe theres something im not understanding.
mjr_: bitcoin is layer 2, maybe 3 in
a financial OSI model
mircea_popescu: Italian police have seized
a record (EURO)1.3 billion ($1.7 billion) in cash and property from
a single person,
a Sicilian alternative energy entrepreneur alleged to have close ties to the Mafia.
mircea_popescu: that thinfg is becoming
a study in creative ways to fail
bgupta: with
a 1.3 billion marketcap?
bgupta: I tend to agree, that there is
a share of people out there buying this shit with money they can't afford to lose. Including So EU folks. However, I do wonder if "real money" will at some point also chose to dip their toes in the water?
mjr_: that is
a hundred million dollars more in the bitcoin economy
mircea_popescu: people with
a clue priced out of the market by the lemming mania isn't quite as great,
mjr_: but this is what i was saying...if everyone tomorrow says "i heard of this thing called bitcoin, i will get 1 bitcoin" and there are
a million of them
mjr_: they are not
a large part, but as
a group they make up
a large portion
mjr_: like saying every person who works
a minimum wage job is not part of US economy
mircea_popescu: this is just
a bunch of poor and desperate people who are unemployed and stuck with their computer in
a barely furnished apartment
mjr_: every person buying one bitcoin not only gets one bitcoin they also create
a positive externality
mircea_popescu: whereas there's much larger ones painting
a diff picture.
mjr_: and creating
a platform for the next person to see that it now makes sense for them
mjr_: i may not be
a long term believer
mjr_: i now own
a bitcoin...i am
a part of the bitcoin economy
mircea_popescu: by that logic every time i pay
a waitress i'm getting married
mjr_: and as it looks like
a "sure thing" that number will increase
mjr_: how can i not buy
a bitcoin? i guaranttee i can buy one right now
mjr_: i have x amount of cash, i CAN buy
a bitcoin
gribble:
A market order to sell 100000 bitcoins right now would net 7998039.7682 USD and would take the last price down to 36.0500 USD, resulting in an average price of 79.9804 USD/BTC. | Data vintage: 0.0044 seconds
mircea_popescu: so basicvally... any dollar over 100 anyone pays on
a btc is
a dollar lost.
Bugpowder: getting tempted of shaving of
a bit
mjr_: "You need to be
a special kind of an idiot to implement system as slow and fucked up as mtgox's." -reddit
mircea_popescu: in that
a bunch of noobs / "daytraders" in their own mind are cycling the same btc among each other at the exchanges
mircea_popescu: this is
a very dangerous non=participatory run-up by now
jurov: lol, there's
a deposit queue on coinbr, too
mjr_: lol that is
a great point jurov
mjr_: from my perspective, what survives is what should have survived,
a little tautological i know, but that is how the world works
mjr_: VHS was more fit than BetaMax, even though it was worse as
a technology
mjr_: TradeFortress: i agree...but in
a capitalistic sense, you can choose what people offer or make your own, i think for long term adoption backward compatiblity is of course necessary
mjr_: TradeFortress: you can create your own version that gives you what you like about v3 and make it compatible...this is my point, software is not
a right
TradeFortress: mircea_popescu, that is
a problem when there's really only one bitcoin client
mircea_popescu:
a. i am your regulator, if you don't i'll fuck you with my nonsensical regulations
ChaangNoi: i was not picking
a side here, just correcting what was said
TradeFortress: mircea_popescu, I'm guessing owner bet
a lot of coins on them shipping.
mjr_:
a choice for the status quo
mjr_: well...i think there is always
a choice, but i also think most are too stupid to make one, but no choice is
a choice
bgupta: and when deepbit got close to 50%
a bunch of miners left
bgupta: well you can chose
a particular pool...
mjr_: and everyone who chooses to use
a pool
mjr_: oh i agree its
a problem
mjr_: but i think they took into account the fact that
a fork could have damaged their long term gains into account
mircea_popescu: the btc guild guy made
a choice that cost his miners ~1-2k btc
bgupta: mircea_popescu: You are correct I don't understand.. I only understand the technical issue with the fork, not the economic or social implications.. is there
a more theorough analysis out there?
mircea_popescu: bgupta i agree that
a correctly functioning bitcoin would have been fucked in that situation, and so "good" that it was broken.
TradeFortress: strangely how it went down after me &
a few members requested large withdrawls.
bgupta: the loss of distributed mining is
a big issue
bgupta: eh, they dodged
a bullet, (IE: were lucky) and Bitcoin foundation chief made losing fork folks whole. And they figured out how to avoid issue in future.
mircea_popescu: take the recent fork disaster. it being passed off as
a great success, what's that ?
mircea_popescu: it's
a pointless dog to chase atm, we have much bigger problems
bgupta: mircea_popescu: Do you find bitcoincharts down
a lot or is this unusal?
mjr_: maybe lag is
a feature not
a bug?
mjr_: not
a bad day for gox
bgupta: I was actually wondering if it would work to setup
a subsidiary of
a US company to do the trading.. and report the profits overseas in
a low tax environment.
gribble: MtGox lag is 119.238373 seconds. During this time, light travels 0.238952364433 AU. You could have sent
a bitcoin between Earth and Venus at their closest approach (0.254 AU).
bgupta: I don't plan to use btc/fiat echanges any time soon, at least not gox.. as I'm in US and the whole rcoinlab thing seems
a shame
ChaangNoi:
a lotof btc transactions happen outside of an exchange, ihave not use an exchange in well over
a year (other than btc-e for ltc)
bgupta: for
a site that is prety broken..
TradeFortress: you'd see all the "LTC is faster!" guys complain that their TX isn't making it into
a block
bgupta: is lag
a constant thing?
dub: nmc does
a lot more than ltc
dub: its not
a rumour anymore
gribble: MtGox lag is 76.788317 seconds. During this time, light travels 0.153882927503 AU. You could have sent
a bitcoin ten times between Jupiter and Callisto (0.12567 AU).