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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.
mircea_popescu: pgp for one, you will have the normal confirmation delay. for the other, how do you pay the miners ?
mircea_popescu: unlike the horrorshow of glbse etc emails, this is the actual standard i'd say.
mircea_popescu: list of holder gpg keys encrypted with owner's key publioshed on btctalk
mircea_popescu: TomServo well i don't see how it'd do better than what's currently in place atm
mircea_popescu: you'd never know the insider handles. kinda the point of crypto currency
mircea_popescu: what we're looking for is a conceivable problem they might solve.
mircea_popescu: but sure, in general speaking the world is not complete so you never know.
mircea_popescu: creating some special coins which denote ownership of shares.
mircea_popescu: the objection is that this thing wouldn't actually add any benefit.