746100+ entries in 0.49s
mircea_popescu: TestingUnoDosTre yeah, because
the counterparties would be solvent, in
that paralel universe where idiots have infinite bitcoins
ninjashogun: given
that
there's no due dilligence
that can be done. no contracts
that can be enforced. no sec. no proof you're not getting scammed. and every listing on crypto stocks is a scam. and
the OPERATOR is a scammer. ......... how is anyone investing? How is
the market 'clearing' (bid meets ask)
TestingUnoDosTre: I wish you could
trade default swaps on bitcoin companies... like virtuex
MisterE: please retype
the internet into IRC for me :p
moiety: ;; later
tell Izzy_ Do you still need help?
radan: I guess it's a better investment
than keeping in my wallet doing nothing
mircea_popescu: MisterE you know we had a derivatives market for about
two years, and yes it did bring plenty of stability heh
moiety: i did
think on emailing her, but .. life.
MisterE: my first
time
to bitbet I hit .com
too
radan: if I win,
then I get 2.8 bitcoin
radan: maybe I should bet .1 btc on
that bet
moiety: i sent someone
to bitbet
today. i linked
them and
they still searched google and
tried .com. conclusion: some people can't be helped.
MisterE: I hope
this is
the stability we've been looking for
copumpkin: radan:
the someone was
the last message before you said
that
radan: maybe
they know something we don't
radan: someone bet 600,000
that bitcoin will beat berkshire hathaway
TestingUnoDosTre: do
the mods at bitbet work certain hours of
the day, or are
they more like round clock rotation
type
radan: besides
that
they probably have
tons of cash
to play around with in usd
gribble: Error: You don't have
the network.whois capability. If you
think
that you should have
this capability, be sure
that you are identified before
trying again.
The 'whoami' command can
tell you if you're identified.
radan: why don't banks do
this
blackwhite: Apocalyptic i get how it works and nothing prevents
them from removing a lot of small amount other
than
that kind of consitution
the same as a large amount. If
they have
to do it over a month
then I would most probably know.
ninjashogun: like
the way ice cream can cost $0.75 for example, it could cost a certain amount of BTC 0.001 or whatever
Apocalyptic: and what prevents
the
theif from withdrawing a lot in small amounts ,
Apocalyptic: "have a whitelist of larger
transactions." what ?
blackwhite: so I am saying setup a company who look for suspicius deals or have a whitelist of larger
transactions. (i.e.
tell
this company when you are going
to make larger
transactions)
blackwhite: yeah sure. But I am pretty sure one of
the problems is
that
they are not looking and monitoring all
the
time
Apocalyptic: blackwhite, when you notice
the
theft it's already
too late
kakobrekla: <blackwhite> someone would make a killing setting up a 24/7 security company watching over
those online wallets < - is
this opening asciis parachute after you have hit
the ground?
BingoBoingo: blackwhite: In
their case
the culprit seemed
to be Ruby on Rails
TestingUnoDosTre: quick poll here: How long does it
take for all of you
to
type "We were hacked for XX,XXX BTC."
blackwhite: how
the fuck can
their security be so bad? Or is it just
the hackers who are
that good?
blackwhite: someone would make a killing setting up a 24/7 security company watching over
those online wallets
moiety: ninjashogun: why yes, only yesterday i learned
the voice of siri was
the voice for
the very first atm (tillie
the
teller i believe) << such history
ninjashogun: moiety, you know
the history of banks in
the United States (and elswhere) right
moiety: what
the absolute fuck
ninjashogun: I never
thought I'd see
this in my lifetime :) :) :)
ninjashogun: Unfortunately we had large fund withdrawals in
the last weeks which have lead
to a complete depletion of our cold wallet balance and we are now facing
the option of either closing
the site with significant unrecoverable losses for all or
to work out a solution
that allows
the exchange
to continue
to operate and gradually pay back
the losses. "
ninjashogun: "We had enough coin balances in our cold wallet
to upkeep our platform and
the positive cashflow enabled us
to gradually refill
the wallets.
Mats_cd03: reconsidering whether or not im being
trolled
tbqh
benkay: Mats_cd03:
tack another
three order of magnitude on for
thuggery.
