756200+ entries in 0.518s
ughlol: I can't understand how investors dont understand
that a
two man
team can't make a very great app, not in
the desired
timeframe.
They say
that
they'll invest when
they see a prototype.
mircea_popescu: finance is a profession, not something happenstance like picking up a coin you found in
the bus station.
mircea_popescu: as in read
those
two
things, do what you're
told,
take
the
time
to do it well.
ughlol: mircea_popescu: is
that for me?
ozbot: Google : exploring
the botomless pit of irrelevance, since 2004 or so. pe
Trilema - Un blog de Mirce
ughlol: Have
to do a stupid engineering degree and get a stupid job.
ughlol: nobody
trusts in individuals with ideas anymore
Neil: ThickAsThieves: b.t.w. with you on your discussion of 16hrs ago
that I had
to abandon for work
ughlol: Now I understand why
the rich get richer and poor get poorer! :)
chetty: sit on
the actual idea while you get
to understand how best
to pitch it here
jurov: wot is not meant for -otc
trading only
jurov: just lurk and you'll certainly find out something
to offer and gain rep
ughlol: And I understand
that, I've seen many fraudsters as well.
ughlol: But
the real question seems
to be identity. Because neither did you ask for my idea
to judge. You obviously wonder where your investment will go
to.
mircea_popescu: yes, but you're not
trying
to deal with
the security world of india, are you ?
ughlol: but in
the security world, at least in India, quite a bit
mircea_popescu: ughlol well ideally you want
to be known. you're not currently known. how you resolve
this problem is entirely up
to you, but sure, wot helps a lot.
Neil: The fact
that
transactions (other
than coinbase) are equally valid on both sides of a split is also an under-appreciated awesome stability feature.
ughlol: And I have
to
trade
through bitcoin-otc or something
to get some rep, otherwise nobody will be interested in investing?
mircea_popescu: a self adjusting mechanism
that
turns maxint variation into [.5,1.5] ?
nubbins`: ughlol: you may find
that
the barrier
to entry is significantly higher here
than many, many other places
Neil: mircea_popescu: It's nice, but nothing special. Just a self-adjusting mechanism. I
think
the economics / incentives of bitcoin are
the smartest part. And
the fact (other
than block size which was a short-term expedient solution
to a short-term problem)
that so much was left
to just float (including
the creation of altcoins for example). I
think
that
took balls and real insight. Satoshi was a cool dude for whom I'd love
to buy
nubbins`: stopped updating when whatsapp stole all
the customers ;(
nubbins`: i had an app
that let you send sms messages via email
ughlol: I have quite some good rep
there.
ughlol: WOT account as in World of
Tanks account? :/
mircea_popescu: i know of no previous instance of a mechanism working so efficiently in all human
technical history.
mircea_popescu: bitcoin has managed
to maintain
the
time needed
to get 2k blocks within one
to
three weeks in spite of infinite % growth of hash power.
Neil: But we need
to regulate bitcoin, not
the govt or local govt employees, coz
they must be good and proper.
ozbot: So you
think you're going
to start a Bitcoin business, right?
mircea_popescu: Neil actually
the best measure of bitcoin robustness per se, i would
think, is
the
time -
to - hash mechanism.
Neil: Fscking Japanese pension system -
they lost
the records of 20 million people FFS. And
then local govt employees were found pocketing money because
the records were so inadequate
they just could. You can't make something disappear from
the block chain. Guy got up and walked off.
mircea_popescu: which i don't know because you just dropped here and started
talking randomly.
Neil: Just coz
the price bounces around a fair bit has nothing
to do with
the robustness of
the system.
jurov: ughlol: have youread
the MPOE-PR forum post on bitcoin enterprises?
Apocalyptic: "Too many people want "authority"
to
tell
them what
to do /
think." // sadly
true
Neil: Dude, who works for a media company, says "but bitcoin's not stable. Not robust. I worry about ... " and I'm
thinking "WTF are you
talking about? I can hardly imagine anything more stable/robust". I don't
think I can relate on
the same level any more.
Too many people want "authority"
to
tell
them what
to do /
think.
ughlol: Hi, I am looking for investment for a startup! :) Some friends over at bitcoin-otc said
this might be
the right channel
to find potential investors!
mircea_popescu: by which point other major infrastructural points start suffering, ie, life in
town will no longer be possible, but it is required for a certain post 1700 level of social an economic life.
