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mircea_popescu: unless you're in like iran or some other primitive economy.
mircea_popescu: right. cause it's a side business of no particular value or import
mircea_popescu: who is a serious contender for the exchange dollars to euros "throne" irl ?
mircea_popescu: go hit on a girl, she turns yhou down, you meant for her to turn you down all along. sure.
mircea_popescu: well you can always have an ex post facto definition of the purpose of an item that suits its actual history.
mircea_popescu: by that approach that options site referenced earlier is "laughing all the way to the bank"
mircea_popescu: possibly not. i think we're discussing very slightly different things
mircea_popescu: this is how bureaucracies survive : clueless but at least slow.
mircea_popescu: executing very well is an advantage if you have a good strat. if you have a bad strat executing poorly is actually better
mircea_popescu: now europe is going off a cliff, and the laggard is in the best position all things considering.
mircea_popescu: romania is one of the eu members. it has always been a laggard. this was always decried as a huge disadvantage.
mircea_popescu: the idea is just that having a car that's 1ms faster wins you nasdaq, but on a well designed exchange having a bot that's 1ms faster wins you little if anything at all.
mircea_popescu: if mtgox lag was subsecond (which is HUGELY laggy for an exchange) nobody'd complain
mircea_popescu: there's no real advantage to being quick in a game of wits.
mircea_popescu: you put it on the book, can't cancel it for 1 second say.
mircea_popescu: the solution to hft is both simple and already implemented.
mircea_popescu: well... if european style end of month options go for like .4 btc per 96 call
mircea_popescu: proof of work could be then accomplished by showing a path of solving the map in at most N steps, where n is the difficulty.
mircea_popescu: suppose we find a liniarisation of sokoban maps, such that any arbitrary number comes to a map
mircea_popescu: i don't happen to believe in making things to own. i prefer owning things other ppl make
mircea_popescu: Diablo-D3 nah, it will be higher cause of economies of scale.
mircea_popescu: asciilifeform however the problem of making an ai-ciomplete pow function is ALSO kinda difficult./
mircea_popescu: so your asic may slow down as m goes up but that's all
mircea_popescu: BUT! you can just make asics with 1 tb worth of ram per chip and redundant math processes which just share it.
mircea_popescu: bitcoin was a LOT stronger back when ppl cpu minded it
mircea_popescu: actually raising the cost is building an advantage for the attacker.
mircea_popescu: the cost of making computers is nil. we're getting there.
mircea_popescu: no it doesn't omg. the same can be said : only the most powerful states can keep slaves etc.
mircea_popescu: asciilifeform there's more people owning slaves than semiconductor fabs. this is a fact.
mircea_popescu: you'd have to keep a bunch of vats somewhere which'd be the blockchain
mircea_popescu: you could have mining which consists of giving birth to specified-dna babies.
mircea_popescu: this is the problem with slavery, it doesn't promot innovation.