370900+ entries in 0.129s
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.
mircea_popescu: i am starting to suspect the main reason rich people become assholes is that they eventually get sick of all the poor people who refuse to see the difference.
mircea_popescu: bitbet is hysterical, all these volunteer armchair pilots for it.
mircea_popescu: actully that bloomberg guy is uniquely non-retarded for his field. just a shitty title, otherwise the comments he makes are like B+
mircea_popescu: course the title and the content are well divergent, as is fashionable in "media"
mircea_popescu: asciilifeform f=franklin ? she always looked like a tranny to me.
mircea_popescu: "Already contacted google, which ultimately owns ebay and paypal if you dig super deep enough through the corporate vale."
mircea_popescu: in general these things start out as the best they'll ever be
mircea_popescu: send agent on bizzare mission, send local police after him, save on retirement benefits
mircea_popescu: unfortunately... he has no bitcoin, and I will piss in his polished skull.
mircea_popescu: sheldon is "willing to spend whatever it takes to stop online gambling"
mircea_popescu: "Bitcoin Reviewer is the leading review and rating site for the Bitcoin gambling industry." herp