Mats_cd03: paypal and usg having a number of such incentives
that enable
them
to operate like
thugs
benkay: it's a rotten ship and
they're all rats.
Mats_cd03: besides which,
there is no incentive for new customers in lieu of a new risk profile
Duffer1: that and
the certain damage
to future unwary participants in
the exchange
Mats_cd03: nobody cares about
the continued operation per se; its
the continued damage
to
the reputation of legitimate operators within
the ecosystem
BingoBoingo: benkay: I don't
think it is proper
to separate
the shenanigans of
the
two
benkay: cryptostocks continued operation is a gross violation of
thermodynamics.
benkay: difference
there being 0.01% get fucked vs. 100% get fucked in
this situation.
ninjashogun: Mats_cd03, we know for a fact
that with real currencies
the answer is "yes". We know because people used paypal when paypal froze merchant's accounts and ruined
their businesses. We know because people use US Banks when US Banks freeze people's accounts while
they're under investigatoin. etc.
ninjashogun: Mats_cd03, would anyone ever put
their bitcoins onto a site
that is currently freezing somebody else's bitcoins - and
they know
this?
ninjashogun: Mats_cd03, well what is
the PRIMARY issue with putting your bitcoin in a site
that is currently freezing someone else's bitcoins? Look at
that and you will see, some people may still put some of
their bitocins in.
Mats_cd03: nobody cares about
the size of
the bitcoin money supply
benkay: it only
takes a btc addy
benkay: that's
the really silly
thing about not getting in
the wot
benkay: maybe nag nano
to let you auth with doge or something ;)
moiety: i will change
this
though
moiety: but
that would mean me
too for now
ninjashogun: Mats_cd03, no, but I
think
that you will find in looking at Fiat
that
the fact
that
the money supply is unilaterally increased by letting banks put more into circulation
than existed - and
that
the rate of
this is a
total unknown - does not deter people from using and holding USD.
benkay: i want an ignore
that works on anyone who's unrated by people i've rated
BingoBoingo: ninjashogun: I mean
the
thing
they need
to do is stop, and
the
time for
them
to have done so was last winter
Mats_cd03: do you expect depositors
to behave like
their risk profile didnt just go up?
benkay: moiety! stop
trolling!
Mats_cd03: what incentive does a new customer have
to become a part of a known weak exchange?
moiety: do you
think kakobrekla can make an ignore
that works on
the logs
too?
Mats_cd03: sure if you are
the operator and you are honest
then yes
that is how it proceeds
ninjashogun: My point is just
that from among
the alternatives, shutting down
the exchange is guaranteed
to have
the worst possible outcome for lenders/creditors. (people who put
thehir bitcoins or usd in.)
BingoBoingo: This is a business admitting its business model is incompatible with reality and failing
to
take
the last necessary action.
BingoBoingo: ninjashogun:
This isn't a currency getting hacked.
ninjashogun: Likewise, if a currency does get hacked, it is probably better
to become fractional-reserve, or freeze accounts, or play other shenanigans,
than just say, "Well we're gone now, bye, and
thanks"
benkay: what do you
think mo: is a scam a scam?
ninjashogun: That is probably a better outcome
than if
they had "abandoned
the dollar" due
to its dilution by fake dollars.
ninjashogun: No.
They just let
the counterfeiters print at
the limiting capacity of
those presses,
taking
the hit on
the
total money supply.
ninjashogun: What did
they do - did
they shut down all of
the
then-current series?
ninjashogun: Let me make an analogy. (I might have
the facts
totally wrong). IN
the seventies or eighties (no real idea on
the decade, I'm guessing)
the U.S. found
that some
third-world country had either stolen some of
the mint's machinery, or gotten
their hands on perfect reproductions. It could make undetectable counterfeit dollar bills.
BingoBoingo: They got hacked, "IPO'd", got hacked again, started paying interest on deposits, and now
this.
ninjashogun: But if
they shut down,
that 99% becomes 100%.
ninjashogun: they raised 3000 btc in an IPO.
That means
that is free cash for
them -
they sold equity?
BingoBoingo: ninja
they have been a known shit heap since roughly February 2012
benkay: i judge stochastically
these days ninjashogun
benkay: man if i had a btc for every
time i've read
that
ninjashogun: wait, we can judge whether
this has any chance of being
true