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.

mircea_popescu: bgupta i agree that a correctly functioning bitcoin would have been fucked in that situation, and so "good" that it was broken.

mircea_popescu: TradeFortress ah

mircea_popescu: Schadenfreude probably in the millions from what people were saying. no idea.

mircea_popescu: TradeFortress i missed that one ?

mircea_popescu: the longer chain was sunk by collusion between people. this is hallmark centralisation.

mircea_popescu: bgupta you don't follow.

mircea_popescu: Schadenfreude iof we believe the frenchies (ie, no funds lost) then the brazil thing is way weorse.

mircea_popescu: Schadenfreude http://trilema.com/2013/and-another-one-bites-the-dust-mercado-bitcoin/

mircea_popescu: getting darned close to the line.

mircea_popescu: claiming miners vote and thus there's legitimity, what's that ?

mircea_popescu: take the recent fork disaster. it being passed off as a great success, what's that ?

mircea_popescu: i am aware.

mircea_popescu: bgupta nu, like hallucinating.

mircea_popescu: and the whatever else

mircea_popescu: Schadenfreude and the brazil thing

mircea_popescu: the newsfeed going down in all this is cosmetic, what's the value of it being up if gox lag is on the 1.2AU level ?

mircea_popescu: bunch of security breaches

mircea_popescu: for instance. broken code, delusive geeks, mtgox going down

mircea_popescu: it's a pointless dog to chase atm, we have much bigger problems

mircea_popescu: not afaik, at least yet. maybe emerging.

mircea_popescu: while the guy had some sort of emotional breakdown

mircea_popescu: they were down for two days straight at some point.

mircea_popescu: a lol

mircea_popescu: its more common than it should be.

mircea_popescu: mjr_ hm ?

mircea_popescu: was about 10mn for a while neh ?

mircea_popescu: <mircea_popescu> the exchange market is roughly half tho, otc is pretty big <<<

mircea_popescu: private.

mircea_popescu: private as in i know about it, you don't.

mircea_popescu: i don't know what street has to do with anything ?

mircea_popescu: if that's what you were asking

mircea_popescu: but yes, mtgox does have an overextended and unjustified impact on price formation.

mircea_popescu: only for small trades.

mircea_popescu: and then there's the private traders

mircea_popescu: the exchange market is roughly half tho, otc is pretty big

mircea_popescu: gox is about 70% of that.

mircea_popescu: options are priced against all exchanges.

mircea_popescu: kinda distributed

mircea_popescu: atm they're struggling to keep a third.

mircea_popescu: bgupta they had something like 70% a year ago.

mircea_popescu: bgupta no. but for 2013 hopefully.

mircea_popescu: carniwhore = girl who puts out for carnations.

mircea_popescu: i don't much care either way.

mircea_popescu: well basically... if that happens ltc is fucked

mircea_popescu: go aheasd

mircea_popescu: <ChaangNoi> once gox lists it, it should trade in the 1/10th to1/5th of btc price << eh get out.

mircea_popescu: bgupta it probably managed to pull one.

mircea_popescu: now i see "invalid symbol"

mircea_popescu: bgupta http://bitcoincharts.com/charts/ was offline.

mircea_popescu: <mjr_> lol <<< this.

mircea_popescu: no. i just don't want it to bubble.

mircea_popescu: dude i'm so impressed. the market listened. thank you!

mircea_popescu: ;;ticker

mircea_popescu: http://bitcoincharts.com/charts/ yup it's down

mircea_popescu: nanotube ^

mircea_popescu: lmao

mircea_popescu: on the other hand if the bot can't get price feed it won't quote

mircea_popescu: sometimes that comes a little (like, seconds) before the bot gets to put the new set in

mircea_popescu: the bot puts them in the book with an expiration time

mircea_popescu: bgupta not rly.

mircea_popescu: um. i have no idea. you're the miner neh ?

mircea_popescu: ello

mircea_popescu: so nothing over 100 is going to get bought.

mircea_popescu: <Schadenfreude> What's more interesting is where it will go to after crashing, 10ish seems too low << i can tell you that the major players will inflict at least a 1/3 punishment to the lemmings putting price this high.

mircea_popescu: yes well...

mircea_popescu: lol hide my pc appspot ?

mircea_popescu: and flushed.

mircea_popescu: a yes

mircea_popescu: "all it takes for stupidity to succeed" and all that.