324600+ entries in 2.203s
mircea_popescu:
a "market" doesn't have to mean what you think it means.
mjr_: unless that "value" is activated through
a market, it doesn't matter
mircea_popescu: no, im just sayingthat the value of my resources isn't
a function of what i do or not do.
mjr_: sounds like
a free lunch to me
mircea_popescu: what, you think people don't wolfwhistle the girl who wants to be
a nun ?
mjr_: that is how
a market works
mircea_popescu: the use of your dollars is not
a function of what you do or don't do.
mircea_popescu: even if not
a single bitcoin is used to DIRECTLY buy services
mjr_: yes, but gold had
a *little* more history
mjr_: so either you buy
a coffee using your bitcoins
mircea_popescu: so in
a sense, albeit very synthetically, i am paying for everyting in bitcoin
mjr_: very true and that is the way to go, if you have
a lot of btc
mjr_: again, you can't buy
a new car, pay loans etc with btc
Namworld: by adoption, you mean people buying in on the hype or actual people buying because they need to spend bitcoins on
a service/actually use bitcoins?
mjr_: my friend who owns
a coffee shop in soho tentatively agreed to accept bitcoins
mjr_: however, there will be quite
a bit of time before we can pay rent in btc
Namworld: So is everyone on the we're gonna be rich bandwagon or do people expect
a bubble to pop at any moment by now?
jurov: um, where do i assemble
a team everyone is like, has to sustain wife and kids, paying mortgage and scared shitless
mjr_: i feel like that is on at least
a hundred VC's whiteboards right now
mircea_popescu: you come up with an idea, you assemble
a team, you start implementing it...
mircea_popescu: i'll tell you something definite, i'm getting about one person
a day hitting me up about advice as to how to go into bitcoin business
mjr_: yeah, think
a few of them want out of the eurozone
mircea_popescu: i imagine sooner or later someone competent - maybe
a miner - will start mming them
mjr_: think idiff futures are
a good call?
mircea_popescu: which is somewhat not surprising, i guess they're mostly the liberal arts/community college folks with
a lot of debt and degrees in whore/nigger studies right ?
mircea_popescu: It's "0.025152 - 0.037728" BTC per day. Yup, your 150$ device makes 4 to 6 cent
a day (at pre bubble burst prices).
mircea_popescu: Someone did the math some minutes ago on the BFL chat how much
a single Jalapeno would earn per day if everyone rolls out as intended and the difficulty matches that hashrate.
mjr_: i mean, changing the world and the financial systems, giving people
a more democratic method of payment, giving them power...that is all well and good...i really just want to see SA cry
mircea_popescu: "When this bubble bursts it won't be newsworthy because nothing of importance will be lost. There will be
a few articles on Gawker or whatever but nobody will really report on this. Bitcoin will die slowly, fading into obscurity as the last true believer tries to tell his son with his dying breath "there's always money in the bitcoin shack," not realizing his son mothballed that loving shack years ago because it was st
mircea_popescu: " It's just
a neat piece for people to talk about to feel tapped into the pulse of the Internet without actually having to do it. "You hear about that internet currency? Yeah it's pretty neat huh" and that's the end of it. It's just
a filler piece,
a blurb, not really
a publicity piece.
mircea_popescu: "Market prediction is
a difficult thing; if it were easy, Bitcoin would have immediately jumped all the way to some final price back in 2009. Perhaps the best strategy for most of us is to simply wait and see."
mjr_: saw
a great article on the rally
mod6: it seems like every new leg up is met with
a round of selling though. and it marches on...
mjr_: he was like, ah i haven't heard of that in
a while
mjr_: well...i want to be able to try and get
a bunch of people to email
mjr_: is there
a way to tweet
a bitcoin at someone?
nanotube: (i.e.,
a lot of those guys count on people forgetting to cancel)
mjr_: just saying that would be
a great feature to offer
a netflix
nanotube: there's
a protocol being developed for payment requests and receipts and stuff, that would probably be pretty good for it.
mjr_: and i know cron jobs :( so like i said we need
a wallet with recurring payments
nanotube: also, wallet with recurring payments... that's called
a cronjob :D
mjr_: though it would be nice if there was
a wallet that did recurring payments
mjr_: they will at least think, oh that's
a thing
gribble:
A market order to sell 250000 bitcoins right now would net 3327608.8468 USD and would take the last price down to 2.2000 USD, resulting in an average price of 13.3104 USD/BTC.
gribble: Error: "bc,sell" is not
a valid command.
gribble: (sell <amount> <thing> [at|@] <priceperunit> <otherthing> [<notes>]) -- Logs
a sell order for <amount> units of <thing, at
a price of <price> per unit, in units of <otherthing>. Use the optional <notes> field to put in any special notes. <price> may include an arithmetical expression, and {mtgox(ask|bid|last)} to index price to mtgox ask, bid, or last price. May also include expression of (1 more message)
jurov:
a day ago or so 250k ask wall shortly appeared on mtgox
mjr_: why is there going to be
a dump?
maximian: This will make
a news splash for sure
DeadWeasel: 12K to 28. Everyone expect
a big drop at 30?
B0g4r7_: I used btc-e
a couple times to exchange for LTC. Had no issues.
mjr_: it was just
a spread finder
B0g4r7_: I had the beginnings of
a bot.
DeadWeasel: seems like
a bot,i've got no way to know.
DeadWeasel: the one I assume is
a bot because I see
a .13 sell every 6 or 8 transactions, sometimes 3 in
a row at .002 less than the last.
mjr_: i think
a bunch of small local exchanges is better for the ecosystem
mjr_: so, maybe
a little riskier, but also i've emailed the guy and erik said he is
a good guy, so i feel somewhat comfortable with it
mjr_: i mean, for me...i can drop off cash on the corner, have it in the account in
a half hour, get PAID to trade (liquidity rebates) and don't have to use Mt. Gox (best reason)
mircea_popescu: DeadWeasel they had
a breach and currently owe the customerbase btc
mjr_: think it's like
a .35 spread
mjr_: i got my money in there in
a half hour with no ID, and i think
a $2 fee
mjr_: love jumping in front of
a wall
mjr_: bailout was
a very dirty word back then
mjr_: i have seen people call up to check
a position
mjr_: and i see
a lot of people do that
mjr_: they are
a lot smarter, but still, driven by emotion to some degree
mjr_: to make
a penny or two
mjr_: wall street is like
a bunch of whiny spoiled children
mjr_: yeah...that is my point,
a private company doesn't worry about spooking anybody
mod6: AMZN beat (barely iirc) and it went up
a bunch too -- until the following week where exuberance dropped. I think traders were spooked by the -1.0% GDP print... and any good earnings news was like "heaven sent"
mircea_popescu: mjr_ the key is if they find
a new jobs. they don't, they're dead.
mjr_: still though, i sold
a record # of widgets...ok you suck, we don't want your stock
mjr_: get
a straddle and just play the volatility
mjr_: to try to cater to
a fickle market
mjr_: how many times have i seen
a company BEAT earnings and STILL get smoked
mjr_: i know
a lot who do
mjr_: ie. it may be best to invest ahead of the growth curve for
a while, take
a loss, for future gain
mod6: they must have some awful shit on the books, or they couldn't get it to an attractive price for
a buyer, otherwise why take it private?
mod6: its
a joke from the Dell commericals
mjr_: so my total gain when measured in dollars is
a combo of the two effects
mod6: yeah, this stuff is pretty far beyond most people who use the internet on
a daily basis.
mircea_popescu: then
a while back i referred to someone by her byname instead of their handle
mod6: he actually one
a 10 BTC bet on over 26 USD by Noon EST today.