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mircea_popescu: nubbins` you ever found the problem or just nonspecific kludge ?
mircea_popescu: ;;later tell bitcoinpete you should get into the wot and remind me to put you in the bloglist sometime.
mircea_popescu: basically, they had a good idea, got too much resources, fucked up.
mircea_popescu: So they started dicking around with stock options, betting on mergers, the works. "
mircea_popescu: n, and turn it any way you please there’s not going to be room for deplyoing a hundred billion in capital for the purpose of arbitraging minute differences between the 29 y T and the current T. There just can’t be.
mircea_popescu: as explained in
http://trilema.com/2012/the-problem-of-too-much-money/ : "LTCM collected over one billion dollars in capital. If you’ve been following up to here you probably have a question in your mind : what in the world were they going to do with a billion of their own money ? Good question. The fund had access to heavy leverage, as high as 100:1 in many cases. One billion leveraged 100:1 means one hundred billio
mircea_popescu: course in a sense nsa as it is stands in a relation to nsa-as-thus-described about roughly as that merry bunch of Meriwether's thieves stood with THEIR sensible value proposition
mircea_popescu: this, incidentally, is the core and the whole of nsa's value proposition : people sign, subtly, but definitely, what they do.
mircea_popescu: BingoBoingo ironically... relics ? scavenger world ? thermodynamically doomed ?
mircea_popescu: it;s linked from the recent mtgox article, because it's the same pattern
mircea_popescu: have you read the leaked discussions about the historical operation of bitcoinica ?
mircea_popescu: asciilifeform the cribbed source was interesting, yes, in the way of humor.
mircea_popescu: asciilifeform the reason i always encourage people to read the history is quite this : endlessly fascinatingly amusing thing.
mircea_popescu: which it had been consistently refused to turn out to said executor)
mircea_popescu: (mtgox also had some funds held "in escrow" from that debacle,
mircea_popescu: which is currently the only asset some new zealand executor has to try and repay the creditors
mircea_popescu: and in no case was he authorised to "make open source" the codebase
mircea_popescu: they were (illegally) leaked by amir taaki, who in he process exposed sensitive passwords
mircea_popescu: is built out of taking the leaked bitcoinica sources and running them
mircea_popescu: bitfinex (the thing which now is misreported as > 30% of the bitcoin average usd price)
mircea_popescu: mart specifically refers to the loss in backgammon when you lose without having taken out any of your own pieces.
mircea_popescu: "there are waiters who, from all they've heard from conversations and debates of intellectuals, could put away a university professor, especially should they proceed quickly"
mircea_popescu: " Sunt chelneri cari, dupa cat au prins pe apucate din dezbaterile si conferintele intelectualilor, pot face mart pe un profesor de universitate, mai ales daca l-or lua repede."
mircea_popescu: "Effective immediately, we are discontinuing all business operations pending a business model review. At this time we are unsure when, and if we will resume operations in the future."
mircea_popescu: hehe writing an article right now, knee deep in the clouds and whatnot.
mircea_popescu: [\\\] what mtgox does have is all that's left of bitcoinica coins
mircea_popescu: god forbid they fucking read trilema gathered shit at THAT stage.
mircea_popescu: punkman1 that's nothing, sometimes i see people in btc on linode.
mircea_popescu: joecool lol amusingly i think i wrote last year about how mtgox is the one single worst thing in btc.
mircea_popescu: anyway, i'm off. looking forward to reading more derpage from clueless uninvolved people with delusions of self-importance tomorrow.
mircea_popescu: thestringpuller yes but in typical commie style, the evil empire is trying to turn things around
mircea_popescu: the us government, it's agents and assigns are cordially invited to go suck an onion.
mircea_popescu: because such attacks are difficult for ordinary people understand. I have trouble understanding your proposal - ordinary users will be easily bamboozled by a government sponsored security update. Further, when the crisis hits, to disagree with the line, to doubt that the regulators are right, and the problem is the evil speculators, becomes political suicide, as it did in America in 2007, sometimes physical suicide, a
mircea_popescu: r, more serious, and more disastrous, as with the most recent one. Each attack is hugely successful, and after the cataclysm that the attack causes the attackers are hailed as saviors of the poor, the oppressed, and the nation generally, and the blame for the the bad consequences is dumped elsewhere, usually on Jews, greedy bankers, speculators, etc, because such attacks ar
mircea_popescu: The big and easy government attacks on money target a single central money issuer, as with the first of the modern political attacks, the French Assignat of 1792, but in the late nineteenth century political attacks on financial networks began, as for example the Federal reserve act of 1913, the goal always being to wind up the network into a single too big to fail entity, and they have been getting progressively bigge
mircea_popescu: y find easy money too seductive, and S. 190 goes down in flames before a horde of political activists chanting that easy money is sound, and opposing it is racist, nazi, ignorant, and generally hateful, the recent S. 190 debate on limiting portfolios (bond issue supporting dud mortgages) by government sponsored enterprises being a perfect reprise of the debates on limiting the issue of new assignats in the 1790s.
mircea_popescu: Then knowledgeable people complain that the evil financial network is heading for disaster, that the government sponsored enterprises are about to cause a “collapse of the total financial system”, as Wallison and Alan Greenspan complained in 2005, the government debates shrinking the evil government sponsored enterprises, as with “S. 190 [109th]: Federal Housing Enterprise Regulatory Reform Act of 2005″ but the
mircea_popescu: Government sponsored enterprises enter the business, in due course bad behavior is made mandatory, and the evil financial network is bigger than the honest financial network, with the result that even though everyone knows what is happening, people continue to use the paper issued by the evil financial network, because of network effects - the big, main issuers, are the issuers you use if you want to do business.
mircea_popescu: egitimate, law abiding industry partners to row the boat into law abiding waters.”
mircea_popescu: “As any industry matures it will face growing pains and there will be individuals who believe they can use the fog of uncertainty to cover up their follies. When it comes to policy, it is the responsibility of the federal government to steer the boat, not row the boat. Our Committee will continue to work closely with relevant U.S. government entities to steer the boat away from nefarious actors - and it’s up to l
mircea_popescu: “My staff is working closely with relevant federal agencies to determine what lessons can be learned from this failure to help ensure this does not happen here in the United States.
mircea_popescu: anyway, let's compare and contrast for the permanent record :
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