log☇︎
338900+ entries in 2.009s
smickles: mircea_popescu: well, i was exaggerating about 'k's, i would, of course, cater to large clients
smickles: if only I had enough btc in my pocket to not care about floating users a few k coin here and there when I know there's 6 confirms on the tx
smickles: we're talking about a program here. all i'd have to do is a line that summs what I expect user accounts balances to be and compares it to the stat
smickles: mircea_popescu: the more i think about it. the 'watching mpex addy and keeping track of stuff internally' method isn't as complicated as i made it out to be
smickles: heh, i thought of situations like that :)
mircea_popescu: i mean, why would someone fuck you up on deposits if thery can't withdraw the benefit ?
smickles: I was planning on haveing that be a manual process
mircea_popescu: i'd be more worried about withdrawals in your scheme.
smickles: i believe I'm doing everything else more than reasonably securely, but the deposit method, i'm unsure of
smickles: yes, i can prevent the exploit which I originally brought up thru careful monitoring, but who's to say there's one I have't thought of
smickles: yeah, (if i have teh btc in the mpex account as well)
smickles: meanwhile, i'll continue to occasionally bitch and moan about various things
smickles: i expect nothing less
mircea_popescu: im not doing it till i have a definitive and godly version.
smickles: heh, so your saying i'll need to update some regexes?
mircea_popescu: but i think the stat will be geting an overhaul yes.
smickles: and i'm pretty sure, less complicated correlates with less exploitable
smickles: alright, after some thought, I think watching the mpex address and my mpex accout balance (while accounting for debits and credits from purchases, sales, surety, and outstanding orders) would work
smickles: or, i suppose the format would be more like :On Sat, 26 May 12 00:30:47 from 1BtCaddY~~ the sum of 0.34524457 BTC
smickles: I would only be charged for use of the margin if i exceeded the amount of btc which I had in the mpex account, right?
smickles: oh, i forgot you offered that
mircea_popescu: but your design smacks me of this soviet story whereby if i wanna buy something at the corner store they make me first run to their headquarters in maine
mircea_popescu: i mean i guess you could watch the mpex address for the specified sum, too
smickles: I'm working on it :P
smickles: hmm, if i wait to credit their account until I see the tx on the mpex addy, plus wait to see that amount hit my mpex funds, would that be enought to thwart a malicious user?
smickles: i just want to figure out an 'ironclad' way of doing this
smickles: and if I just wait for that specific amout to show up in my mpex account, i'm sure a clever scammer could engineer a way to fool my system and basically get a duplicate deposit
smickles: mircea_popescu: but say my mpex acout has 10 btc in it, the user deposits 100 btc (to my wallet), i have to confirm that, forward it to mpex and wait for the funds to show up in the CxBTC before they can do anything over 10BTC
smickles: mircea_popescu: if i had some confirmation of funds being available in a STAT, i could safely have the user send a deposit directly
smickles: darn, i was hoping to avoid making the deposit process longer
dub: since I know this isn't the case we can surmise that he is high on dick
dub: if I didn't know better I would assume Diablo-D3 was drunk
smickles: mircea_popescu: i would need to know when the funds became available in the account. is that not done manually?
MoneyIsDebt: Diablo-D3: I get the feeling you don't like slashdot that much?
MoneyIsDebt: but I see your point
Ignatius-otc: I haven't checked that, would be interesting if so.
MoneyIsDebt: I meant a sell off bitcoins on mtgox
smickles: i'm just going to have to do a bunch of addition and subtraction to verify actualization of deposits in order to have mpex sub-accounts, arn't i
Ignatius-otc: MoneyIsDebt: from what I have witnessed yes, a mild selloff
smickles: ug, mircea_popescu, what am i missing here. Is there a way to see that a deposit has made it into an mpex accout other than seeing that the account balance is higher?
smickles: ok, i should call this thing "smickles' MPEX" or "SMEx" for short
smickles: mircea_popescu: well, i'm making db tables of my own to hold data for mpex sub-accounts
smickles: mircea_popescu: i wonder if i'm replicating your database tables, just with different names
mircea_popescu: i meant irl.
