384800+ entries in 0.101s
mircea_popescu: do you see how the back/lay system distributes liquidity arbitrarily ?
mircea_popescu: mkay. this is a problem of maffs. let's try something else :
mircea_popescu: do you grok the part of how back/lay is a subset of mutual betting ?
mircea_popescu: ThickAsThieves strangely enough for a "dutch central bank" rep, nobody heard of this ebe fellow.
mircea_popescu: you pay X to join, you get a percentage of all subsequent joins equal to your "trust rating"
mircea_popescu: nubbins` something like that might actually work. a ponzi forum
mircea_popescu: well sure. ask him if he thinks it's ok to submit revisions to code he's never read.
mircea_popescu: ThickAsThieves im curious what happens if hearn ever gets his shit together and shows up at some event of mine
mircea_popescu: nubbins` get pankkake to tell you what the mystery drug is called
mircea_popescu: A: No, the moderators only check accuracy. They are neither qualified nor authorized to make press relations decisions
mircea_popescu: "bitch, i'm not saying you're a whore, i'm saying you look worse than plenty of whores and this is all your doing."
mircea_popescu: "If you are a representative of Solar Wind Mining reading this, be aware that I’m not calling you a scam. I’m saying that you potentially legitimate venture doesn’t even look as good as some scams, and this situation was entirely preventable."
mircea_popescu: i liked him after he went nuts past the point of common nuttery into pure trollage.
mircea_popescu: jborkl i agree. imo the insult ladder goes like taaki > usagi > pietilla > wagner
mircea_popescu: i don't think he's usagi because he made german-type slight style errors
mircea_popescu: i suppose he's taken -pr ish advice and is nao lurking
mircea_popescu: and been trying to do things of import on the forum with moderate success.
mircea_popescu: ok ok. smidge is this dangerously close to smickles named guy, who;'s kinda young, unwed,
mircea_popescu: smidge is this irl accountant guy with a jet fighter pilot wife and two kids, who used to broker for mpex and do a bunch of other venture stuff
mircea_popescu: "I largely address the issue of who the fuck has the never for this "
mircea_popescu: and they DO include the extra call to release which is basically all a loc provides
mircea_popescu: my bank here in romania is giving me free securitized BLO forms which I may use for any amt, even 50 bux,
mircea_popescu: anyway, here's a funny thing re locs that'll probably make anyone jealous.
mircea_popescu: "NO, IT'S A BAD GOD. THIS IS NOT GOOD... NO BITBOOK REPS, NO NOTHING RIGHT NOW. THE SITE JUST STRAIGHT UP DISAPPEARED. AND I WAS LITERALLY JUST WITHDRAWING THE BITCOINS INTO CASH. I HAVE LIKE $0 I NEEDED THAT MONEY SO BADLY YOU DON'T UNDERSTAND."
mircea_popescu: You are seeing this message because this HTTPS site requires a 'Referer header' to be sent by your Web browser, but none was sent.
mircea_popescu: well yes. a loc is basically a large industrial check.
mircea_popescu: or i can just send them 50k btc within a half hour and be done with it.
mircea_popescu: the supplier is on the us approved lists of suppluiers that may be paid, and the bank feels like doing it and so on and so forth.
mircea_popescu: currently if i wish to pay a supplier I must apply to a bank, which may within a month or so issue me a loc, provided
mircea_popescu: i used sdrs as an example of a currency item that can never be bought or held by joe scjhmoe.
mircea_popescu: but anyway, back to the point : i didn't use sdrs as an example of the role of bitcoin.
mircea_popescu: on paper this sounds like nothing at all, but in practice the fabled soros breaking of the bank of england was this, fundamentally.
mircea_popescu: if the yen is 11.6675% of a sdr and 11.6672% of the world economy people will short one and long the other somehow. this slowly whittles your holdings towards them.
mircea_popescu: as a result you'll constantly be arbitraged out of value.
mircea_popescu: benkay_ you have two metals that both work in the same capacity, and you fix an exchange rate between them which you can't easily change.
mircea_popescu: as flattering as that may be, knowledge and understanding are sometimes divergent.
mircea_popescu: business consulting doesn't necessarily mean working for small businesses you know.
mircea_popescu: moreover, as the proportion is fixed, they have all the disadvantages of a bimetallic system, which are marked.
mircea_popescu: sdrs are backed by a basket of other fiats. it's not that much backing in the first place.
mircea_popescu: they would bet, except bitbet requires the actual btc. etc.
mircea_popescu: not really. afaik they were most proeminent due to a sudden liquidity systemic shock caused by the arab hike
mircea_popescu: cheifly because too many cooks involved, and some of them french
mircea_popescu: it was never fully implemented, and it never worked too well in practice,
mircea_popescu: so that countries can just re-allocate their debt to each other through this mechanism
mircea_popescu: now, sdrs are an attempt to implement a similar mechanism in international trade,
mircea_popescu: this process was very advanced for the 50s, and so it gave an edge to the banks.
mircea_popescu: they just re-allocate shares of holdings in these fed mystery boxes
mircea_popescu: mkay. so the fed system works thusly : instead of the various banks shipping bullion back and forth as people deposit/withdraw money,
mircea_popescu: special drawing rights are a gold substitute, basically, since nixon.