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mircea_popescu: guy just had a bad trip, ended up convinced "they're after him"
mircea_popescu: im pretty sure your bloatyblocks with messages in them would get dropped a liot.
mircea_popescu: gesell currently the prtoblem with bitcoin is that ther blocks are too small to contain the transactions
mircea_popescu: i mean sure ppl would get excited, but so what of it ? fpga ss till hash
mircea_popescu: if all of them, bfl, avalon, asicminer, etc go the way of basic
mircea_popescu: tbh i doubt avalon turning out to be a scam tomorrow would do anything to the price.
mircea_popescu: if you believe in markets as the ultimate allocator of resources, then that person's gain would always be smaller than the global benefit
mircea_popescu: the many idiots with large btc holdings obtained just for being here early are now mostly bankrupt
mircea_popescu: the grapewine abuz with the theory that that's the plan, crash btc price to rebuy cheap
mircea_popescu: if you look at the graphs, was a large chunk of btc sold off
mircea_popescu: other than that, the january people kinda got it on the chin, bot made 10k
mircea_popescu: mind that the only one time someone came close to "owning" anything was august, and if that's the case the wisdom was insider information, not smarts.
mircea_popescu: that was, as best i can guess, someone insuring a large btc obligation (via the calls) and someone trying to mommentum trade (short puts)
mircea_popescu: heh. if indeed they could "own" bitcoin through their superior trading skills they'd be doing it, neh ?
mircea_popescu: to my eyes it's much akin to the 16 yo kid that "knows hax"
mircea_popescu: there is this very loud but imo stupid group who claim that btc is inherently unsustainable because "they are finance experts and know how to break it"
mircea_popescu: irl a well run bank can't compete with a "too big to fail" bank
mircea_popescu: exactly. that weight mostly consists in making it impossible for someone to dominate just because they're big.
mircea_popescu: as best i can guess the effect you describe is a result of the regulatory interplay in fiat.
mircea_popescu: i don't think there's any requirement for collectivism. in fact, the main seductive guile of btc to me is how prettily it completely decouples success from any sort of collective action whatsoever.
mircea_popescu: by now mommentum is moving and they're maybe buying, but the rule is quite simple : by the time the stupid gets onboard the ship is already sinking.
mircea_popescu: now, once reward halving was pinned down, the smart bought. the stupid didn't buy, because they were mommentum trading and the mommentum wasn't moving.
mircea_popescu: but a simple contrast : dude hears about bitcoin and instead of going on holiday buys himself miningrigs.
mircea_popescu: that's the effect of free markets, they marginalize the common man.
mircea_popescu: well, just, the btcs are naturally leaching towards the richer and the smarter.
mircea_popescu: that is changing already and in fact the random nobody will not exist in 2017.
mircea_popescu: as in, the fact that some bloke heard about it first is more important than the fact that he's smart or rich.
mircea_popescu: once the bitcoins available for sale dried up panic gripped.
mircea_popescu: buyers msitakenly figured they can delay inversting indefintiely
mircea_popescu: gesell i guess what started things was the dwindling supply of bitcoins due to reward halving a month or so ago
mircea_popescu: Namworld for one, it'd allow you to test if keys are registered.
mircea_popescu: and yes, website was changed to add qty@lastprice to security pages
mircea_popescu: jurov is maintaining live.coinbr.com which does some graphing with trades
mircea_popescu: gesell well im sure some people are running loggers that are interested.
mircea_popescu: other than otc they're the only ones i ever used. not really much of an expert in tradsing btc for fiat.
mircea_popescu: if you're in and out quick enough you'll prolly be ok.
mircea_popescu: lol ok, besides the security issue they have been fine.
mircea_popescu: bitfloor has that entire issue with negative equity atm.
mircea_popescu: gesell all the trades are fed here via assbot and to twitter
mircea_popescu: yeh. maybe some ppl want to send money to china and so they're selling stuff
mircea_popescu: i dunno what "consensus" that is. but no, not ok in any estimation.
mircea_popescu: (in fact we kinda know nobody is foolish enough to be using it seeing how the recent ruby on rails vulnerability caused them no damage)
mircea_popescu: i'd rather hope nobody is foolish enough to be using it.
mircea_popescu: mjrIII bitfloor is a bitcoinica clone running stolen code