790100+ entries in 0.512s
mircea_popescu: i mean
to some very general degree
this'd perhaps be
true...
mircea_popescu: nubbins` do you
think on average bigger cars are faster ?
nubbins`: who's
to say purchasing power is constant over
time, etc
nubbins`: but i
think i've just never
thought
this
through
nubbins`: well until five minutes ago i laboured under
the impression
that a 'deflationary currency' was one where
the purchasing power increased over
time (i.e.
the cost of goods decreases)
mircea_popescu: i mean wtf, how did you end up pinning
the world on
the currency ?
mircea_popescu: maybe
the one yearly boat
taking apples from d
to h sunk
that year
nubbins`: how many apples are in
the bag i'm buying, whatever
nubbins`: i don't know how much apple i get,
that's what's wrong
herbijudlestoids: also purchasing power is a better proxy
than inflation, because you can have inflation where
the purchasing power of a dollar goes up, but also inflatoin where
the purchasing power of a dollar goes down
nubbins`: or derpdollars where it's cheaper
to buy
the apple
today
nubbins`: say, herpcoins where it's cheaper
to buy an apple
tomorrow
than
today
nubbins`: how do you verbally differentiate between a currency where purchasing power increases over
time, and one where it decreases?
nubbins`: i can't speak
to past definitions, but everything i'm reading says
that
the
thing which is inflating is
the price of goods
herbijudlestoids: nubbins`:
the modern definition of inflation is bullshit, its hedonistically adjusted and
the general price includes all sorts of nonsense, which is completely disparately defined across countries
mircea_popescu: prices aren't a reference point for inflation
tho,
this is like saying she's a good lay cause she's a redhead.
nubbins`: you can't say
that
there's deflation because pumpkins are cheap on november 1.
chipug: asshole scams me for 1.6btc > denies it > emails for
the new website url = areyoufuckingshittingme? feel like emailing back saying sure
thing fuckwit, url costs 1.6BTC
nubbins`: sure, but inflation refers
to
the general increase
mircea_popescu: this does not mean
there's been inflation in
the currency
mircea_popescu: if
tomorrow i invent a new way
to make cakes, and cake prices drop 95%
nubbins`: but x bitcoins buys more goods over
time
nubbins`: although
that's usually
the cause
nubbins`: not necessarily because of an expansion of
the money supply
nubbins`: inflation refers
to good increasing in price
herbijudlestoids: well, i would say freegold completely discounts and (if you believe in it) discredits all
the goldbug hypothesis bullshit
thats out
there
mircea_popescu: i've looked into it since mostly
to
try and understand wtf is with
these people
mircea_popescu: believe it or not, my sum
total interest for metals (precious and industrial) pre 2010 was pretty much nil.
nubbins`: mircea_popescu, you mention in a couple of articles
that bitcoin is deflationary rather
than inflationary, and
then point
to
the increasing supply as evidence of
this
herbijudlestoids: lol mircea_popescu you are literally
the FOFOA of bitcoin, where s/physical gold/bitcoin/
chipug: i guess i should get a cryptsy account
to get rid of
these flipping dogecoins huh
mircea_popescu: in short,
the medium of exchange function of
the currency is a minor.
mircea_popescu: as long as you redeem
them for btc...
they're as good as anything
antephialtic: well, I have doubts about
the long-term viability
mircea_popescu: why do you
think
the fiat role as a medium of exchange needs fixing ?
antephialtic: yes, I agree
that
the concept has major game
theoretic issues. But a coin
that solved
this issue would be useful primarily as a medium of exchange, rather
than as a store of value.
mircea_popescu: think about for a minute : i could hijack your bank's printing press just by moving my coins around ? sweet moses on a stick,
this is like USD 2.0
antephialtic: yes, I'm still
thinking about a better way
to measure velocity. If a good one is found it would be possible
to create an altcoin with an algorithmic central bank
that adjusts
the block reward dynamically
to
target a certain output growth.
ozbot: 2 Oscar winners join
TV adaptation of
The Book of Negroes -
Toronto - CBC News
mircea_popescu: if
they run or if
they fight,
they're doing it
together.
KRS-: Cool
thanks ozbot..ttyl
mircea_popescu: asciilifeform you know what happens
to quarreling dogs once
they see a wolf ?
mircea_popescu: antephialtic
the problem, as BingoBoingo pointed out
to you, is
that in your model
the greatest economic activity will occur whenever a major holder moves cold wallets.
antephialtic: antephialtic: well, in
that case I'm living in a state of sin anyway because velocity is
traditionally computed from output and money supply.
The idea
that one can measure it empirically is not really seen in mainstream economics, as far as I can
tell from a brief review of
the literature
ron-: well i suppose it is a server
too
ron-: it
took me a while
to compile
the client, i dislike lib boost :|
mircea_popescu: antephialtic if you expect
to justify a
theoretical model by
the effect it has on data you are living in a state of sin.
mircea_popescu: asciilifeform
the one advantage of all
the idiots being on
the field is
that
the smart people kinda
tend
to just stick into
the same
team.
BingoBoingo: So many
things for benkay
to derive revenue from if only altgen.io
ron-: does
the bitcoin source on bitcoin.org allow you
to generate your own custom coins?
mircea_popescu: someone should make a papp
to bring cyrpt
to
the ipnohe.
mircea_popescu: i
think
this is memeworthy.
the business insider cyrpt occurency.
mircea_popescu: someone was
talking about my editor ? she's just said
to me : "The price of Dogecoin,
the world’s
third most
traded cyrptocurrency / did
they seriously publish "cyrptocurrency"?"
chipug: i see what you did
there
antephialtic: mircea_popescu: actually
that is incorrect. A better measure
the amount of bitcoin
transferred over a given period/the length of
the
time period. Very noisy measure, but using a larger
time period smooths it out
mircea_popescu: dub "life is sweat and blood and making love
to a woman you don't know and nobody prints your name in
trilema until
the day you die"
dub: that
trilemna articicle is
the single biggest peice of press
todate
chipug: not a blog, its a chat site. i
took on coinchat and
totally changed direction. its a bit dead now
mircea_popescu: dub i bet you 90% of
the ppl who read it because it's about doge never heard of dump and dillute.
dub: its just
teh same old brain damage
dub: I am disappoint
that you're giving it air
mircea_popescu: asciilifeform
this is somewhat like asking for a showgirl
that's read
the classics.
BingoBoingo: antephialtic: What if someone moves 100K coins from one storage address
to another
to lessen
the chance
the coins are on an address
that gets vanitygen'd
chipug: thanks guys, you know mircea_popescu i
think im currently in
the waiting for
the butthurt folk
to piss off lol
mircea_popescu: antephialtic how do you reason
to come
to
this conclusion ?
BingoBoingo: mircea_popescu: Don't forget
the form for selling credits
mircea_popescu: so do
the same
thing, write a lot of smart insightful stuff, once you have a
ton of readers add a subscription, wait for
the cheapskates
to butthurt away and
that's
that.