mircea_popescu: i understand what you're saying but i think you're focusing on relatively small signals

mircea_popescu: the market cap hasn't been the limiting factor since mid feb.

mircea_popescu: that has nothing to do with financial speculation.

mircea_popescu: economies of scale are a property of production

mircea_popescu: mtgox ?

mircea_popescu: so then what have you adopted ?

mircea_popescu: arguably.

mircea_popescu: money changing hands does not necessarily reflect any sort of adoption

mircea_popescu: by that logic every time i pay a waitress i'm getting married

mircea_popescu: that's too loose for this convo i think

mircea_popescu: and retarded trend followers are NOT speculators.

mircea_popescu: speculators are not adopters.

mircea_popescu: nor should they.

mircea_popescu: but they don't have to all do it right nao

mircea_popescu: sure.

mircea_popescu: you know what i mean.

mircea_popescu: on what, coinbase ? :D

mircea_popescu: no you can't.

mircea_popescu: except not how things work irl.

mircea_popescu: if he chose to.

mircea_popescu: mjr_ yeah. and every single guy could get a hot girl

mircea_popescu: notrly

mircea_popescu: the reddit crowd of 50k people with 50 bux each is irrelevant.

mircea_popescu: all it takes is telling the few dozen people with money to stfu already.

mircea_popescu: mjr_ it's not really that huge.

mircea_popescu: ^

mircea_popescu: well... it won't work.

mircea_popescu: thus a classical bubble.

mircea_popescu: demand is fueled by price increase expectation.

mircea_popescu: so basicvally... any dollar over 100 anyone pays on a btc is a dollar lost.

mircea_popescu: it won't happen over 100.

mircea_popescu: and when they finally panic they'll expect actual players to buy from them.

mircea_popescu: in that a bunch of noobs / "daytraders" in their own mind are cycling the same btc among each other at the exchanges

mircea_popescu: this is a very dangerous non=participatory run-up by now

mircea_popescu: Bugpowder the problem is they kinda don't want to.

mircea_popescu: haha what a turn lol

mircea_popescu: would rather eat paper there than get out.

mircea_popescu: jurov americans are insane about their little country.

mircea_popescu: the bid/ask volumes tho... lol

mircea_popescu: http://bitcoinity.org/markets

mircea_popescu: running up again eh ? silly peoples.

mircea_popescu: depends. last month i think they did yea

mircea_popescu: not really.

mircea_popescu: pizzaman1337 only the options :p

mircea_popescu: TradeFortress very much so.

mircea_popescu: bgupta yes

mircea_popescu: ?

mircea_popescu: and b. if you do do it i will insulate you from market downturn

mircea_popescu: a. i am your regulator, if you don't i'll fuck you with my nonsensical regulations

mircea_popescu: mjr_ what if i tell you that

mircea_popescu: kakobrekla ^ check it out lol

mircea_popescu: TradeFortress nasty shit.

mircea_popescu: cause ... why, right ?

mircea_popescu: now the dems don't want to sell their own houses wives and daughters to pay for it

mircea_popescu: "lend to black people no matter what"

mircea_popescu: TradeFortress ok but it creatges this pernicious "listen to us and we'll insulate you ferom marketplace effects". it's how clinton destroyed the us banking sector

mircea_popescu: TradeFortress draw ? how is it a draw ?!

mircea_popescu: (and gavin paid him iirc anyway - moar central planning nonsense()

mircea_popescu: ChaangNoi doesn't change much in the equation

mircea_popescu: mjr_ i don't think they had a choice tbh.

mircea_popescu: but that doesn't change what things are yet.

mircea_popescu: obviously as market matures, idiots get pushed out, more money more competence etc stuff will improve.

mircea_popescu: mjr_ perhaps.

mircea_popescu: bgupta except there's no really distinct ones.

mircea_popescu: there's a lot of weakness baked in at all junctures.

mircea_popescu: everyone uses a pool because that's what you do

mircea_popescu: except nobody chooses to use a pool

mircea_popescu: it was two doods.

mircea_popescu: and it wasn't even the miners

mircea_popescu: except it wasn't the market,

mircea_popescu: kinda where discussion started

mircea_popescu: i am just trying to delineate the heavier problems we face,

mircea_popescu: i am not disputing their right here.

mircea_popescu: so it's a problem, all i'm sayin'.

mircea_popescu: right.

mircea_popescu: maybe they were just sheepishly following ?

mircea_popescu: how do you know this to be the case ?

mircea_popescu: a move was made that was irrational.

mircea_popescu: so it still doesn't escape the central planning issue.

mircea_popescu: right.

mircea_popescu: this is irrational on the face.

mircea_popescu: the btc guild guy made a choice that cost his miners ~1-2k btc

mircea_popescu: you have to presume some choice was made. i have my doubts those heads were working.

mircea_popescu: but it's still there.

mircea_popescu: granted.

mircea_popescu: mjr_ it's not they could have. they in fact did. (and not the bitcoin foundation either, that's an irrelevant little scam by now)

mircea_popescu: is this democratic process iyo ?

mircea_popescu: mjr_ but to make that work in the case at hand, parish head told people to vote for x, they did.

mircea_popescu: same effect yes, same goal not really.

mircea_popescu: the case was quite plain central planning : devs said do x, pool op did x.

mircea_popescu: a, yes. my statement above suffers.

mircea_popescu: explain this difference ?

mircea_popescu: but logically thinking : bitcoin is sold as being decentralised, right ?

mircea_popescu: not really, i guess.

mircea_popescu: was this rain thing some sort of ponzi ?!

mircea_popescu: wait

mircea_popescu: how large is large TradeFortress ?

mircea_popescu: suspicious this

mircea_popescu: tsk.

mircea_popescu: buyt this doesn't change the fact that it's broken.