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mircea_popescu: JohnGalt it has been proven not to work > 20 times so far.
mircea_popescu: no gambler can pick up the phone and complain about damaged deliveries.
mircea_popescu: and s.dice takes small gamblers because it's very easy to provide the service to them.
mircea_popescu: Namworld the hosting industry may be the one single place where my above judgements may be shown mistaken
mircea_popescu: this obviously is unavoidable, seeing how they couldn't afford to hire me to tell them this, and wouldn't have made sense of it anyway.
mircea_popescu: 90%+ of all small businesses that tried bitcoin discovered this on their own timeand dime
mircea_popescu: all im saying is that the average small biz does not find itself in a position to do this.
mircea_popescu: note, im not saying that by 2050 or w/e all these fabulous economies of scale baked in by design won't be working full bore
mircea_popescu: you need to be a multi-billion corp to process sub 10 dollar transactions effectually.
mircea_popescu: in principle, for every degree of magnitude the transaction goes down, your fixed costs go up one and a half.
mircea_popescu: the fact that asic fab plants are designed to make custom chips
mircea_popescu: the fact that it is designed to do it does not mean you are the one to do it.
mircea_popescu: but you lack all the many tools that the banks use to turn this green.
mircea_popescu: if you aggregate one billion of them you can squeeze a little profit
mircea_popescu: the 3-9 transactions work on an economy of scale model
mircea_popescu: it doesn't really depend. we have centuries of accumulated experience in trade. by now things are pretty well known
mircea_popescu: because, Namworld, the costs of administering this sort of business exceed your profits from doing it.
mircea_popescu: nobody does eitgher, but that's besides the point. we don't,.
mircea_popescu: point remains. we don't want the average joe and his 3-9 dollar transaction.
mircea_popescu: why do you think banks wouldn't take most poor people's accounts if they weren't legally forced to ?
mircea_popescu: it costs to supply their needs more than they are capable of paying.
mircea_popescu: but the effort and expertise involved in doing this are much more than what's needed to make asics
mircea_popescu: their business is very expensive. rape-them-in-the-ass corps like banks etc are very good at keeping their idiocy expensiveness low while turning a buck
mircea_popescu: Namworld their misconceptions are for the greater good.
mircea_popescu: JohnGalt2 im just making the point that in the sense jobs is dead (ie, no longer driving apple) so is satoshi
mircea_popescu: simple example : satoshi is dead, btc benefits from it. jobs is dead, apple is doomed.
mircea_popescu: we are exactly diametrically opposed in every single aspect
mircea_popescu: Graet yes, we will get them either way. they're worthless. why bother ?
mircea_popescu: this very entrenched western notion that everyone's entitled to an opinion.
mircea_popescu: "Bitcoins, in theory, could become the next universal currency. However, they are a pain to obtain (if you're not buying them outright) and the security model could use some work."
mircea_popescu: "If there were more robust security, in the bit coin infrastructure. I'd consider it, but as its setup now, not very likely. "
mircea_popescu: However, recent evidence suggests that Duqu may have been written in Object Oriented C (OO C) and compiled in Microsoft Visual Studio 2008.
mircea_popescu: "What makes it possible to buy drugs with Tide is not because Tide is useful as a detergent. It’s because drug dealers and users have agreed that it is currency."
mircea_popescu: Not really. They're not at the LVCC, but at the Sands Convention Centre. That's like half an hour away from the "real" CES.
mircea_popescu: update their systems as soon as possible to versions 3.2.11, 3.1.10, 3.0.19, or 2.3.15
mircea_popescu: mpex safety announcement : mpex uses no ruby on rails or anything else at all.
mircea_popescu: dude. the absence of a bookie means you're not being fucked in the ass.
mircea_popescu: i can't believe people's reaction is "we should be stolen from".
mircea_popescu: dub i like the odds tho. it's like... 300:1 but "we win nothing"