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mircea_popescu: if holders refused to part with their btc at any price
mircea_popescu: something like, if women refused to suck cock no matter what
mircea_popescu: even if not a single bitcoin is used to DIRECTLY buy services
mircea_popescu: it wasn't at all impossible to price anything, even tho gold liquidity was 0
mircea_popescu: this is like saying you like this chick because she has more history.
mircea_popescu: in all those instances people had the option to pay in gold
mircea_popescu: all through the history, when silver was overpriced by fiat, gold was hoarded
mircea_popescu: <mjr_> if no one can buy or sell with bitcoins, their value drops << this is absolute nonsebnse.
mircea_popescu: so in a sense, albeit very synthetically, i am paying for everyting in bitcoin
mircea_popescu: from my pov i am simply conserving btc portofolio and using my fiat assets to discharge all obligations
mircea_popescu: mjr_ are you familiar with that theory of investing whereby early on in your investing life you should never sell assets, to avoid the spreads, but simply buy something else and change portofolio that way ?
mircea_popescu: which if you think about it... being in the top 20k ppl is pretty much being very rich
mircea_popescu: you come up with an idea, you assemble a team, you start implementing it...
mircea_popescu: i'll tell you something definite, i'm getting about one person a day hitting me up about advice as to how to go into bitcoin business
mircea_popescu: Lyspooner don't hate, i bought some homeless chicks pizzas with bitcoins like yest.
mircea_popescu: i imagine sooner or later someone competent - maybe a miner - will start mming them
mircea_popescu: actually im kind of curious if inaba REALLY thinks he;ll be able to walk away from the eventual bfl blow up
mircea_popescu: nah, they sent like 60 units which are awol/possibly confiscated/stuck in customs/who knows
mircea_popescu: if indeed avalon delivers anything eventually then its kinda perfect that asicminer came online first
mircea_popescu: which is somewhat not surprising, i guess they're mostly the liberal arts/community college folks with a lot of debt and degrees in whore/nigger studies right ?
mircea_popescu: It's "0.025152 - 0.037728" BTC per day. Yup, your 150$ device makes 4 to 6 cent a day (at pre bubble burst prices).
mircea_popescu: Someone did the math some minutes ago on the BFL chat how much a single Jalapeno would earn per day if everyone rolls out as intended and the difficulty matches that hashrate.
mircea_popescu: "I really hope asicminer brings all their stuff online, takes control of the network and pushes all the other mining pools out of existence by increasing the difficulty beyond profitability for anyone without their own ASICs. People desert Bitcoin in droves, the price crashes and ASIC owners are left holding the bag of worthless Bitcoins and useless, expensive hardware."
mircea_popescu: it's their interwebs forum, they can cry if they want to .
mircea_popescu: upid makework and the solar panels powering it could be used for something fruitful."
mircea_popescu: "When this bubble bursts it won't be newsworthy because nothing of importance will be lost. There will be a few articles on Gawker or whatever but nobody will really report on this. Bitcoin will die slowly, fading into obscurity as the last true believer tries to tell his son with his dying breath "there's always money in the bitcoin shack," not realizing his son mothballed that loving shack years ago because it was st
mircea_popescu: There's nothing actually newsworthy about bitcoin at this point except in drug law and so on. Drugs aren't really "in" right now in the news cycle. Now, if someone started selling unregistered guns with extended magazines using bitcoin. . ."
mircea_popescu: " It's just a neat piece for people to talk about to feel tapped into the pulse of the Internet without actually having to do it. "You hear about that internet currency? Yeah it's pretty neat huh" and that's the end of it. It's just a filler piece, a blurb, not really a publicity piece.
mircea_popescu: it went way up and since then it's been roughly stable
mircea_popescu: ironically... that's what apparently happened to s.mpoe.
mircea_popescu: "Market prediction is a difficult thing; if it were easy, Bitcoin would have immediately jumped all the way to some final price back in 2009. Perhaps the best strategy for most of us is to simply wait and see."