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kakobrekla: this is a perma link

mircea_popescu: o if they take a long time to send money ?

assbot: Requesting data from GLBSE (might take a while).

mircea_popescu: im wondering if i shouldd bother to make a thing for that ?

rg: the guy who mailed it to me has the hand writing of a 14 year old

assbot: Requesting data from GLBSE (might take a while).

gribble: A market order to buy 50000 bitcoins right now would take 573130.7010 USD and would take the last price up to 12.0000 USD, resulting in an average price of 11.4626 USD/BTC.

gribble: This order would exceed the size of the order book. You would buy 165687.65 bitcoins, for a total of 1115166798.0649 USD and take the price to 1000000000.0000.

gribble: A market order to sell 500000 bitcoins right now would net 1919584.4110 USD and would take the last price down to 1.1500 USD, resulting in an average price of 3.8392 USD/BTC.

mircea_popescu: what nao ? o, "it's a scale"

mircea_popescu: suppose every time you put a site up for ppl to login you get ddos'ed within 30 seconds

usagi: I could design a system more secure than mpex that was easier to use

Luceo: It's a scale

usagi: it doesn't show, because it is a good background :p

usagi: I have a background in computer security.

mircea_popescu: it's not a feeling.

usagi: Mircea...... the differe3nce here is that one system uses a password and one system uses a private key as a password

mircea_popescu: nefario yes, nefario, but IT DEPENDS ON A RECLAIM PROCESS!

nefario: GLBSe has had a disaster plan for months

rg: mircea has a contingency plan

mircea_popescu: you have to put up a damned webpage going "hai user, pls to reclaim your acct with your pw"

nefario: mircea_popescu: unless your exchange publishes the balance for a user or gives them a signed balance every time a trade happens they can't piece together anything

nefario: you have a backup of mpex mircea_popescu right?

mircea_popescu: usagi yes. think for a moment. exchange goes down.

rg: gpg is a pain in my ass

usagi: The point here is that glbse keeps that information in a different way. You do not NEED to sign it with gpg to make it valid or official.

Chaang-Noi: there was a large wall at .0034

mircea_popescu: usagi srsly. if you don't understand gpg and what it does / why it;'s imp[ortant you're not yet qualified to be a party to this discussion.

usagi: GLBSE can just give everyone a snapshot of their portfolio.

usagi: A lot of what you said in your article is just wrong. When you say stuff like you do about glbse shutting down and using a claims process, it makes you look incredibly biased.

rg: it doesnt mean you go and print a papr about how the other exchange sucks

usagi: I asked a question.

usagi: Mircea; Let's say I come to you with an IPO proposal with a company that makes 1,000 btc a month.

mircea_popescu: usagi don't weasel out of it. you can't say "o, someone who;'s been at it forever is vulnerable becasue a buncha forum handles that exist since last week say so"

mircea_popescu: <usagi> and if mircea shuts those down he will lose a lot of business << glbse does less than 20% of any of the assets passed througgh.

BTCHero: well I am a commoner, so I only hear the same nohing from pirate over and over

mircea_popescu: <usagi> and he says that in the event glbse was shut down there would be a claims process but on mpex it would proceed orderly << it just says mpex has a way to give people their proofs and glbse does not. this is true.

Luceo: Yeah he paid a few but nothing near what he should have

mircea_popescu: rg its basically a summary of 3 weeks of -assets << well apparently it's not a summary, it's me spreading "fud".

usagi: you made a mistake

usagi: If you list on mpex and don't get a passthry to glbse

usagi: Thats another thing, why does he keep saying mpex does more volume in a week than glbse does in a month

Luceo: But I think the fee puts people off and herds them towards glbse, paying $200 to join an exchange with only $50k daily volume is a lot

usagi: and if mircea shuts those down he will lose a lot of business

BTCHero: I am not a serious enough trader to spend 20 btc just to get on mpex

Luceo: Doesnt bother issuers, does bother the casual traders who make up a lot of the demand curve on glbse

Luceo: mpex needs an interface which is user-friendly, and imo should have a free-tier account that can't issue assets

usagi: IMO mpex lacks vision and customer support, they have some security, and thats about it. It needs a lot of work.

usagi: There are a number of clear problems with what he's said.

rg: if something is illegal, it is a threat to its own security

usagi: and he says that in the event glbse was shut down there would be a claims process but on mpex it would proceed orderly

usagi: The article purports to be a comparison of security and then talks about legality

usagi: It's a bullshit point.

usagi: It makes mircea's article look like a joke.

Luceo: MPEX doesn't have any wallet running, that is a plus security-wise

rg: lets just call a spade a spade

rg: its basically a summary of 3 weeks of -assets

usagi: I told him this but he just told me to post a comment...

assbot: [GLBSE] [PPT.A] 1 @ 0.3612 BTC [+]

mircea_popescu: it'd be a lot better to come clean o n the matter and offer something definite to the glbse users.

mircea_popescu: YOU ARE A BUSINESS ASSOCIATE OF THE DEFENDANTS

nefario: you have a reason for me to be?

mircea_popescu: do you have a waiver or something ?

nefario: you don't need a licence

nefario: >Holds personally indentifying information of users without a license (an offense in the EU).

mircea_popescu: because a judge might ulteriorly ruled they were fraudulent and you will be responsible.

mircea_popescu: as in, you are associated with the sued group, you worked for intersango, this is a risk.

Luceo: A response pointing out all of the inaccuracies

mircea_popescu: rdponticelli well actually people here do, some of them. smickles is making some decent moves as a broker.

nefario: Either the exchange itself, the public face or both may be identified at a later date as Does in the Cartmell - Bitcoinica lawsuit.

Luceo: nefario: Make a rebuttal then if its FUD

rdponticelli: [09:57:10] <mircea_popescu> so sort of like a fiat broker ? why aren't you on mpex lol. << Yea, I help funnelling Argentine fiat Into btc. I thought about doing it in mpex and I even asked you if there was a fee back then... but people here would never wrap their heads around how mpex works....

nefario: a year ago

nefario: not a secret

nefario: I've been living in the UK for nearly a year

mircea_popescu: no see, it's bad to paraphrase when you're part to a dispute.

mircea_popescu: you can't win a words argument with me. you will have to build a better product.

mircea_popescu: o i c, it's a free market. more power to you.

nefario: it's a free market

mircea_popescu: do you even keep a count anymore ?

mircea_popescu: what are you, a forum banker ?

nefario: your "security" piece is a load of bullshit

mircea_popescu: so sort of like a fiat broker ? why aren't you on mpex lol.

rdponticelli: I take local fiat, and exchange it for a simbol on glbse

nefario: especially if you do a lot of presales

rdponticelli: It would only make sense for a really large volume, right?

nefario: for a fee

rdponticelli: btw. nefario: the fee applies always? or the assets issuers can receive their own assets without a fee?

nefario: GLBSE has a fee

mircea_popescu: somebody should write Bitcoin : A musical!