315200+ entries in 2.13s
bgupta: but it has
a long way to go between now and then.. (which is not as impossible as many would want us to believe.)
bgupta: Ok one egg, is
a bit.. mmm.. hyperbolic.. you can't really even buy one egg with fiat, in most markets. (They are typically sold by the dozen).. The point is bitcoin isn't rally
a good currency right now, but it does have attributes which could allow it to become one..
bgupta: I'm saying that currencies were created to solve the barter systems lack of
a of double coincidence of wants. All this wealth, technical progress and all that have been able to be created as
a result are just efects of the creation of currency, and not its basic purpose.
mircea_popescu: (ie, shop owner has
a notebook, marks down your eggs, gets paid once
a month)
mircea_popescu: i dunno that many people care about this in
a discussion of "
a good handgun"
mircea_popescu: but you mean by currency something that's just
a very edge case of what
a currency may do
bgupta: google shares aren't
a great currency either
bgupta: right, hence my arguement that it's not really
a great currency… but it doesn't have to be to be
a great thing to invest in.
bgupta: So in that case, buying btc, seems akin to buying shares in the new world order. And if we aren't ever envisioning
a future where one can buy eggs with btc, (even when 1 btc is worth
a wheelbarrow full of fiat) there is
a problem. We'll need (and probably will) solve the blockchain spam problem.
mircea_popescu: i imagine the way it'd work out in practice is you sell out some satoshi for
a wad of zimbabew dollars or w/e
bgupta: If that happens, I'd say btc has graduated into
a good currency.
BitHub: i'm
a fan of positive reinforcement trolling
bgupta: So right now 1btc buys about 500 eggs. Assuming that btc/usd ratio keeps going up to say 1000 in
a few years. does that mean I'll be able to buy 5000 eggs with 1btc, or are we expecting massive inflation to kick in, in USD terms, and btc prices to stabilise out?
mircea_popescu: pretty much the only us citizens that like taxes are those who get
a net benefit from govt servicing.
mircea_popescu: or moreover, of the incredibly brokedness of socialism as
a form of govt.
mircea_popescu: there's currently
a trolling technique called "swatting".
bgupta: If all of
a sudden income tax was optional.. the central gov't would have NO revenue. , and services would revert to neighborhood vigilante services.. think "paying the mob for protection".. I can't see this happening…
mircea_popescu: anyway. if greek remaining bits are any indication, political debate would move to include
a large chunk of "let me tell you how much i've donated"
mircea_popescu: so within
a few weeks tsa would break down and go away/
mircea_popescu: bgupta i would absolutely not pay
a cent for the tsa say
bgupta: wait, you are arguing that fundamentally (assuming one believes that governments need revenue to provid basic services) that there is
a reason that the poor should be taxed
a higher percentage of their income than the rich? (Basically Buffett's arguement is that current tax system is regressive and that he was being taxed less than his secretary)
mircea_popescu: then politics works as an attempt by the billionaire to use the mob[ile vulgus] as
a sort of scarecrow to keep the middle class threading water.
mircea_popescu: very abridgedly : if you have
a bn dollars you pay about 3-5% in tax, or w/e you want.
mircea_popescu: the fact is that
a. he's only not being taxed because he isn't paying himself
a salary (because he doesn't need to)
mircea_popescu: but if you get even close to that barrier it's like superficial tension in
a water dropplet al oof
a sudden
mircea_popescu: of course the socialistoid governments of the uncivilised world would very much prefer
a population of poor only.
benkay: don't be
a pedant, puppeteer.
mircea_popescu: if you make 50k
a year in rents and interests you're not poor.
mircea_popescu: just like
a good baseball bat is one that doesn't lower the batter's average.
mircea_popescu: once you've read that my definition will make more sense. it is "
a good currency is one that doesn't introduce friction for capital allocation"
bgupta: mircea_popescu: Ok let's flip this around. What is your definition of
a "good currency"?
mircea_popescu: <Bugpowder> taxes are the purpose of
a currency <<< actually if we go by historicval recorxd
mircea_popescu: now all that aside : currenlt bitcoin is not workable as
a token to buy eggs because
a large number of idiots mistakenly refuse to recognise its value.
mircea_popescu: but then to reduce that to such
a narrow use seems fallacious.
assbot: Hell, ain't we about more fucked than
a whore at closin' time, huh?