EskimoBob: there is no frn in GLBSE ... I think.
mircea_popescu: (i have, both, but i mean anyone else)
mircea_popescu: smickles maybe. i think it;s pretty close to that as it is.
EskimoBob: OK; I see
mircea_popescu: smickles i just think we're not there yet :p
mircea_popescu: (just to show you i did consider things there(
EskimoBob: i think it needs to send e-mail to nefario every time it waits :)
mircea_popescu: trust me, i have no problem copying what works.
mircea_popescu: i believe we need to proceed deductively based on btc principles and come up with functional instruments
mircea_popescu: i don't believe we need to try and replicate fiat instruments in btc.
EskimoBob: i think your model is "upside down"
kakobrekla: mircea_popescu, i added mpex dividend payments to assbot
mircea_popescu: but i have done my math and i think i am large enough to push this through.
mircea_popescu: because i want to create a refinance market for btc.
mircea_popescu: it never used more than 10k iirc, and i'm significantly above that, personally.
mircea_popescu: EskimoBob : again, i could easily just use my own capital to finance all of it.
mircea_popescu: i do not wish to limit it.
EskimoBob: yes, this is what I mean. But lets not forget, it can grow too. And this is what you do: you figure out what you can manage per month
EskimoBob: sorry. lets me expl. what I mean
mircea_popescu: im not sure i follow this.
mircea_popescu: but i think a laeger share of the price is due to the company/prospects than to the direct dividend.
mircea_popescu: if i wanted to run mpoe as a private thing i could have continued to do so, indefinitely.
smickles: i think that's against the business model
EskimoBob: do I understand you correclty that you need the funds to cover your options?
mircea_popescu: i write both at all times, at some prices.
mircea_popescu: it varies, atm i have written a lot of calls, others wrote a lot of puts.
mircea_popescu: copumpkin yeah buit companies have something to go on. i scarcely do.
EskimoBob: and now we are at what I told you earlier - bond is not a good way to finance stuff like that
mircea_popescu: how do i plan for the future when the very essence of this future is the unknown ?
mircea_popescu: i can't.
mircea_popescu: i don't know how much i need upfront.
mircea_popescu: how can i get capital for august 5 on august the 31st ?
mircea_popescu: i think we're talking at crosspurposes.
mircea_popescu: what do i do, time travel ?
mircea_popescu: man. i only need what capital i need in august on august the 31st
mircea_popescu: but i only know the demand retrospectively.
mircea_popescu: copumpkin i actually am thinking of taking the 5% rate out completely, and let it freefloat.
mircea_popescu: and i don't want to, cause imo that's the main value of the entire thing, it allows me to have a mpbor
mircea_popescu: EskimoBob if either of those go i'd have to take out the "pick your own %"
EskimoBob: and this part: not getting paid If i did not use it" has to go too :)
mircea_popescu: well so far it was oversubscribed from what i see.
copumpkin: what it ensures, from most people I've spoken to, is very little money offered :P
copumpkin: but regardless, I'm not even going to try if there's a chance my money will get tied up for a period without any earnings on it at all
mircea_popescu: copumpkin yeah, it's the #1 complaint i hear. but that's there to ensure competition tho
copumpkin: I'd also be reluctant to call them bonds
mircea_popescu: hmm, i guess it could be argued lol. except...
mircea_popescu: smickles i could easily issue bonds at a fixed rate and just shrug. it would break the current price discovery mechanism in the mpoe-bond inverse licitations tho
EskimoBob: I am just saying that this is not a bond as we know bonds
smickles: or am i just not thinking of this correctly
EskimoBob: I am not saying taht the instrument you have is bad
mircea_popescu: EskimoBob yeah, i guess so.
EskimoBob: and lets not forget - your proposed "risk reward" is fixed - hence nothing extra, if you do well but I get fucked you you get fucked
mircea_popescu: i guess this is so.
mircea_popescu: im gathering that the main problem here is that i haven't carefully enough sepparated the two parts
mircea_popescu: so, suppose risk free rate is i dunno, 1% a month ?
mircea_popescu: to be honest, i originally imaghiend there'd be bankers stepping in to offer insured versions