793200+ entries in 0.517s
mircea_popescu: look at
that, paschi di siena is on hte pinksheets now.
mircea_popescu: the note market is much more difficult
than meets
the eye.
herbijudlestoids: realistically,
there should be no bitcoin bank, doesnt seem necessary as long as
there is a highly liquid market for bitcoin duration notes and bonds, like 10,30,90 day 2,5,7,y bonds
mircea_popescu: sorta like you can either be male or female. have
to pick one.
decimation: you can have a fractional subsidary for
the idiots
to bank with
mircea_popescu: so in practice you want
to either give all choice or no choice.
mircea_popescu: herbijudlestoids maybe.
the problem here is
this :
the more choice you give people,
the more fuckwited
they are and
the more scams you enable.
herbijudlestoids: if you choose, say, 0% it cant loan
the money out, at 0.5% only low risk investments, etc
mircea_popescu: decimation folks love
to
think
this, story of my life.
decimation: the hilarious
thing is
that
the fiat gov't would
think
they have leverage over you
herbijudlestoids: how about
the bank
that lets you choose what rate you are willing
to loan your money out at
mircea_popescu: course at least for psychological reasons it's prolly better
to have
the storage and
the banking business separated.
Vexual: i imagine youd still use mpex
too
mircea_popescu: unlike
the children spending
their lunchbreak on bitcointalk, irl people actually have
to like... you know, pay
the rent and shit
mircea_popescu: Vexual 500 dollars a year
to bank
there and no further fees.
Vexual: and still be
the goto guy for bitcoin shit
Vexual: well if mpex is anything
to go by, youd own a priavte bank
mircea_popescu: they'd rather not eat all
that much
treebark if at all possible.
decimation: I agree at some point it will happen. In fact, at some point banks will be begging for
the bitcoin rich
to
tell
them what
to do
mircea_popescu: anyway,
the actual reason would be, of course,
that
the last
thing any one government wants is me at
the helm of a huge fiat bank.
Vexual: you might have a son in
the next few years mp
mircea_popescu: is
that
the people supposed
to finance lbos are either poor or stupid.
mircea_popescu: in
the current situation,
the only reason i conceivably could not lbo a bank with 100trn in "assets"
mircea_popescu: and on
the strength of having grown from 10mn
to 1bn in ayear, i can literally afford anything.
herbijudlestoids: i dun
think you can afford a strong bank,
thats why i suggested one of
the weaklings :P
mircea_popescu: that you can
tell
the government of X irrelevant country
to either adapt its enforcement
to what you do or else prepare for eating
treebark
decimation: what's
the point of owning a fiat bank?
herbijudlestoids: you should buy
the worlds oldest bank! monte dei paschi di siena
mircea_popescu: haha yea i saw
that. ppl were like... headshake and backing up
mircea_popescu: maybe
this year i cut a deal with a large bank. or maybe i buy one. or maybe next year. or who knows
mircea_popescu: there's all
the various scammers
trying
to peel
the eager youth public
mircea_popescu: in general, a large number of fluffers are
trying
to scam various particular venues.
there's all
the dorks pretending like
they have projects for
the benefit of
the clueless va market.
mircea_popescu: "Here's
the latest Max Keiser in which he and Stacey Herbert
to a good job of explaining what I have in mind. "
this sort of
thing will instakill any project, for instance.
mircea_popescu: lot of hype, no actual subtance
that i so far noticed.
herbijudlestoids: seems approx equv
to
the idea of p2pex, implemented with zero
trust
herbijudlestoids: seems a bit vapey right now? i
tried
to reg for
the forum but doesnt work etc
Vexual: thats why
theres altcoin
herbijudlestoids: confusing because
there is an alt called ultracoin
that has nothing
to do with it
herbijudlestoids: im watchin
the youtube video about it now, seems like he has hired some indian guy
to do
the coding and
the explanation video is just a skype screencast of him showing reggie what he has paid for
herbijudlestoids: KRS1: from what i understand its using zero
trust contracts in a closed bitcoin system
to do financial obligations (basically)
KRS1: herbijudlestoids: I'd like
to know more about
that screenshot
Duffer1: i haven't been able
to read
the altcoin forums since coingen came out
herbijudlestoids: has anyone heard of reggie middletons ultra coin, not
to be confused with ultracoin
the altcoin?
Vexual: ive seen
the rooster
tail off one of
those nuke subs and ill
tell you
they are well fast even on
the surface
Vexual: or just roll around in
the pacific and its all cool
Vexual: provided you set out from
the modern spanish main
Vexual: in
two
teths of
the
time it
takes an a 380
to fly round
the world you could be
to cuba and back
Vexual: which is in fact
the only option
Vexual: or, you can forgo
the urnanium powered steam, and be noisy and slow
Vexual: fast or quiet,
those are
the options
decimation: lol maybe
they can dig a
tunnel
to
the uk while
they work
decimation: sounds dubiously competent for
the usg
decimation: I donno, how are
they going
to attact elite coders
to work in a hole?
decimation: I particularly like
that
this sketch shows
them digging,
thus mocking
the idiots who
tried
to setup an idiot commune during
the English civil war
Vexual: verily don't listen
to me
tho
Vexual: then berlin,
then
that awful volcano
Vexual: i expect
tellers with broken computers and a stopwork from govt
Vexual: lpanned
to open march i
think?
Vexual: legals still
taking money
they cant afford
to pay unemploed builders at any price
herbijudlestoids: i hear
that NEO and BEE setup btc financial services in cyprus and opened recently
decimation: it's all
the idiocy of maturity
transformation
mircea_popescu: you
think
the cypriots had it bad... watch
till it happens in
the us.
mircea_popescu: this is just damage control anyway. most of
the deposits belong
to companies, which a) are legally required
to keep
their funds in a bank and b) are not insured anyway.
Duffer1: he's jsut using it as an example
to highlight a point, smart guy knows his audience
Duffer1: fdic insurance is probably about
the only
thing
the average american derp understands about banking
herbijudlestoids: due diligence shows
the banks as failed capitalist enterprises
herbijudlestoids: so i dunno why
this guy is bothering
to
talk about leverage and FDIC insurance lol
herbijudlestoids: in early 2009 when FASB changed
the rules from mark
to market,
to mark
to unicorn, it was obvious what was going on if it wasnt already.
the banks are by "Generally Accepted Accounting Principles", completely insolvent.
mircea_popescu: flay a libertard alive
today. he's earned it.
then salt
the wounds and make his mother watch.
mircea_popescu: the once glorious wester civilisation has
to restart at fucking 1600 ?!
mircea_popescu: fucktards with
their "let's make
the world fair" as if it weren't managed
to bomb us all
the fucking way
to
the stone age.
mircea_popescu: "Someone should start a bank (or maybe someone has)
that charges (rather
than pays) interest and does not make loans. "
Vexual: they already been
to hawaii and smoked
the pakalolo for more
than 100kpa
mircea_popescu: i'd be surprised if it can currently hire any ONE of
the
top five crackers in any field.
mircea_popescu: smart people are few and far between.
things
they can do are
the grass o nthe fields. monstrous socialist regimes have
this problem compounded by
the fact
that
they're only popular with idiots.
mircea_popescu: what particular sector ? it's
the same all
through. how many db experts are
there ?
mircea_popescu: so
then what do you
think,
the problem eases as you go up ?
herbijudlestoids: mostly i write
the puppet modules and we hire meatsacks
to watch errors
herbijudlestoids: true
that unemployment for good ops is very low
to nonexistent in our particular sector atm
mircea_popescu: you work in hosting, right ? how many competent sysadmins are
there,
that you can actually motivate
to do
the job ?