402400+ entries in 0.151s
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.
mircea_popescu: i mean, other than getting retards priced out of BTC some playground where they can pretend like they'll matter later.
mircea_popescu: Namworld you're uysing a literal definition, he's using a more metaphorical one
mircea_popescu: dub ideally people stupid enough to put btc in get releived of the btc
mircea_popescu: complete "i fucking don't understand what bitcoin is so here's a cat with a pancake on its head. just as good"
mircea_popescu: "Even Roger Ver, a.k.a. "Bitcoin Jesus" has to pay his supply chain to keep the Bitcoin Store running, so he can't use Bitcoins either. Roger Ver doesn't accept Bitcoin, he accepts US dollars from BitPay. If even Bitcoin Jesus isn't interested in Bitcoins themselves, then why not let customers use their local currencies from the get-go and take out the Bitcoin middleman?"
mircea_popescu: Arthur Britto, Stefan Thomas, and David Schwartz are major contributors to Ripple's development, and all played an active role in Bitcoin's early successes.
mircea_popescu: same disaster of commons spiral of death as the price for used cars.
mircea_popescu: they tokenize this trust. so basically... instead of having properly identified units you just have one "ripple"
mircea_popescu: the worse part is that not only have they no way to specify da fuck exactly you trust,
mircea_popescu: that reason is that you need to get paid. nobody this stupid has any money
mircea_popescu: basically there's a reason retards were trusting each other randomly
mircea_popescu: if i accept your stuff for 10k btc i expect you to pay me whatever, 2k.
mircea_popescu: you're basically providing liquidity, the only sane way this works is if you get a % fee for each guy you trust
mircea_popescu: but! you are in effect saying you will take X of this person's issuance with no backing.
mircea_popescu: ericmuyser i kind of suspect you're not quite qualified to discuss systems.