524000+ entries in 0.333s
ben_vulpes: "fuck everything
that happens, i'm in
the wot."
ben_vulpes: <mircea_popescu> dude, i have nfi << me neither, i'm just a millwright
trying
to not starve
this decade.
mircea_popescu: dude, i have nfi, im following here. you make a statement, i wanna see how you got
to it
ben_vulpes: i suppose
that
this is more properly spoken of in certainty intervals?
ben_vulpes: i'm leaning
towards
the fiatbezzle right now.
ben_vulpes: but fuck my life is it hard
to put
time horizons on
that.
ben_vulpes: it's
trivial
to say "clearly whatever whatever power structure will fall over."
ben_vulpes: and
there's
this impossible
time horizon estimation problem
that
the "end of civilization" brings with it.
ben_vulpes: everything must be valued in not only dollar payouts, but
twenty-one-millionth payouts.
ben_vulpes: #bitcoin-assets, by
the way, has made investing *harder* for me, not *easier*.
mircea_popescu: you're better off with equity
than with cash, provided you can distinguish good from bad
mircea_popescu: it's fundamentally what makes people chase college degrees instead of being plumbers ; and
the impulse
that makes people quit
their job and
take up gambling after a neighbour strikes
the powerball.,
ben_vulpes: 99% of
that is likely attributable
to simply how much longer
they've been doing it for.
ben_vulpes: i can
think of fifteen utterly moronic doodz doing running precisely
the same hustle and making vastly more money at it.
ben_vulpes: here's
the
thing
that makes me discount my own equity
though:
ben_vulpes: actually, i
totally get it all of a sudden.
mircea_popescu: hence my comment about "redoing mpex".
the proposition
that any
two
things are
the same
thing has serious problems in
the marketplace.
mircea_popescu: you do, yes. " except for
the part where
they have
to close deals. make friends with checkbooks, convince checkbooks of non-retardation, etc"
ben_vulpes: yeah i have no idea how
to account for
that.
ben_vulpes: right, so we come back around
to equity which i clearly don't understand formally.
mircea_popescu: that reason having a lot
to do with
the equity of your position, which you don't account for.
ben_vulpes: on
the other hand, during
those
thing months,
the "bankers" walk with hours*rate, and i lose money.
ben_vulpes: the linked article on one hand doesn't make a
terrific amount of sense
to me because for whatever reason (perhaps i'm a particularly well-doing con man), i can sell into
the buy side of "professional services" at rates
that my "bankers" can't
touch on
their own.
mircea_popescu: "
They also remember
the high-tech crash of 1984, and
the screams of pain up and down Wall Street." << heh it nearly killed gaming altogether, and is responsible for killing consoles. (yes
they still exist, but gaming is essentially a pc item)
☟︎ ben_vulpes: instead, i coordinate work of
the
type i could perform on my own.
that work costs me, let's say .8B. i bill at ~1.8. on volume, my
take home is ~1.5B/hr (assuming 40hrs/wk, 50wks/yr. salary equality assumptions, etc.).
ben_vulpes: perhaps
the dillema isn't so clear
to me, likely due
to symbolic confusion.
Vexual: ya can describe it otherwise, but
the ounts unlike it
mircea_popescu: this means
that if i hadn't
the equity, it wouldn't be "the same
thing".
mircea_popescu: this should readily resolve
the apparent dilemma : if i do in fact have equity in your firm, it means i did something useful.
mircea_popescu: that equity is not
the ownership of
the boat, but an effect
thereof.
cazalla: Vexual, no idea, some people are pinning
the
theft on friedcat and provided a supposed chinese police report but
turned out it was a .. random birth certificate
mircea_popescu: equity is
the accounting
term for
the philosophical notion of fairness.
ben_vulpes: profits being
that which is left over after paying out contractors, staff, rent etc.
mircea_popescu: ben_vulpes
these can be fine if you can actually explain
them. so, how is it
true ?
mircea_popescu: and yes
that's what i'd do as fed chairman : interest hike
to 35%.
mircea_popescu: and yes it did work. and no,
the bezzle wasn't as bad
then as it is now.
mircea_popescu: unrelatedly :
the article does
the valuable service of reminind people of volcker's potion. yes, interest rates WERE 20% in 81.
mircea_popescu: ben_vulpes essentially, i don't
think you're proceeding on actually defined (or even considered) symbols.
ben_vulpes: for
tax reasons, i clock infinity hours, get paid exactly
the same amount (for medicare/aid purposes) each month.
mircea_popescu: if
THAT is what is meant by "equity"
the speaker is a retard.
ben_vulpes: devs clock
time, get paid hours. simple maffs.
ben_vulpes: "the equity will continue
to bear
the majority of
the variability in profits" << painfully
true.
ben_vulpes: "when
the employees can leave and set up shop across
the street with almost no need for equity capital" <<
this is absolutely
true, except for
the part where
they have
to close deals. make friends with checkbooks, convince checkbooks of non-retardation, etc.
jurov: "peristaltic, multi-tentacular infinite length dildos" ... guess it was inevitable someday on
this chan
ben_vulpes: but at
the same
time, because i'm not a nightmare
to work with, i have a near-infinite sell wall of
talent.
ben_vulpes: perhaps i'm insane or a particularly good scammer, but i can close deals
that none of
the programmers on staff could ever dream of. hilariously, because
they're on staff.
ben_vulpes: just rings
too
true for comfort
though.
ben_vulpes: the equity will continue
to bear
the majority of
the variability in profits.
