729300+ entries in 0.35s
BCB: mircea_popescu, did you see
that new paper about regulation
mircea_popescu: so are we getting a proposal on how
to fix bitcoin or noit just yet ?
TestingUnoDosTre: how quickly was an openSSL bug patched in
the bitcoin community when released
minersdidit: all
the failures of
the dotcom crash resurfaced in bitcoin
danielpbarron: there is probably some
truth
to
that one (re: amateurs from dotcom)
minersdidit: how is it laughable,
theres persistent amateur bugs discovered
benkay waits for
this
thread of
troll
to spin out
minersdidit: its a circus of amateurs from
the last dotcom crash
benkay: read
the conformal source. next.
minersdidit: bitcoin developers are poor quality because
their is zero incentive
to attract proper professionals
Duffer1: minersdiditnobody pays
them
to sprout up >> have you heard of github?
benkay: reference client isn't
the only client
danielpbarron: this is ridiculous, it's open source; if
the devs really did suck (arguable..)
then new ones will sprout up
benkay: yeah it's expensive and hard
to get. what of it?
minersdidit: plus horrendous bid/ask spread when
trying
to get some
benkay: see now jump
to a new
topic, a new stupid claim
TestingUnoDosTre: bitcoin utility hasn't budged a bit, but
the value has most definitely dropped
minersdidit: bitcoin will be at version 0.92 in a decade with
the current developmeant
team
benkay: not you,
TestingUnoDosTre
benkay: make
this argument in a decade.
TestingUnoDosTre: alright, but if you had 10 dollars waiting
to invest in bitcoin last week, versus
today, how much more bitcoin would it buy benkay?
benkay: the
txn net is stronger
than ever.
benkay: say we clear back
to 10
minersdidit: what will it
take for you
to see most of its value? 51%?
minersdidit: danialbarron its lost what 40% in
the last 24hrs alone?
MGK: never heard of
those?
danielpbarron: i've never seen Bitcoin lose most its value, but I wasn't around for
that first MtGox hack
minersdidit: 5 years on
the internet with instant information awareness is like 100-200 years
danielpbarron: well it only
took
the dollar a century
to lose most of its value; Bitcoin's looking pretty good
akstunt600: minersdidit, Sooo
that why dogecoin is better?
minersdidit: its not my
theory, its reality look how bitcoin acts
danielpbarron: i'm starting
to get what you are saying, minersdidit, but I still don't agree
benkay: resorts
to ad hominems
benkay: lay off
the entheogens, kid.
ozbot: The 10 Most Insane
Things You Didn't Know About
the Universe | Marvels of
the Science | Episode 6 -
minersdidit: bitcoins value is relative
to
the liquidity pool of bids
that is available
minersdidit: money has
to reflect what
the economy is doing, which is a fractal it expands and contracts hence elastic
mike_c: TestingUnoDosTre: um, i actually lost. seems worse
than almost lost :)
benkay: so make
the perfect alt
minersdidit: no it doesnt.
the quantity
theory of money
that bitcoin is based on, guarantees insane volatility
TestingUnoDosTre: mike_c, at least you didn't almost lose .5 btc at
the last minute like
this guy <-----
danielpbarron: either
there is
too much BTC or not enough? which is it?
Duffer1: capital flight will seek precious metals and other solid commodities imo, btc a bit
too
danielpbarron: ok,
that statement seems
to completely contradict
the other stuff you've been saying
minersdidit: and for every seller of BTC
there is also a buyer
minersdidit: bitcoin has no liquidity
to support any
type of wealth fleeing into it
danielpbarron: minersdidit:
there is a lot of wealth
that will be fleeing FIAT soon, and it will choose Bitcoin
minersdidit: to "secure" a network
that only
transfers 67k
minersdidit: 3600 coins per day x 400 is what
the miners are being paid in subsidies
mike_c: is
there any fiat demand? who wants fiat?
minersdidit: theres not enough fiat demand
to support what miners are creating out of
thin air everyday
Duffer1: since
that's
the reward for doing
the work..
minersdidit: miners had obscene margins and every incentive
to realize
them
benkay: miners got paid 25 bitcoin
to move some other number of btc around, plus
txn fees
danielpbarron: minersdidit: do you know how much wealth is wasted running
the current financial system?
minersdidit: the subsidy is like a $40 per
transfer
tax
benkay: how is
the subsidy different and
the
txn value
the same?
minersdidit: do you see
the problem here? as
the real value rises so does
the cost
to run
the network
minersdidit: miners now get paid what 1million
to secure
the same 80k
transactions
minersdidit: it was impossible
to sustain becuase we dont even have 1billion of fiat on order books
benkay: no,
those are still worth 1B
too.
mike_c: my bitcoin is still worth a bitcoin. except
the ones i lost on
that stupid $400 bitbet.
minersdidit: @ $1200 a btc miners were being subsidized
to
the
tune of 5million dollars
to secure 80k
transactions
benkay: if it's still blow stamps for kiddies at
that point, no big.
minersdidit: i dont have
to claim anything
the evidence is all around you
benkay: government will always dilute
the currency, given
the opportunity.
danielpbarron: the old states used
to water down
the gold coins; nothing new under
the sun
benkay: claim, claim, claim, wait for sucker
to bite, argue, say 'you're
too stupid for me
to possibly explain
this'
mike_c: actually 5% gold 95%
tungsten
minersdidit: bitcoin cant work alone its already been
tried with 100% gold
benkay: <minersdidit>
thats beyond your primitive understanding
to even bother explaining <<
tiberius move, iirc
Duffer1: minersdiditand im not
talking about fiat price >> yes you are, your btc work will always be worth x btc,
the only volatility is fiat market pricing of
that work
minersdidit: its not about PRICE satbility. its about mechanisms
that respond
to market needs hence reducing volatility
mike_c: try speaking english,
that will help.
minersdidit: thats beyond your primitive understanding
to even bother explaining
minersdidit: i wouldnt stabalize
the price. i just
told you, you need something like decentralized discount bills
that settle in BTC
benkay: i find
that rather satisfying.
mike_c: curious, where would you have "stabilized"
the price? $1? $10?
benkay: the other side is
that i know
the fraction of
the monetary reserve my work is worth