Neil: So I was at a bitcoin meetup
this evening. Japan. Which has recently learned about bitcoin (there was basically zip in Japanese 1 year ago on
the internet, now it's on a par with
the information / misinformation content
that exists in English).
mircea_popescu: that's at least
two decades of unlimited economic collapse
mircea_popescu: they are surrounded by
the night, and
the likely result is
they will revisit romania's folly
mircea_popescu: see
the
thing is :
there are indeed some hard working us folk.
nubbins`: everyone bought into
the hype and now assumes
the hype will carry
them
through
mircea_popescu: i dun see much future in
the us, let alone any magic manifest destiny sort of future.
then again, im not from
there and ostensibly don't much care.
mircea_popescu: Neil beliefs and experiences aren't
telling
the whole story.
mircea_popescu: there's a
three part bit on
trilema about essences, which really i'll have
to have
translated, it's
too important.
Neil: mp: I don't understand your point. Deeply held beliefs
that are not handed down
to you must have been formed by life experiences, I suspect.
TomServo: embedded in our market economy will continue
to work its magic. America’s best days lie ahead.
nubbins`: but being receptive? well,
that's your job
nubbins`: fancy way of saying
that being exposed
to ideas will inspire curiosity in
the receptive
Neil: context
to
think about it.
Neil: jurov: well I realized about 3 years ago
that all I'd been
told about money (which was almost nothing - an amazing and likely deliberate gap of
the education system) didn't make any sense. And I wanted
to understand money. Started reading, and 6 months later find bitcoin (2011) and
think wow, and
then many
things all became a lot clearer. Perhaps I'm slow, but in most
things I'm not. Just never had really been given
the right
mircea_popescu: but
this doesn't excuse me from having
to pick
them first.
TomServo: specifically: At
the
time, I called
the
transaction an “all-in wager on
the economic future of
the United
mircea_popescu: sure, it works
to a large degree, i can educate my slaves on a very similar process.
TomServo: You seem
to have some level of respect for Buffet.. so I'm curious what you'd say regarding his comments around
the purchase of BNSF
mircea_popescu: TomServo
the guy is definitely more worthy of being read, on a ROP basis,
than pretty much any economics professor. and he doesn't even charge.
TomServo: mircea_popescu:
Thanks for
the nudge
to look at
the Berkshire letters. Interesting stuff
there.
mircea_popescu: just put
them in a well designed educatron/gauntlet and let
them be
mircea_popescu: Neil what people
think is not controllable by
their life experiences.
jurov: and just had
to find out on my own
jurov: Neil, I was profoundly discontent with what i was
told
Neil: What life experiences changed your
thinking from what your were
taught
to believe
to what you actually believe
mircea_popescu: Neil well how would one know ? probably
the best
test would be, "how well does your school/parents/etc recognise itself in your beliefs", in which case
they're pretty much mine.
mircea_popescu: a point often underscored by buffet re owning a fraction of
the hope diamond rather
than a whole lump of coal.
mircea_popescu: in general, ventures made and wholly operated by people who are unable
to act economically (which means, collaboratively) are doomed.
mircea_popescu: which is why random fuckwit discovering bitcoin is all about how "I WILL MAKE MY OWN EXCAHGE" rather
than "i wonder where i could add my incremental effort"
mircea_popescu: moreover,
the sort of mistake
they made, we're not immune from.
mircea_popescu: while it's easy
to laugh at
these particular retards, such as
the parents of every romanian girl i ever fucked,
this is a bit like picking fun at
the special olympic people.
mircea_popescu: this is a story of idiocy and unbridled enthusiasm, and of how very stupid people fail
to fall in step with economic structure.
mircea_popescu: "Mugur Isărescu,
the president of
the National Bank of Romania, estimated
that it held a
third of Romania's banknotes at one point."
Neil: the fittest survived?
the rest got eaten.
mircea_popescu: then
the yallocated ownershiop exactly
the way
the original MPOE shares were allocated :
mircea_popescu: all
the companies
the state owned allowed
the subscription of
thes coupons
mircea_popescu: so, 20 mn coupons were printed, and distributed
to each individual.
mircea_popescu: on
the other side of
things,
the govt decided
to split up all
the industry, and create a bunch of "shareholders".
Neil: They just want
the job
they
thought
they could keep for life, rather
than having
to
think and do something else
mircea_popescu: new govt allowed everyone
to "buy back"
this at nominal prices. due
to inflation
the average 800 sq foot apt everyone had ended up costing less
than a computer.
Neil: It's interesting how people believe automation will eliminate
their ability
to do anything. But it's clear
that people always want something more -
that's
the nature of being human after all. So
there is always demand for more products / services. Why isn't
that obvious?
mircea_popescu: the way it worked was
that as long as you maintained employment, you got free housing from
the govt dept of housing.
mircea_popescu: this yielded
two direct results : on one hand, everyone got his house.
mircea_popescu: meanwhile,
the state out of some sort of revolutionary excess or idealistic confusion or whatever, decided it will allocate all its resources
to
the population. just like
that.