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mircea_popescu: dexX7 announcement means shit. if they win the bitbet bet it might matter.
mircea_popescu: actually here's a good thing you could publish on your blog : timeline of the miner scams and miner investment scams.
mircea_popescu: but... suckers don't listen, and so suckers hold bags.
mircea_popescu: no, because people in the know / in the right in group were selling at the same time
mircea_popescu: ThickAsThieves i'll give you even odds that many (most?) of these pseudo-mining offerings consisted of people trying to reimplement the famous pirate scams of the day. they collected bitcoin from suckers, bought AM in the hopes of AM going up, and with the intention of paying a portion of the proceeds to their suckers.
mircea_popescu: last we hear about it, before the obligatory "class action jacket" on forum ?
mircea_popescu: call it Meta, and your logo could be the metamphetamine molecule.
mircea_popescu: exactly the same principle at work, but with much better management and crowd control.
mircea_popescu: it seems indeed Jeff Rupley moved in january of this year as "Principal CPU Architect" at samsung austin r&d
mircea_popescu: dexX7 here's an item courtesy of the mpex scouring department : everyone else's name in the cointerra team page is used to name the pic. except in the case of ravi guy, the pic is named navi1.
mircea_popescu: for the lulz department: Ravi Iyengar engineer at government Mysore Area, India | Defense & Space
mircea_popescu: dexX7 well thanks for that, now at least there's something definite to go by.
mircea_popescu: i can be mircea popescu but ravi dude hasta be ravi, like madonna. cause he's not into business, he's into entertainment.
mircea_popescu: and i mean ravi. if i were to pick up the phone and call samsung hr, who do i ask for ? "ravi" ?
mircea_popescu: the one hit on arstechnica.com is from the cyruss bitcoin guy, which incidentally may end up an ugly mar on his reputation as afair he was quite well researched
mircea_popescu: look at the sources on that : reddit and some bitcoin spamsites.
mircea_popescu: so, is the cointerra thing announced on the known blog of ravi the lead cpu architect of samsung blog ?
mircea_popescu: some douche pretending to be someone cool on this side of the cool isn't particularly trustworthy on that alone.
mircea_popescu: when i moved to bitcoin i said so on my blog, and the people that knew me KNEW it was really me.
mircea_popescu: dexX7 the problem with these statements is that there's no chain of verification.
mircea_popescu: so eve is pushing a 800mb patch what in the loving hell.
mircea_popescu: tho in fairness maybe the labcoin shills are too stupid to show uo
mircea_popescu: by the size of the comment stack it will probably be even more hotly debated!
mircea_popescu: depends what you;'re ultimately trying to achieve anyway.
mircea_popescu: ts are promises of the usg to pay usd. eurodollars are promises of foreigners to pay usd.
mircea_popescu: in a first approximation you could extract something by comparing Ts and eurodollars
mircea_popescu: certainly an intellectually rewarding field to try and comprehend.
mircea_popescu: anyway. this is the heart of human civilisation, finance. it distributes resources and in the end draws the limit for the lives of everyone.
mircea_popescu: i won't lend to you at 5% if i figure the inflation will be 6% now will i.
mircea_popescu: obviously inflation is the lowest basic component of any interest rate.
mircea_popescu: this would prevent prices from going up, as you can't use your supposed dollars.
mircea_popescu: the difference would be hidden [from the market] through administrative menas.
mircea_popescu: suppose you had 10k in the bank but were not allowed to spend more than 1k a year
mircea_popescu: the difference is hidden through administrative means.
mircea_popescu: benkay well, about 60% of work able adults in the us have a job. the us official unemployment is 10%.
mircea_popescu: taub before bitcoin i was doing business consulting. this isn't the sort of thing books or universities teach, other than in a very basic and fundamentally useless manner.
mircea_popescu: all this gets mixed together in the market an a price emerges.
mircea_popescu: benkay it's one huge concerto of "they're going to be 6 ounces stupid this month" "no, just 5.4" "no really, 6.2"
mircea_popescu: well i'm one of the few people in bitcoin that knows finance.
mircea_popescu: if they hadn't the us govt would simply pretend like there's no inflation, but you just can't spend your dollars sorry. they ARE doing it in any other field where there's no easy recourse, such as for instance employment.
mircea_popescu: it wouldn't work worth a shit if they tried to hedge both parts together, which is why they got separated. this incidentally is how finance works, isolates risks by types much like science isolates variables.
mircea_popescu: the reason the eurodollar future is the most traded derivative in the world is due exactly to the fact that people are trying to hedge the inflation part.
mircea_popescu: inflation is one thing, administrative limitation of the use of your held reserves is another thing.
mircea_popescu: and so pretty much all trade taking place with delivery in dollars will reference eurodollars (which really means, non-us dollars) rather than the us-dollars.
mircea_popescu: anyway. because the us govt can't be taken seriously, the financial world has settled on the non-us held dollar as the measure of dollars,
mircea_popescu: it's one of the things the new dodd frank stuff is for.
mircea_popescu: since the us is a greatly impopular rogue state, the pressure on the currency is marked.
mircea_popescu: if i have a bill from my cigar supplier in cuba for 10k usd, i can't use 10k usd from my ny bank account to pay it. i can however use 10k usd from my french bank to pay it just fine.
mircea_popescu: you can however send euro-dollars to anyone you please.
mircea_popescu: for instance you can't send usdollars to "terrorists".
mircea_popescu: which is why they trade at a premium over the domestic shit.
mircea_popescu: eurodollars are dollar deposits held in european originally, currently foreign banks.
mircea_popescu: he's wrong by default and absolutely stupid for even doing this sort of camwhoring without a cam.
mircea_popescu: unless he's somebody, i don't give a shiot what he thinks he thinks.
mircea_popescu: taub you understand that it is perfectly moot what nobody writes on a page ?
mircea_popescu: that retarded link wants me to login on the strength of "Economics of Money and Banking, Part One"
mircea_popescu: "Economics of Money and Banking", no mention of... economics ?
mircea_popescu: how's he different from all the tards starting ipos ? how can i distinguish him from kludge ?