Bugpowder: taxes are the purpose of
a currency
mircea_popescu: this is like saying "what is the purpose of
a car! to drive on new jersey turnpike!"
bgupta: mircea_popescu: ^^ typo.. anyway, that's not to say it can't grow into
a good currency
bgupta: micea_popescu: what is the purpose of
a currency? My understanding is that it is to facilitate day to day commerce. Buying eggs and bread and shit, so people don't have to barter. For this purpose, it sucks. Remember the volitility is not just in one direction..
Diablo-D3: stopping the diarehea isnt
a good idea unless they simply cant get fluids back into you fast enough
ThickAsThieves: if "=PriceMPEX("O.BTCUSD.C310T","S")" used to pull the old options into
a spreadsheet, what would I have to change it to for new options?
Diablo-D3: I mean, thats one hell of
a backhanded complement
bgupta: Diablo-D3: To sen d YOU
a rig?
ThickAsThieves: it's
a stable diagonal line, thats the best kind right?
bgupta: mircea_popescu: As long as the price remains so unstable it's going to be challenged as
a day to day currency.
BitHub: so bfl giving
a asic to jr, bad pr?
bgupta: mircea_popescu: Interestingly the author is long btc.. anyway, the point is you don't need to accept that btc has the characteristics that make
a currency useful, to see that it is useful. It seems to trade like
a hybrid between some collectible,
a currency, and
a early stage startup's equity .
dub: to fully disclose I held
a great many more DMC shares for short periods as I assisted in destroying their value
mircea_popescu: he's certainly the one bitcoiner most likely to go shoot up
a school or some shit
Ukto: Diablo-D3: I have not looked, does he have
a pending claim on the system?
Ukto: Luke-Jr: When you clicked on the claim link in bitfunder, did it already show
a DMC share pending? or is your email address on BitFunder different than GLBSE?
toffoo: Luke-Jr: I have DMC in my BitFunder accnt .. if we can figure out some way to xfer your DMC shares into mine I'd be happy to pass along
a %age of your divs
gribble:
A market order to sell 50000 bitcoins right now would net 4580113.0445 USD and would take the last price down to 80.0000 USD, resulting in an average price of 91.6023 USD/BTC. | Data vintage: 9.8758 seconds
Luke-Jr: Ukto: it's your fault Diablo-D3 is
a scammer btw
Luke-Jr: I should post
a scammer tag request for Diablo-D3 just for the lulz
bgupta: hell even though I'm
a big fan, I could lighten my position by
a asmall amount and have the proceeds have
a serious impat on my life.
bgupta: Realistially I'm sure sellers would come out of the woodwork if btc started making
a race for 10k
bgupta: I like the jist of the forbes article.. Bitcoin is bad "currency" but
a great enabler of innovation in the finance space. (They didn't say it, but it's akin to the innovation to publishing that the internet brought.. e.g. self publishing, decentralization, room for new leaders and business models, etc.)
ThickAsThieves: its bad cuz i dont own any so make
a new one taht i can?
Bugpowder: I think we have
a 50% chance of hitting 200 this month
ThickAsThieves: yeah they shipped
a cellphone pic of the unit Luke was remoting into
dub: it was at 58, then dropped to 51 for
a few days, been climbing since
mircea_popescu: kakobrekla i just realised you're
a nominal millionaire.
Bugpowder_: he wins the more often move in an out of
a position
ChaangNoi: see that is just
a good problem to have, be able to lose that much and stil be like whatever
ChaangNoi: tiberslav do you even have
a whole btc?
ChaangNoi: i have traded btc for ltc for over
a yeay and had all my ltc paid for so i just held to see what would happen
mircea_popescu: well if you need 1 contract granularity there's
a problem
smickles: i don't mind
a rounding error, but i'd like to be able to ensure i'm on the 896 side w/o risking going to 897
smickles: < mircea_popescu> <smickles> "1.0 BTC for 0 O.USD.P086T" << you're kinda misusing that. it's not really intended to do 1 contract at
a time. do 1k. <<< i'm not sure i'd want to do 1k if i can't predict what i'm going to get out of it
mircea_popescu: <smickles> "1.0 BTC for 0 O.USD.P086T" << you're kinda misusing that. it's not really intended to do 1 contract at
a time. do 1k.
mircea_popescu: <smickles> one could've seen this recent loss coming before anyone else, and not been able to do anything about it << of fucking course. that is the point of it, you have to actually provide the service, as
a bondholder.
benkay: hm. who hosts
a good btc-ltc chart?
benkay: someone caught giving
a fuck?