729400+ entries in 0.367s
minersdidit: you cant value your work when
the meter stick you are using is a rubber band
danielpbarron: idk, i
think
these only appear
to be problems
to individuals who still have a foot in FIAT
Duffer1: it's worth x btc, what people choose
to price
that in fiat is a separate matter
minersdidit: lol dude you cant even
tell me what your work was worth an hour ago
Duffer1: simply because
the market wants it
to?
minersdidit: duffer1 um no you dont work for bitcoins when
the volatility is so insane you cant measure what your work is even worth.
Duffer1: why would it issue more
than you work for?
minersdidit: when
that mechanism was removed it collapsed
Duffer1: minersdiditwhen
the market needs bitcoin
theres no mechanism
to supply
them >>> you work for money,
that's
the mechanism
minersdidit: thats
the only way
the gold standard functioned
minersdidit: no for bitcoin
to work you need some decentralized system
that works on
the real bills doctrine
minersdidit: when
that wanes out, you get insane volatility
to
the downside as
the algo keeps supplying useless coins
danielpbarron: ok so you want something like bitcoin, but with.. more inflation? or a backdoor
to let devs
tweak
the block reward?
minersdidit: when
the market needs bitcoin
theres no mechanism
to supply
them other
then
the set in stone linear 3600 coins,
this brings insane price volatility
to
the upside
minersdidit: typical bitcoin shill. instantly brings up
the fiat strawman
that was never discussed in
the first place
Duffer1: for only 11,200 btc you can be
the proud owners of 40% of YET ANOTHER havelol startup
danielpbarron: even if
the central bank was better at stabilizing prices (it isn't)
that wouldn't make up for
the corruption inherent in giving
that much power
to one authority
Duffer1: anyways have you guys heard
the great news?
danielpbarron: you are making
the argument
that a central bank knows better
than a decentralized network
danielpbarron: you must have your eyes closed
then, because
there are
tens of
thousands of "mechanisms"
minersdidit: miners create coins regardless of market needs for
them,
this increases volatility when
they drain
the liquidity pools
minersdidit: danielpbarron of course
they are
true. we can observe it occuring
danielpbarron: bitcoin does indeed have many meechanisms
to supply
minersdidit: making it impossible
to use as settlement.
danielpbarron: minersdidit:
the
things you are saying are not
true
minersdidit: my assertions are baseless look at
the price goes from 80
to 1200 back down
Duffer1: you mean you're ignoring
the
technical superiority in favor of your baseless assertions
minersdidit: when
the market demands for money increase bitcoin has no mechanism
to supply it and vice versa
mike_c: what money are you
talking about? m1?
minersdidit: im argueing
the flawed economics behind
the coin creation
minersdidit: im not argueing
the superior
technicalities
minersdidit: danielpbarron: because economies are fractals
they arent linear
Duffer1: instant, secure, worldwide, private value
transmission does not = gold
minersdidit: 100% gold standard did
the exact same
thing
Duffer1: i don't see how you can say
that when nothing like bitcoin has existed before
minersdidit: money has
to be elastic it cant be static ie linear
minersdidit: whats a
trading post got
to do with anything lol
minersdidit: you have no mechanisms
that respond
to market demands for money
minersdidit: its not about price stability
that is absurd as well
minersdidit: yea you arent very bright.
the economics are flawed you have insane costs
danielpbarron: i'd rather have a volitile good money
than a stable bad money
minersdidit: or when value rises
theres no mechanism
to supply
the market
minersdidit: bitcoin follows quantity
theory of money which is flawed.
danielpbarron: yeah
the devs should have written it
to give 50 billion units
to
their friends every month so it could be more like
the dollar
minersdidit: bitcoins shitty economic algo killed
the value
minersdidit: bitcoin will probably be back
to single digits by
the
time
they settle
that mess
MisterE: handed over in
terms of "take my exchange, please"
danielpbarron: does
that mean all
those GoxCoins are worth something after all?
