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mircea_popescu: yeah, it's kinda why i make a lot of money consulting.
mircea_popescu: one of the advantages of the 10btc backstop is that it disencentivises overengineering
mircea_popescu: i always said the power of an idea is the number of people it can make drop out of school.
mircea_popescu: basically there is going to be space for 10k mathematicians and 100k software experts (this is NOT webdevelopers, ruby coders etc)
mircea_popescu: this is true, just, since we were on the topic of provavbility.
mircea_popescu: if you can actually build a business on that model for instance, i'd certainly list it.
mircea_popescu: my girl regularly roils over things that calously put the public in grave danger
mircea_popescu: and in general i've always supported stuff that was made to be safe.
mircea_popescu: shows you had the sense to a. ask b. think through c. implement something safe.
mircea_popescu: if you blow up escrow saves you, and you will be the first failed bitcoin business that failed correctly.
mircea_popescu: publish your total exposure/don't let people expose you over that sumand that'sthat.
mircea_popescu: "i am doing this to learn, it's not for serious, i have 10 btc set in escrow with X if site fucks up"
mircea_popescu: empowering people to run nuclear power plants in their garage is not a good thing
mircea_popescu: there's no real benefit in making an open source thing the general public may confuse with a financial market to their detriment.
mircea_popescu: the only result was some even worse idiots made bitfinex.
mircea_popescu: but when taaki stole and "released" the bitcoinica code
mircea_popescu: doing a general "this is how a successful business is made" documentary thing is one thing.
mircea_popescu: yeah, this entire "make a gift to the community" thing is suspect.
mircea_popescu: but anyway : deprived is one fellow actively doing some ltc/btc futures stuff, tho mostly otc.
mircea_popescu: it's not a crime, it's business. stuff i sign off on does better in the marketplacer
mircea_popescu: the other definition of moral support however is as to third parties. you can't go around saying "i'm working with mp on this" unless we actually have a deal of some sort.
mircea_popescu: unless you're pointedly an idiot about it, it's going to be useful, too.
mircea_popescu: it certainly possible to build a ltc/btc futures market.
mircea_popescu: (people, being donkeys, know better, so they continue getting owned a la coinbase)
mircea_popescu: these are well documented on trilema, and i'm pushing people to adopt them
mircea_popescu: there's parts about mpex that are very open, such as for instance the use of gpg to protect orderflow
mircea_popescu: if you think about it, this is proprietary sowftware which constitutes the main tangible asset of a corp mkt-valued at about a hundred million dollars.
mircea_popescu: as long as you're learning you can use anything you want.
mircea_popescu: and put a plain warning in the about file, this is what this is.
mircea_popescu: so the most reasonable thing to do is set a clear sum of your own pocket aside as guarantee (10 btc, .5 btc, w/e)
mircea_popescu: cads yeah well, most people don't dop internships on opm
mircea_popescu: ThickAsThieves yes, that, plus, you can't sanely rely on the end result working.
mircea_popescu: in general this "i shall put together found items in the hope of constructing something of value" works fine if what you're doing is art projects in highschool.
mircea_popescu: finance consulting is finance consulting, more expensive than hiring a lawyer,
mircea_popescu: well, whatever you get away with leeching in public chan then i guess.
mircea_popescu: so it wasn't gox doing it, it's not related to the dollars on the exhange, running out of theories here.
mircea_popescu: Scrat i bet the forum will be full of people saying "thank you mpoe-pr for warning us not to trust these muppets a month ago"
mircea_popescu: its consumer doohickey, great for if your ex's nephew is ddosing your cooking blog
mircea_popescu: at the time i'm saying this about ltc, 1. ltc is a copy of btc with no actual advantage and 2. i'm not ignorant.
mircea_popescu: at the time people were saying that about btc 1. btc was unique and 2. they were being ignorant.