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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
mircea_popescu: <mjrIII> and then would send it to me? << i should hope so.
mircea_popescu: but yes, it's rare that you can't just sell for the same effect
mircea_popescu: srsly. they started as 20 btc back when a btc was 3 bux
mircea_popescu: Namworld twas explained on the forum, do you want me to dig it up ?
mircea_popescu: as far as i can see any investing of bitcoins in fiat is very risky, speculative and dangerous.
mircea_popescu: maximian wasn't thinking before, isn't thinking now. no cost to him :p
mircea_popescu: "i am short 20 Bitcoins to buy one of the second batch. Okay. I could go satoshidice: either i have enough or nothing"
mircea_popescu: i wonder how much cheaper the huge aluminum box was than a normal closer fitting one