767900+ entries in 0.593s
cerelenius: everyone smart knows it doesnt matter who "adopts" bitpay and coinbase, it means zero for
the price
mjr_: which means
that is just
the price of bitcoins vs dollars
mjr_: unless you are
too retarded
to figure it out like cerelenius
Namworld: Going on and on and on about
the "MtGox PDF"
mjr_: they don't want
to?
cerelenius: mjr: why wont
tigerdirect refund you in btc
mjr_: i could show you a place
that will do it right now
cerelenius: dignork: nobody is stupid enough
to hedge bitcoin with 50% price swings daily youll go broke.
mjr_: you don't even know
the difference between insurance and an option
mjr_: i have
the right BUT NOT
THE OBLIGATION
mjr_: you miss
the key word
dignork: cerelenius somebody wrote
this options, and somebody bought it
dignork: cerelenius hence
the derivative market,
to hedge
this
mjr_: and
then
they wn't give you full price whenyou refund it?
mjr_: like when you buy a
tv on sale
mjr_: which is why futures markets are a
thing
cerelenius: theres nobody in
the world dumb enough
to sell insurance against it
mjr_: if you dno't want fx risk
to hurt you
BingoBoingo: Argentina might have something
to say about exchange rates moving...
mjr_: and
the exchange rate changed i could "take a loss"
cerelenius: bitpay has zero exposure
to bitcoin risk
dignork: depends on currency and
timing
cerelenius: dignork:
the currency doesnt change 50% in a day
cerelenius: dignork: i agree
the payment network(blockchain) is excellent
dignork: in
the middle
there is a conversion
to
their curremcy
dignork: cerelenius you are in US, paying
to chinese company for some product
mjr_: i
think you are mixing up a numeraire with something else
cerelenius: if
the exchange rate changed you are
taking a loss
mjr_: they are pegging
the value
to
the dollar
cerelenius: bitcoin did not pay for your purchase go ask
tigerdirect for a bitcoin refund
mjr_: the restaurant owner is just going
to use his dollars
to pay his accountant
mjr_: i don't care what
they do after i paid for
the product i purcahsed
mjr_: i can "map"
the number of bitcoins onto any number of
things
mjr_: it would be irrelevant
to
the number of
things
mjr_: if
there was one bitcoin
mjr_: things i may want
to buy
mjr_: there is STILL
things around me
dignork: just because
tx fees on wire
transfer where much higher
mjr_: if
there are 500 million of
them buying 20
chetty: If all
the dollars in
the world went poof
tomorrow
there would still be as many apples :)
dignork: cerelenius i used btc
to move small amount of cash between
two coutries
cerelenius: you really
think bitcoins value is from guys like mjr buying $20 in a forest?
mjr_: and certain people have
to use dollars out of necessity
cerelenius: like cybercrime and
those gambling sites
cerelenius: certain
things on
the internet have
to use bitcoin becuase of necessity
mjr_: how could
that system possibly work?
mjr_: how is
that important, you said it is impossible for it
to work
cerelenius: bitpay doesnt accept shit
they just broker a
trade
mjr_: meaning
they are
trading bitcoin for soething
mjr_: BITPAY says
they want bitcoin
mjr_: the bid ask spread would be
tighter
than
the dollar
mjr_: if half
the world chose
to use bitcoin
mjr_: the relative demand will basically set
the bid ask spread (since bitcoins supply grows at a fixed rate)
dignork: cerelenius got
to forex and lo, currencies with low volumes have large spreads
mjr_: oh
that is a guy with one arm, not human
mjr_: that is
the situoation right now
cerelenius: dignork: cash has a
tight bid/ask spread bitcoin has a wide one
mjr_: i have no clue if he understand
that
mjr_: its like
the rules of logic don't apply
to you
mjr_: its supposed
to represent a certain portion of actual
things in
the real world which i may want
cerelenius: it can always only make a
tiny
tiny % rich
mjr_: its not supposed
to
cerelenius: you dont understand
that bitcoin is zero sum
mjr_: so stick
to
the basicsa
cerelenius: whats with
the elementary school examples
mjr_: there is a ratio of x
to y
mjr_: you have x
tokens, and y "things"
mjr_: if someone is wililng
to accept it
mjr_: which would push
the price up
to wher ebitcoin is
jurov: no problem
there :)
jurov: cerelenius, just go
to mircea and buy some s.mpoe for 210k bitcoins
mjr_: if i want some of
the stuff, i
trade some of
the stuff i have
cerelenius: 1% of bitcoins cannot be spent without
the market going
to zero