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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
mircea_popescu: jurov : stay outside of 1% of nav on either direction.
mircea_popescu: ThickAsThieves well one's fraud and other's breach of duty of care
mircea_popescu: but yeah i get it, you wanted some numbers to put in a formula
mircea_popescu: FabianB you expect panacea to lose 1.78 twice in a row ?
mircea_popescu: related : May 01 01:46:17 <mircea_popescu>mike_c is like never on anymore, he's almost like a guy with a day job and 3 side projects + a small kid or something.
mircea_popescu: FabianB but mpif already reported no loss from panacea in april.
mircea_popescu: a) that was for april and b) panacea is like 20%ish of mpif
mircea_popescu: ^ fluffypony on the topic of how good design begets business.
mircea_popescu: ie, exactly how markets work, because it's exactly how sanity requires.
mircea_popescu: if you mean it removes the possibility of expecting to meet the performance of professionals on the budget and investment of an amateur, yes, this is correct.
mircea_popescu: ThickAsThieves this is precisely why being a financial professional is... you know... a profession.
mircea_popescu: ThickAsThieves this channel does serve as the info distribution for all bitcoin finance.
mircea_popescu: mpif is also not obliged to put ALL its capital into pcs, it can keep a reserve
mircea_popescu: the weight of its book will eventually end up significant
mircea_popescu: mike_c i think it varies a lot over time too. for instance, pc4 is currentl;y very little exposed. but as a lot of bets are med term, 6 months, 1 yr