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mircea_popescu: rbenzaquen well if you signed the key it should be ok.
mircea_popescu: say you want to deposit 100 btc. it says "deposit 100.48973984 BTC"
mircea_popescu: yes, you generate a public/private keypair. one second
mircea_popescu: when the time comes, everything outstanding you deliver.
mircea_popescu: we're not discussing any volume yet, haven't gotten to that
mircea_popescu: well, if beneficiary fails to state you don't deliver.
mircea_popescu: 3. you execute within a fixed timeframe, possibly for a fee.
mircea_popescu: 2. people on the list send you signed messages stating disposition of their cocoa
mircea_popescu: 1. upon settlement date all held contracts are to be delivered, mpex prepares list of fingerprints and amounts, signs the list and sends it to you.
mircea_popescu: thestringpuller well this is certainly interesting. what fee would you need for delivery and what min/max volumes ?
mircea_popescu: but incidentally, what exact cocoa is this ? bean ? processed ? powder ? what specs ?
mircea_popescu: FIS is the ancient "free in store", buyer pays custom duty if any.
mircea_popescu: "Seller pays for carriage to the terminal, except for costs related to import clearance, and assumes all risks up to the point that the goods are unloaded at the terminal."
mircea_popescu: so. your delivery model is something like what exactly ? CIF ? DAT ? DAP (FIS) ?
mircea_popescu: or more like DAT ? you don't clear customs/taxes do you
mircea_popescu: no, what i mean is. suppose X has 500 contracts to take delivery on
mircea_popescu: ;;later tell bugpowder if you deposit 2.3btc today for the SEP and then as MAR rolls by the diff actually went way up like 9x, the new collateral is just 3x, but 3x the NEW price, which is 9x.
mircea_popescu: ;;later tell bugpowder there's an important point to consider in the discussion of X.IDIFF margins as the quarters roll by which we skipped over last time.
mircea_popescu: most people who'd be competent enough to do it either don't want it because it'd likely be low volume to start or legal concerns
mircea_popescu: wait. smickles considers himself a mature ?! as in, old pornstar ?!
mircea_popescu: actually, this is why mpex doesn't allow instacancellation of orders :)
mircea_popescu: it's one point that's been gained through experience so far, gpg is good.
mircea_popescu: in any event more use of pgp can not hurt the new exchanges.
mircea_popescu: EskimoBob i was going to ask for a few bitcoins off pigeons to pay for it.
mircea_popescu: hey pigeons, there's a half frozen hungry desperate dieing pigeon in my yard.
mircea_popescu: there's never been an asset returning 10% a year IN BTC
mircea_popescu: but at any rate, take the yearly ffigure : 32k, since april.
mircea_popescu: yes this month. the thing is, i think after the variousdebacles startying with pirate people were loath to dump the 100k it should have commanded.
mircea_popescu: alrighty, too much excitement for one day. catch you all later!