384900+ entries in 0.097s
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.
mircea_popescu: jborkl this is suspicious. if caps bust they should bust moire distributedly.
mircea_popescu: "The Dixie Mafia is a criminal organization based in Biloxi, Mississippi, and operated primarily in the Southern United States"
mircea_popescu: and all the other people that have copies can even see it!
mircea_popescu: even if this does nothing for her, they can certainly jack off in peace"
mircea_popescu: "the bureau is in a position equivalent to having snatched copies of michelle obama masturbating on camera
mircea_popescu: thus any lucrative racket is taken over from any govt.
mircea_popescu: because the mafia is more efficiently organised, by more determined, better people than any government
mircea_popescu: for the record : "A racket is a service that is fraudulently offered to solve a problem, such as for a problem that does not actually exist, will not be affected, or would not otherwise exist."
mircea_popescu: cause you're stubborn! ven has come such a long way since last autumn
mircea_popescu: Sep 20 16:18:30 <kakobreklaaa>>Learn about our historic commodity and carbon credit trades using Ven.
mircea_popescu: Sep 20 17:04:40 <nefario>kakobrekla: you think Ven is scamconomy? then WTF has bitcoin turned into?
mircea_popescu: Sep 22 03:16:29 <mircea_popescu>you're a ven developer.
mircea_popescu: Sep 22 03:16:26 <mircea_popescu>and incidentally, it occurs to me i still don't see your connection to bitcoin.
mircea_popescu: Sep 22 04:42:04 <mircea_popescu>nefario i've been perusing with much amusement your summaries of discussions with "lawyers"
mircea_popescu: Oct 15 04:19:18 <mircea_popescu>i tend to recall this ridiculous Ven thing being a bluechip asset.
mircea_popescu: was the herp-business nefario was discussing at his pre-sudden death conference