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mircea_popescu: Namworld well ok, so then you are copiously unqualified to discuss how ripple works lol
mircea_popescu: so, little girl takes out 5 btc for her dad's 40k ripples.
mircea_popescu: if you were able to take out y's 5 btc in exchange for x's 40k ripples
mircea_popescu: so then how exactly is this diff from the guy in the cab.
mircea_popescu: you don't even know who the fuck y is you have his btc
mircea_popescu: you took Y's lunch in exchange for X's scribbled paper.
mircea_popescu: thus there fore wtf you on about. it's exactly how you witnessed it to work
mircea_popescu: were these 5 btc put in by the user you got your ripples from /
mircea_popescu: this is how things work. social graphs degrade towards the edge
mircea_popescu: is that his cook knows, and the cook fucks this girl on the side who's owned by this guy who owes me a carrot.
mircea_popescu: listen, the way i find out what the president of the republic ate
mircea_popescu: how did the tradefortress guy manage to cause all that havoc
mircea_popescu: cole_albon no, i meant the naive stone age "free rate repo" system
mircea_popescu: anyway, moral of the story here being, "don't start revolutionary financial shit without an actual financial mind available to suckle on the cock of"
mircea_popescu: and will be raped in the mouth just as soon as someone cares to.
mircea_popescu: the real reason however is that the system doesn't work
mircea_popescu: the developers stupidly assume this happens because never before have there been on the face of the earth genius developers to make a ripple.
mircea_popescu: to rephrase : do you have an inkling of an idea what the 2008 meltdown would have looked like if indeed repo was free ?
mircea_popescu: but! when i accept this, i undertake someone's CP risk
mircea_popescu: if they credited my acct with ~300 bux for every 100 deposited i'd consider it.
mircea_popescu: Namworld i wouldn't deposit money in mtgox because the mtgox risk requires a premium
mircea_popescu: as far as i know, if your bank is showing 200 dollars in your account
mircea_popescu: the fact that his debt is accepted is exactly giving him money.
mircea_popescu: [\\\] he's the only person afaik who seriously looked at the thing
mircea_popescu: pigeons you want to give that a read say if i've fucked up anything ?
mircea_popescu: (start with 100 scam bux, trade for 100 cvasi-scam bux, trade these for 100 not reallt scam bux, cash out 100 bux)
mircea_popescu: it's worse tho, in as you can probably traverse up the tree
mircea_popescu: [\\\] finally came to me when i saw your dasehs. magic.
mircea_popescu: my bet is that Namworld's 5 btc is coming from the naive investors trying to push it
mircea_popescu: i have my doubts this will pay much in the way of bills
mircea_popescu: anyway. unless i'm missing something fudnamental (which gets less and less likely as time goes by), ripple is the down syndrome suffering child of some people who really really wanted to matter
mircea_popescu: very theoretical and not particularly related to ripple.