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mircea_popescu: my memory is not THAT BAD yet, current year i still can access fine
mircea_popescu: noagendamarket btw, have we traded ? the name sure is familiar.
mircea_popescu: an ipo is the pinnacle of a career, not a sophomore year project.
mircea_popescu: you don't ipo as a dood that doesn't even know what gpg is.
mircea_popescu: anyway im really curious what the guy has to say. wake up bobby!!!
mircea_popescu: "floating coupon virtual warrant" FCVW for instance...
mircea_popescu: but yea, it's really very contorted to define in fiat-terms what a mining "bond" is.
mircea_popescu: which is never physically settled, yes, but by the cash value
mircea_popescu: my only ownership is over the theoretical output of a theoretical machine
mircea_popescu: if i own a mining "bond" my ownership extends over no sum of us$ or btc
mircea_popescu: if i hold a treasury my ownership extends over a certain sum of us$.
mircea_popescu: noagendamarket actually if the asic companies run off with everyone's money it might increase
mircea_popescu: well in theory it's principal backing is that you have the option to directly realise your underlying mh/s
mircea_popescu: and if someone tried the house/sec./etc would have a weeklong fit
mircea_popescu: they are somewhat like floating bonds except really they're more like floating warrants
mircea_popescu: im just saying, its NOT something random q citizen comprehends.
mircea_popescu: that people in general aren't capable to correctly value.
mircea_popescu: they're in fact very sophisticated financial instruments
mircea_popescu: hey, i've made profits too, but the point remains : they aren't really bonds.
mircea_popescu: and by the theory you can fleece a sheep many times but skin him only once, are now sweetening the deal"
mircea_popescu: a different way to express this would be "the issuers realised how badly they're screwing so called but not really investors
mircea_popescu: yes, but unless its for X something money it's not a bond.
mircea_popescu: yes, it could be a bond in the very tenuous theory where hash power is a currency
mircea_popescu: but he makes no representation he will return a certain btc value at a certain future date.
mircea_popescu: if i tack on the option for you to turn it into an airplane
mircea_popescu: if i lend you a car i haven't sold you it, i've lent you it
mircea_popescu: yes but as the guy rightly points out, in order for something to be a bond it needs to meet some criteria.
mircea_popescu: BTC-Mining still not a bond, sounds more like a sort of stock option ?!
mircea_popescu: EskimoBob : speaking of the bonds you or i can invest into, afaik the only such in btcworld are the MPOE bonds. care to go through them with me to check this theory ?
mircea_popescu: how can something that small be a thief ? you'd accidentallty smush it midrobbery
mircea_popescu: all mining assets that didn't make 20% per month past 3 mionths are a net loss.
mircea_popescu: 33% depreciation through diff rate increase and 50% depreciation through btc appreciation
mircea_popescu: in strict depreciation terms all mining assets that didn't make at least 9% per month are a net loss.