This view, while not
the standard economic view, has
the advantage of being supported by reality. (It also accounts for why non-partner-owned professional services firms
tend
to conglomerate, but
that’s another post.)”
ben_vulpes: increases in revenue. On
the other hand,
ben_vulpes: I don’t believe payments
to owners in professional services firms are
the residual profits. And why should
they be, when
the employees can leave and set up shop across
the street with almost no need for equity capital? In
the implicit negotiation over distribution of revenue,
the employees have all
the bargaining power.
The equity will be paid a fair return, but will not receive any structural
ben_vulpes: and on
the other hand, well, nominal equity in a
thing?
ben_vulpes: mircea_popescu: dude on one hand i constantly bemoan
this: 'oh if only i were just freelancing i'd be rolling in
the dough'
cazalla: the new australian chinese mums have a good scheme going on..
their mothers come here from china
to cook/clean etc for a year so new mum can
take it easy, explains why all all
the other mums look
tired but
this china doll looks as good as ever
Vexual: im on
the same money as one year ago
ben_vulpes: anyways as a point of data, it's year 1.5ish of
this insane enterprise, and i'm just now beginning
to approach
the salary of a "programmer" in my geographic region.
ben_vulpes: ;;later
tell pete_dushenski
the man is complaining about
tin women ffs
cazalla: mircea_popescu, lol nothing i say here would surprise
the missus sharing pics of her friends would be one step
too far, even for me
mircea_popescu: for
the record, being chinese doesn't make
them special.
they get as much access as obama gets.
pete_dushenski: "In an interview with Reuters, Obama said he was concerned about Beijing's plans for a far-reaching counterterrorism law
that would require
technology firms
to hand over encryption keys,
the passcodes
that help protect data, and install security "backdoors" in
their systems
to give Chinese authorities surveillance access." << 'but it worked for
the us (tm)'
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mircea_popescu: they're going
to publish
their reports in wrigley next.
pete_dushenski: the idea
that bankers are inflating dollars of
their own volition is a bit off
pete_dushenski: ben_vulpes: "The money has
to go somewhere" <<
this argument is also be based on 'the problem of
too much money'
mircea_popescu: for all
the pretense
that
there's "investment" in
this nonsense.
mircea_popescu: pete_dushenski: given
that mp's short contract date is fast approaching,
this seems quite relevant << kinda irrelevant, seeing how NOBODY.ACTUALLY.BOUGHT.
pete_dushenski: when in fact
that market is a result of
too many and
too perverse of regulations, not
the result of a lack regulation
assbot: Logged on 03-03-2015 07:05:35; pete_dushenski: "Proof-of-Concept releases VII and VIII were released. NatSpec, “natural language specification format” and
the basis of our
transaction security was prototyped and integrated. Under Marek’s watch, now helped by Fabian, ethereum.js is
truly coming of age with a near source-level compatibility with Solidity on contract interaction and support for
the
typed ABI with calling and events,
the latter
pete_dushenski: ben_vulpes:
to my eye
that article is about why
the author doesn't like 'the market'
ben_vulpes: it's more about returns
to "talent" vs return
to equity.
assbot: Logged on 03-03-2015 06:58:20; cazalla: gabriel_laddel, sure, just let me ask
the missus for pics of her friend from facebook :P
ben_vulpes: pete_dushenski: bankers being bad guys or not is really not part of
the linked piece.
assbot: Logged on 03-03-2015 06:56:08; gabriel_laddel: and I know her irl, she is drunk in
the 2nd photo
pete_dushenski cuts himself off from more contravex links.
that's enough for one evening.
pete_dushenski: ben_vulpes:
to
the second one, i reply 'bankers aren't
the bad guys (tm)'
ben_vulpes: i've read
them, found
them interesting and full of insight, but submit
them for
the forum for my own education.
pete_dushenski: it's mostly
that brandon morin derp again, he of 'nazis aren't socialists' fame
assbot: How
the adage “time is money” and
the existence of Google+ prove
that Facebook is worth less
than dust. | Contravex: A blog by Pete Dushenski ... (
http://bit.ly/1GL3HgY )