jborkl_: Mircea , you see
the mtgox news yet? Not
that is any surprise
gribble: (ticker [--bid|--ask|--last|--high|--low|--avg|--vol] [--currency XXX] [--market <market>|all]) -- Return pretty-printed
ticker. Default market is Bitstamp. If one of
the result options is given, returns only
that numeric result (useful for nesting in calculations). If '--currency XXX' option is given, returns
ticker for
that
three-letter currency code. It is up
to you
to make sure
the (1 more message)
SatoshiJack: I hear ya mp... my issue is how
to generate
the
transactions --- and send --- blockr does not provide -- but it's all good -- we are working around :)
mircea_popescu: SatoshiJack
there is really no diff between bitcoin and altcoin addy gen. same algo.
gribble: Bitstamp BTCUSD
ticker | Best bid: 357.04, Best ask: 357.58, Bid-ask spread: 0.54000, Last
trade: 357.04, 24 hour volume: 50103.19440652, 24 hour low: 357.04, 24 hour high: 442.46, 24 hour vwap: 398.721153266
benkay: why don't you bring
the link
gribble: Bitstamp BTCUSD
ticker | Best bid: 361.0, Best ask: 363.12, Bid-ask spread: 2.12000, Last
trade: 363.12, 24 hour volume: 49912.39410578, 24 hour low: 357.57, 24 hour high: 442.46, 24 hour vwap: 398.8274112
ozbot: Bitcoin firms dumped by National Australia Bank as 'too risky' | World news |
theguardian.com
blackwhite: so whats going on with btc? was it
the australian bank
that caused
the drop?
benkay: just look how fucking fast
that
thing
tears itself apart
benkay: once upon a
time i
took 2nd place in physics for attempting
to quantify polarization of light coming
through a prd as a proxy for embedded stress
benkay: coulda sworn
they were different
ozbot: Badger Badger Badger.com
The Original Dancing Badgers!
SatoshiJack: I will give you full details in a day or so -- we are going
through
the code now -- and figuring out what we have
tobuild for it --- our big
thing is -- how we generate address etc... I need
to be able
to generate like 1000 or so at a
time -- and also
to be able
to submit
transactions similar
to how brainwallet.org works with blockchain.info for
transaction submits...
benkay: different addresses,
tho
SatoshiJack: nope -- I don't
think so -- no way
to have it autogenerate based on
the rules for atc...
they will have
to add support which would mean
tweaking code for determinsitc wallets etc...
jurov: SatoshiJack: brainwallet should work with atc out of
the box, no?
SatoshiJack: mp,tat -- you guys need
to get some people building around atc! I've
tried contacting
the Brainwallet.org devs -- but no luck getting
them
to show atc some love...
gribble: Bitstamp BTCUSD
ticker | Best bid: 380.28, Best ask: 380.62, Bid-ask spread: 0.34000, Last
trade: 380.28, 24 hour volume: 43714.37060882, 24 hour low: 375.0, 24 hour high: 444.26, 24 hour vwap: 403.597670398
mircea_popescu: it matters not
that
ther world is full of mastodons as long as
two mice are fucking somewhere.
mircea_popescu: asciilifeform here's
the
thing : bitcoin finally creates
the possibility for natural selection.
cazalla: thought*.. going back
to bed, damn baby crying all night and can't even focus on spelling
cazalla: still, never
though indians writing 250 word articles for $3 would scale like it did
fluffypony: asciilifeform: aren't we moving
towards SSL on everything forever?
cazalla: fluffypony: i wouldn't go
that far, more like loving adwords and
their pushing
their own products into every profitable vertical
mircea_popescu: fluffypony my wicked heart smiled when
the
thing was announced and schneier had
to write an article about how he is affected. i on
the other side, did not.
cazalla: nothing now, i just use
to run spam blogs fill with adsense
bounce: now
the race is on
to see who can post
their secret key here
the first