795300+ entries in 0.58s
mircea_popescu: you're
trapped in
this mental representation wherein stuff can only happen with permission.
this is not how
things happen. your choice is whether you're on
the boat when it sails or not.
herbijudlestoids: implication is
that its no longer possible
to exchange USD for something with any sort of future value...
mircea_popescu: “The Bitcoin ecosystem of companies and investors has
to engage
to allay real concerns and avoid being pigeonholed by policy makers,” Klein said.
decimation: It's a huge
thing for New Yorkers indeed.
mircea_popescu: "This is possibly
the last chance
to
take
those piles of fundamentally worthless US dollars and use
them for something with any sort of future value."
ozbot: The future of Bitcoin regulation pe
Trilema - Un blog de Mircea Popescu.
decimation: ?That?s a huge
thing, for
the country and New Yorkers,? Lawsky said.
decimation: Lawsky at
times sympathized with
the goals of
the investors at
the hearing, complaining
that it could
take ?days?
to pay his credit card from a bank account. And he criticized fees immigrants pay
to send money home, and welcomed
the chance
to use Bitcoin
to reduce
the costs.
Dimsler_: well i dont' really want
to deal with
the west
mircea_popescu: etition at
this level. If
things don’t get fixed soon
the only
thing
that we’ll be able
to say for sure about Bitcoin regulation will be
that it won’t be written in English, and it won’t consider US interests or sensibilities."
mircea_popescu: "Nobody will care
that
the original paper may have been written by an American and
the original discussion on
the long forgotten original Bitcoin forum was carried in English. I can deal just as well with Russian investors, I can deal just as well with Chinese investors, Bitcoin is completely neutral from a cultural perspective.
This neutrality means
that cultures will have
to compete. So far
the US is losing
this comp
mircea_popescu: “If
that same company can be started in
the U.K. or Germany, maybe
that innovation just gets pushed offshore,” Liew said.
Dimsler_: from
the historical research on bubles i've read
Dimsler_: i
think
the run up will be one
that nobody will be expecting
decimation: It's because a few indiviuals in key positions
think
they can ride
the wave of
terror
to power
mircea_popescu: i guess with
the extra "watch us fail" boost 10k may even be possible
decimation: It's going
to go
to > 1 mil based on
this stuff
mircea_popescu: bitcoin was
taken
to $10 by lulz,
to $100 by lulz and drama and
to $1000 by lulz, drama and mining.
decimation: The hilarious part
to me is
that
they
think
their "bitlicense" will allow
to
them dictate
to bitcoin, rather
than
the other way around
mircea_popescu: it's funny
tho, making exactly
the wrong moves. you couldn't pay
them
to be
this conveniently stupid.
decimation: Indeed. Exactly as you predicted,
the regulators are more
than happy
to cede currency regulation
to Bitcoin, if Bitcoin allows
them
to crowbar
their banks.
mircea_popescu: “If
the choice for regulators is
to permit money laundering on
the one hand, or
to permit innovation on
the other, we are always going
to choose squelching
the money laundering first,” Lawsky said at
the hearing.
☟︎ ozbot: New York State Regulator Promises
Tough Bitcoin Rules - Bloomberg Law
mircea_popescu: the mark of
the
true junkie : he keeps a stable of dealers, rather
than
the other way around
mircea_popescu: be so kind not
to modify my statements by your discussions with
third parties eh :D
decimation: Do you
think
the
triangle is in a simliarly precarious position?
mircea_popescu: doesn't mean it's bad. just means it's much better at other
things.
mircea_popescu: herbijudlestoids i merely said
that out of
the various functions,
that happens
to be
the one it does worst.
herbijudlestoids: err if bitcoin is contingent on coordination
then
the statement "bitcoin just is" is false.
decimation: In
the same way,
the US political parties stay in power even when both obviously operate against
the interests of
those who are coordinating
decimation: well, what I was attempting
to convey was
the idea
that bitcoin is contingent on coordination amoung many in a mysterious way
herbijudlestoids: decimation: not really sure what your comment re republocrats was about, very far from
the answer i was looking for
herbijudlestoids: ok, well im not really sure how bitcoin not being used for retail makes it a bad MoE, but ok
thats your view
decimation: I donno, I came
to bitcoin via Mr. Yarvin. In retrospect his doubts about Bitcoin look silly.
decimation: like,
the bank knows about your actual credit riskiness, rather
than just accepting fiat insurance
decimation: I'm also assuming
the word "bank" means something different
than
the modern western concept
decimation: There's no reason in principle why one couldn't extend bank credit which is convertible
to claims on BTC
mircea_popescu: much like... no 1800s woman on her knees polishing
the floors is much represented in
the modern vacuum cleanner.
