413500+ entries in 0.158s
mircea_popescu: so im looking at the bfl asic and all i can think of is
mircea_popescu: so far mtgox is a half-baked buggy implementation of capital controls.
mircea_popescu: which turns out to be critical when idiocy like the recent bubble strikes.
mircea_popescu: the fact they suck creates a lot of friction, which insulates us
mircea_popescu: but anyway : i will dare say that a functioning exchange would be a serious problem at this point.
mircea_popescu: jcpham because he helps bitcoin be more like the shithole he lives in
mircea_popescu: dub won't happen, because people have absolutely no preference for quality.
mircea_popescu: the other "survivor", bitfloor, lost millions of users funds
mircea_popescu: whereby they have a bunch of bitcoinica funds which two parties are disputing in nz and ca
mircea_popescu: currently they're also involved into a mess not of their making
mircea_popescu: they offered the theory that they don't need licensing because bitcoin
mircea_popescu: taub had a bank account in france, french authority investigated them
mircea_popescu: then the high prices high volumes hit, now they're making enough to be an actual business.
mircea_popescu: they were marginally profitable once btc went over 10 again, but barely enough to dig investors out of their equity hole
mircea_popescu: plus making a narrow escape from the EU for not having banking licenses)
mircea_popescu: this put him in the red all through 2012 (plus some hacks and other unsavory shit, plus taking over hacked stuff like a polish exchange
mircea_popescu: used this to get offices, hire some employees, get some real servers, etc.
mircea_popescu: tux then proceeded to get hacked, which may or may not have been the fake account they used to house trade, but anyway btc got sold down to 0
mircea_popescu: tux proceeded to get hacked, lose the entire email base, to this day these emails are spammed.
mircea_popescu: was basically given away to tux because of legal concerns.
mircea_popescu: started about a year after btc as an outgrowth of a game cards trading thing owned by the guy now doing ripple.
mircea_popescu: also, i hope ycombinator has litebase, litelab, namebase, namelab
mircea_popescu: so you know, you can pull the feeds just fine, they're public
mircea_popescu: mpex has no api. it's just some public json/jsonp calls
mircea_popescu: where's tiberius guy to show me mercedes links when we need him.
mircea_popescu: and the wanna-be movers and shakers are... well... you know.
mircea_popescu: seeing how we're discussing a 1bn+ item here, which is more than a uss carrier with full equipment on board
mircea_popescu: moreover, the systemic risk they pose is that they'll blow it up then crash it with their desperation, creating fake "proof" that it's "a ponzi"
mircea_popescu: this is not acceptable. a buncha new kids don't get to run the town.
mircea_popescu: turning bitcoin into a sort of "bitcoin gem" by default.
mircea_popescu: left in the market, newb speculators selling to each other
mircea_popescu: bgupta there's a fundamental macroeconomic problem at work, as follows :
mircea_popescu: nah, at least in theory hysteria just needs a coupla slaps.
mircea_popescu: i would say today is a great day in that disaster was averted
mircea_popescu: lemmings have hopefully been slaughtered enough to learn for the future.
mircea_popescu: Apr 03 14:11:37 <mircea_popescu> so basicvally... any dollar over 100 anyone pays on a btc is a dollar lost.