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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.
mircea_popescu: you could have sent a bitcoin straight into the trashbin.
mircea_popescu: unbalanced_ they have to do it within five days of new month
mircea_popescu: they pay < 50 btc after 90 days and > 50 btc IF POSSIBLE ?
mircea_popescu: let it simmer a little, it won't get too low, we come to sanity. k ?
mircea_popescu: all i have to say, boys and girls, is that if it popped later it'd have been much worse.
mircea_popescu: The surrender comes after the Commodities Futures Trading Commission unleashed a lawsuit against Taylor in November that alleged he intentionally concealed an $8.3 billion position in the S&P 500 e-mini futures. The CFTC had been seeking civil penalties of $130,000.