mircea_popescu: but btc will dictate how
these look and how
they work and how
they feel and even what retail is.
mircea_popescu: you're going
to have stuff built on
top of btc
to handle
the subsidiary and marginal
task of retail.
herbijudlestoids: well, i assume your "everything" includes direct means of payment for retail
things, since you included even facebook ecash or whatever in your list of
things it is
to replace
mircea_popescu: has electricity replaced female labour in
the house or hasn't it ?
herbijudlestoids: if it is
to replace everything, how can it also "never be a direct means of payment for retail anything"
mircea_popescu: i have no idea.
there's like 7k or so full nodes iirc.
decimation: LoL
that German youtube guy "Der Diktator der Kunst ist Ideal."
herbijudlestoids: mircea_popescu:
the comment you sent me seems
to directly contradict your statement
that bitcoin will replace everything
decimation: there's no reason why
they exist really, everyone could change
their minds
tomorrow
decimation: It exists just like
the democrats and republicans exist
mircea_popescu: herbijudlestoids ironically,
the medium of exchange function is
the
thing at which bitcoin sucks worst.
herbijudlestoids: can you please explain for us retards, how "bitcoin just is"? considering it requires a globally distributed network of hosts
to constantly verify and
transact? fractures introduced
to
the network
topology, or similar, seem
to argue against
the idea
that bitcoin is simply a mathematical construct. you need compute power and communication
to implement and distribute
the construct
decimation: he underestimated
the avarice of
those who would influence USG decisionmaking
decimation: I
think Mr. Yarvin was correct in his analysis about
the game
theory of bitcoin saving
herbijudlestoids: also i dont
think bitcoin is worthless, i
think it has a considerable value as a medium of exchange
herbijudlestoids: although i would posit
that considering
the nature of centralisation of
the internet currently, it might not be
that hard for
the USG
to do so
herbijudlestoids: hmmm well i would never have argued
that
the USG will shutdown bitcoin or
that bitcoin will be worthless,
those seem like
two stupid
things
to bet on
mircea_popescu: and you'll be well advised
to
take note
that for all his childish posturing a) yarvin capitulated and
tried
to make his own bitcoin
mircea_popescu: you gotta appreciate
this position is in no way novel
to me, you know.
mircea_popescu: in any dispute of currency
the more fungible wins, period.
mircea_popescu: (in
that no court can order
the de-fungibilisation of bitcoin)
mircea_popescu: other
than
the statistical reason (ie, bitcoin is
the strong currency because of its history)
there are actually legions of other reasons. bitcoin is fungible, unlike any other fiat
mircea_popescu: it's a better model
than
the "marginal saver", in
that it relies less on statistical artificery.
herbijudlestoids: im not really sure what any of
the above has
to do with greshams law lol
mircea_popescu: i guess. and obama is increasing
the minimum wage, and more qe, and more bailouts, and so on and so forth.
jurov: oh,
they did notice ever fattening stacks of bills
mircea_popescu: (much like
the actual peasants of zimbabwe, what do
they know of finance)
mircea_popescu: no business in
the history of business did anything like
this
herbijudlestoids: i.e. what are
those entities converting
their productive surplus into
herbijudlestoids: you cant just call a currency
the strong one for no reason.
the use of a particular asset as a store of value by
the marginal global saver(s) is what gives it
that characteristic
mircea_popescu: compared
to anything else man made, bitcoin is adamantine.
mircea_popescu: merely
the preference
to save strong currencies and
to spend weak ones ensures
the price differential.
herbijudlestoids: am i wrong? do you expect
theres enough liquidity for you
to make a
transition like
that without any loss?
herbijudlestoids: i doubt you actually expect
that your net worth denominated in BTC would be equal
to a fraction if you
tried
to convert it all at once
to say USD or whatever
mircea_popescu: this is like
the intuition of everyone, but it's perfectly false. bitcoin works fine irrespective of what anyone does.
herbijudlestoids: well it works inasmuch as you can convince people
to join
the BTC economy and exchange real good and services, and in cases where you cant it doesnt work
mircea_popescu: fact is so far it did so work. what
the future brings...
the future knows.
mircea_popescu: im not
trying
to convince you. i merely made
the previous points.
herbijudlestoids: i guess up
to oyu if you wanna use 4Y ROC as proof of its viability as a store of value but i dont feel very convinced