370800+ entries in 0.082s
mircea_popescu: "we are making a hardware wallet in the sense of this software you can put on your usb card"
mircea_popescu: you know us chicks would look exactly the same if you made them walk everywhere and cook.
mircea_popescu: kinda funny to see women that look like women declared "eastern european".
mircea_popescu: "now where did i park again ?! maybe it was in the pink ?"
mircea_popescu: this 226 year old constitution forbids any law from forbiding stupid shit
mircea_popescu: kakobrekla anyway, that's kind-of culture shock. the chinese do that sort of thing in chinese all the time. very self-stroking culture, it's not quite as wow as in european terms
mircea_popescu: anyway, THEIR nsa isn't being riddled with fuckwith trannies that turncoat, so you don';t really know what they are doing.
mircea_popescu: you don't get to see what it develops on top of what it loots from us corps.
mircea_popescu: i can't imagine why they'd care about lending a little gold so various us idiots can save a little face.
mircea_popescu: and as the inept leadership oif the us has been giving them absolutely all the techs in the most incredible transfer of wealth/spoliage in human history,
mircea_popescu: seeing how it's worthless and not particularly important in modern finance etc.
mircea_popescu: or japan. india isn't, and there just aren't that many folks with gold
mircea_popescu: so unless china graciously decided to lend... or else maybe russia ?
mircea_popescu: mike_c course there's not really enough gold on deposit to be doing it
mircea_popescu: Duffer1 well... depends how much you've been following the precious metal wranglings
mircea_popescu: "it had to be melted for transport" says the official story.
mircea_popescu: fun fact : the us has been quietly returning gold to germany
mircea_popescu: course reddit is about as likely to change weather patterns as it is likely to have any impact on this matter, but naywya.
mircea_popescu: before their pliant attitude to the -dev chan pretty much cost them their business ?
mircea_popescu: clueless dice site clone guy can't read/doesn't understand what's going on
mircea_popescu: Like a month ago, in September I witnessed a lot of double-spending against BetCoin Dice. I
mircea_popescu: i guess this explains why elegius actually found a coupla blocks today
mircea_popescu: if it is the central bank you have by any sensible definition a central command economy like the soviets, and even discussing "banks" is just a masquerade
mircea_popescu: the interest they settled on becoming the "fair" interest for everyone, smaller players
mircea_popescu: this is why the libor originally existed : so banks can liquidify each oth\er
mircea_popescu: someone will have to, as the 9 loaned out are loaned on terms and can't (in this example we use) be recalled.
mircea_popescu: it goes from liabilities 10 (depositors) to liabilities 10 (government) or w/e
mircea_popescu: nope. you still owe 10, but not to depositors anymore, to liquidity provider instead.
mircea_popescu: note that accounting generally is just a convention, and it may be uniquely adequate or uniquely inadequate to resolve any factual problems. in some formulations inflation is opaque to accounting, in some others quite transparent. this doesn't make inflation go away, even if it's very tempting for all governments historically to pretend so.
mircea_popescu: this bank now owes the 10 it owed before, except not to its original depositor.
mircea_popescu: step 2 : withraw the 10 : deposit 0, loan 9, reserve 1, owed 10 to liquidity provider
mircea_popescu: now, the monetary mass at the cb level is 100, and the monetary mass at the cb level is 500
mircea_popescu: central bank creates 10 bucks. pushes 2 each to 5 commercial banks. the banks loan out 50 bucks each, on the grounds that they are required by cb to keep 10% in reserves.
mircea_popescu: myeah. best i can tell, you've painted yourself in a corner trying to understand this and now nothing makes sense.
mircea_popescu: am i running fractional reserve whorehouse ? no. do you still get to have sex, even if your own wife is out ? sure.
mircea_popescu: well, you've constructed it so it doesn't make any sense. take a better example : say i run a whorehouse and you bring me your wife. then one day you want to have sex. just because i've sent her to work the streets of mexico doesn't mean you can't have sex,
mircea_popescu: if in 2010 the total volume of payment insturments is 5, and in 2011 it's 6, then you've had a 20% inflation.
mircea_popescu: that'd be rising prices. traditionally inflation is defined as that state where the monetary mass increases.
mircea_popescu: i take it back, i've nothing to do with that toothy derp.
mircea_popescu: ol wait, this is the original "jump the shark" show huh ?
mircea_popescu: i have no idea what it is, outside of a pulp fiction reference.