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mircea_popescu: i suppose one could imagine this far away island where the greatest delicacy is pubic hair lice
mircea_popescu: with this large amount of good quality lulz we should see an uptick in price
mircea_popescu: "Hello mrWDunne please advised real offer is mine hassan wants to only delouse you."
mircea_popescu: then im all like... o wow check out how fucking smart this dood is!
mircea_popescu: bounce no because most of the time i don't remember what i said
mircea_popescu: note tho that they're my shares, if i sell them under nav... well... tough tits for me.
mircea_popescu: i have, for like... i dunno, a year or two ? BILLIONZ OF LINES!11
mircea_popescu: and it may jump further up, according to what experience will indicate
mircea_popescu: mike_c well that's the one good argument for increasing the berth there, actually. 1.5% may be too narrow,
mircea_popescu: mpif may definitely end up with a large cash balance, but this would be a negative commentary on the btc financial space, rather than on mpif itself.
mircea_popescu: if nav is 220 next month, the price goes up for the shares too
mircea_popescu: apple for that matter carries billions in cash, so does berkshire, so do all powerful corps.
mircea_popescu: so yes, it will carry cash. not that much, but in fact just about what's usually considered prudent in fiat.
mircea_popescu: except this example is 1 pc and mpif has 5, and this example has a shock 15% month, which mpif prolly won't ever have.
mircea_popescu: at t=2, the sole manager that seemed to have been making a 15% gain runs off with the whole shebang.
mircea_popescu: on model B, the spot gets stuck at 101.5 while the capital of the fund swells to 50 btc, of which 10 allocated to pc1.
mircea_popescu: now, on model A, the spot tracs this, and the share trades at 115
mircea_popescu: at t=1, the sole manager seems to be making a 15% gain
mircea_popescu: suppose vpif has 1 pc, with 10 btc. at t=0, the share goes for 100 satoshi.
mircea_popescu: let me make an illustrative working model by what i mean by the size breeds security thing.
mircea_popescu: now, anyone trying to get into this fund would first have to take a 45% haircut, as mp tax.
mircea_popescu: suppose instead of 1.5% (or the initial .88%) i charged 45%.
mircea_popescu: so i guess your objection reduces to this not being a high risk/high reward enough for you thing ?
mircea_popescu: sure, in principle the later investments would attract lower margins than the earlier investments.
mircea_popescu: but listen. this is an investment fund. its business is to invest. if it does well, it would naturally receive more cash to invest.
mircea_popescu: jurov yes, went out of your bounds. i was at .88% before i enacted the 1% collar for you.
mircea_popescu: someone else wants to pay over 15 pips or why do i issue more shares ?
mircea_popescu: he can't overpay by 6%, because i sell to him at 101.5
mircea_popescu: first off, why would this thing "make money" other than through nav going up ?
mircea_popescu: mike_c there are some things conflated in there i don't follow.
mircea_popescu: anyway, mike_c et all : his job is not so bad, he gets a guaranteed 2.5% every time he flips.
mircea_popescu: alrighty, i'll give you a pass on what looks like a ~0.5% loss so far for may :p
mircea_popescu: i won't issue shares unless we're looking at a 105% or something like that.
mircea_popescu: that way you can always be overbid by users, should they want to.
mircea_popescu: suppose nav is 1. you don't bid over .99 and don't ask under 1.01