315900+ entries in 2.499s
MJR_III: but also...just because they are the best and have first mover advantage does not mean that they are running
a good exchange
MJR_III: and they have
a ton of volume and very high fees
MJR_III: i've been watching for
a while
MJR_III: they make well over
a million
a month i think
MJR_III: there expenses are higher than 53k
a day?
mircea_popescu: since there's no competition on fees its clearly not
a profitable space.
mircea_popescu: you have cases with 10k
a month which come to 200 btc.
smickles: and he did recently make
a 1% payment
MJR_III: but he owed 250k now it is over
a million
mircea_popescu: listen MJR_III this fees stuff... think for
a moment. no exchanger makes money.
smickles: there is kinda
a defacto deal with the creditors
MJR_III: and put
a portion of them towards the debt
MJR_III: or you work out
a deal with the creditors
mircea_popescu: the girl made
a very good point as to the cost of financial ineptitude vs coding inavbility
MJR_III: you either do what
a real company would do
mircea_popescu: smickles the redeem codes was
a sorta attempt, but meh.
mircea_popescu: MJR_III so far even
a fucking naming convention is impossible to contemplate, let alone implem,ent.
MJR_III: so...there is
a reason i can buy something on one exchange and instantly sell it on another
MJR_III: there is
a reason our world is the way it is
mircea_popescu: MJR_III that is
a good point actually. i have no idea why everyone's so hell bent on being special unique etc.
jcpham: i've been building
a porch all week
MJR_III: until there is
a better exchange, AND all exchanges communicate with each other
MJR_III: there needs to be
a good or service backing it up
MJR_III: it is
a proxy like all currency
MJR_III: you can turn cash into
a reserve note for bitcoins in
a way
smickles: mircea_popescu: ah, right. It is
a production. The probably do have people do it for her
MJR_III: cash sucks as
a store of value, but it is pretty convenient for in person local transactions
MJR_III: i don't think the dollar is going anywhere for
a long time
smickles: buying cash is still
a way to use bitcoin
jcpham: cash is
a dead technology
MJR_III: at first of course, you would hve to have them inside
a business...
MJR_III: you could have those machines also mining as they do their role of providing
a convenient exchange
mircea_popescu: servicing atms is
a few levels of complexity atop that
mircea_popescu: but it may take
a while. we're not quite able to make asics yet
MJR_III: it would add
a ton of liquidity if this atm network took off
MJR_III: ATM's are
a pretty big business, access to currency is always going to be needed
MJR_III: the idea of an automatically adjusting exchange rate ATM that can be connected to
a wallet is pretty trivial, the main issue is again exeecution
MJR_III: not
a problem nowadays, you just run to the atm
MJR_III: for example...the lady with no undies has
a debit card
MJR_III: but if that is going to change, you will need people with
a different skill set
mircea_popescu: MJR_III well... it also yet benefits from
a very low bar.
MJR_III: its an interesting challenge, and i think its
a testament to the strength of bitcoin that it survives bad management
mircea_popescu: "ebay for bitcoins" is
a marketing ploy, different beast.
mircea_popescu: "it costs you less to buy your lube in btc on our site than at your corner lube shop" is
a vp.
MJR_III: so
a company like GE or Boeing have to do
a whole different set of things than
a web startup in silicon valley, and the fallacy is that because you are good at one thing, you will be good at the other
unbalanced: Bear with me, I'm just wondering... is this
a viable biz for that script kiddie, or maybe
a team of 4, at these levels? Is it
a good start or is Mr. Bitmit wasting his time?
mircea_popescu: you have five minutes to find me
a way to spend 10 btc on items that i could conceivably use during the remainder of 2013
unbalanced: So... in this case, bitmit.net (they need
a better domain at least, I've mistyped it 3 different ways now) apparently has 17029 listings.
mircea_popescu: yeah. they also don't have the chances of
a real business.
MJR_III: but those things do not have the operational challenges of
a real business
mircea_popescu: i can usually sniff out
a half decent manager from
a mile away
MJR_III: yes, being
a good programmer does not make you
a good business manager
mircea_popescu: there's
a lot to business that's not taught in any c++ manual
mircea_popescu:
a woman that was in charge of maersk pacific ops for the past five years
mircea_popescu: you can probably make
a fuckton selling folk remedies and straight silicone injections into the ass. heck, some people do.
mircea_popescu: the only way to obtain such
a thing is if someone with
a lot of fmcg experience and contacts actually starts one.
mircea_popescu: this "here's
a script that sorta replicates functionality now we wait for "the users" to make us
a business" is nonsense
unbalanced: As
a guy wondering what my place is in the BTC economy, I take that stuff to heart and try to remember it.
mircea_popescu: imagine if some kid made
a html page which read THE REAL AMZON
unbalanced:
A lot can change in
a month I guess. And people say bitcoin is volatile.
mircea_popescu: unbalanced basically it's yet another rehash of the old and by now stale "i wrote
a script therefore this is
a business".
MJR_III: thats why
a huge increase in mining power will not really help you mine
a ton of blocks
gribble: Error: "14*24*60" is not
a valid command.
jborkl: if half the network took
a shit, then we would drop to one block every 20 minutes and that would last
a month
deadweasel: ThickAsThieves: Credit Repair business is actually
a good business to get into in the US. since they legislated against all those "instant credit repair" scams, people can actually get help.
jborkl: I have been through quite
a few lower diff levels and it adjusts at two weeks
OneMiner: pgp Yes, if hashrate always goes up then halving day will come sooner by
a bit.
pgp: so, if we assume
a constant increase in hash rate, then halving day, by definition will alway be something short of 4 years...
Guest4504: Goat from
a phone. Lol at technology.
deadweasel: ThickAsThieves: I didn't catch that. So they might have
a diploma from Spain, but want
a US one.
deadweasel: might be hard to understand btc w/out
a high school diploma
ThickAsThieves: anf furthermore would bitcoin be
a good fit for such
a service?
ThickAsThieves: is there international demand for getting
a US high school diploma with online classes?
MJR_III: khan academy had
a great video on diffie hellman system
Chaang-Noi: btc went from 2 to 90 in like
a year, or like x45
OneMiner: That's
a reset button. School and
a living standard bump.
OneMiner: 5k would put me in
a sweet spot. I couldn't complain about that.