402400+ entries in 0.119s
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.
mircea_popescu: i mean, remember that guy issued like 10k btc of debt to dozens of people didn't know about weach other ?
mircea_popescu: you don't trusty him with 10k out ofg 100 bn. you trust him wioth 10k total.
mircea_popescu: the way it works now, he can make 100bn and just give you 10k of that
mircea_popescu: Namworld but can you enforce that much is how much they make ?
mircea_popescu: irl trust is always to something. i trust you to suck my cock, but not to bake me a pie.
mircea_popescu: whether i make 100 or 100 bn dollars, you've trusted me already
mircea_popescu: as far as ripple is concerned, you trust me, end of story.
mircea_popescu: ericmuyser the unsurmontable problem is that ripple trust is blind
mircea_popescu: <Namworld> The issue is, Ripple is just plain stupid... << the more i learn about it the righter this seems
mircea_popescu: i'd blog about that retard but the problem is the 1% idiots that read trilema and don't understand wtf would probably triple his trafic
mircea_popescu: (and he was the "auditor" in the 1st mtgox heist, incidentally)
mircea_popescu: Ripple is led by Jed McCaleb (founder of MtGox, eDonkey) and Chris Larsen (e-loan, Prosper.com), both successful businessmen who do not have an interest in sullying their good name
mircea_popescu: what a fuckwit that guy. "not open" "centralised" vs "ponzi" how are these "the same" ?
mircea_popescu: unrelatedly, if you've never tried having a girl sit in your lap while you're sitting on one of those large yoga inflatable rubber balls you must do so forthwith
mircea_popescu: thats a good example cause he seemed real trustworthy all through and never had a good reason to disappear
mircea_popescu: i don't think at any point in the > 5000 years history of arbing
mircea_popescu: im not sure why this is difficult to digest, but finance is fundamentally fiduciary.
mircea_popescu: maybe. i'm still not sure why exactly it is a problem.
mircea_popescu: well, leaving aside that there isn't a 2nd mpex to begin with, having no hierarchy means you'll have to face the byzantine problem
mircea_popescu: jurov well basically listing on mpex does that exactly.
mircea_popescu: and so at the interface between hard and soft you will have a gap
mircea_popescu: and everyone else uses weak ownership (no contracts ; fiat ownership)
mircea_popescu: paper will take anything, the blockchain idea will take anything.
mircea_popescu: fact is an altchain is trustworthy just for being an altchain to the same degree that written text can be trusted just for being written on paper.
mircea_popescu: this fetish people have for blockchains is being exploited atm by all the altchain scams.
mircea_popescu: as it won't push out div if the share count is > the declared count
mircea_popescu: BitHub htye already do, for pretty much all mpex shares
mircea_popescu: nobody wants to administer the physical stuff anymore, too expensive, forgeries etc
mircea_popescu: you can "own" it but in the terms of, some clearance corp saying so and that's all there is.