846500+ entries in 0.462s
mircea_popescu: i used sdrs as an example of a currency item
that can never be bought or held by joe scjhmoe.
mircea_popescu: but anyway, back
to
the point : i didn't use sdrs as an example of
the role of bitcoin.
robitnik: TAT,
the NeoBee migration
to Havelock seems
to be going smoothly. Nice work.
mircea_popescu: on paper
this sounds like nothing at all, but in practice
the fabled soros breaking of
the bank of england was
this, fundamentally.
mircea_popescu: if
the yen is 11.6675% of a sdr and 11.6672% of
the world economy people will short one and long
the other somehow.
this slowly whittles your holdings
towards
them.
mircea_popescu: benkay_ you have
two metals
that both work in
the same capacity, and you fix an exchange rate between
them which you can't easily change.
benkay_: (few can memorize
the opening
trees, much less play
the chaotic variants)
benkay_: mircea_popescu: what are
the sundry disadvantages of bimetallic systems?
mircea_popescu: as flattering as
that may be, knowledge and understanding are sometimes divergent.
ThickAsThieves: sure, but your degree of knowledge probably rivals most
that are dedicated
to
the field
mircea_popescu: moreover, as
the proportion is fixed,
they have all
the disadvantages of a bimetallic system, which are marked.
mircea_popescu: sdrs are backed by a basket of other fiats. it's not
that much backing in
the first place.
mircea_popescu: they would bet, except bitbet requires
the actual btc. etc.
ThickAsThieves: so basically
the US only likes dealing in financial instruments
that don't require provable backing
ThickAsThieves: "China has also suggested
the creation of a substitution account
to allow exchange of US dollars into SDRs.[Williamson 3] When substitution was proposed before, in 1978,
the US appeared reluctant
to allow such a mechanism
to become operational.[Williamson 4] It is likely just as reluctant
today."
mircea_popescu: not really. afaik
they were most proeminent due
to a sudden liquidity systemic shock caused by
the arab hike
ThickAsThieves: "The SDR comes
to prominence when
the US dollar is weak or otherwise unsuitable
to be a foreign exchange reserve asset.
This usually manifests itself as an allocation of SDRs
to IMF member countries. Distrust of
the US dollar is not
the only stated reason allocations have been made, however." says wiki
mircea_popescu: cheifly because
too many cooks involved, and some of
them french
mircea_popescu: it was never fully implemented, and it never worked
too well in practice,
mircea_popescu: so
that countries can just re-allocate
their debt
to each other
through
this mechanism
mircea_popescu: now, sdrs are an attempt
to implement a similar mechanism in international
trade,
mircea_popescu: this process was very advanced for
the 50s, and so it gave an edge
to
the banks.
mircea_popescu: they just re-allocate shares of holdings in
these fed mystery boxes
mircea_popescu: mkay. so
the fed system works
thusly : instead of
the various banks shipping bullion back and forth as people deposit/withdraw money,
ThickAsThieves: and i want more arguments as
to why bitcoins ultimate use isnt necessarily as a currency
to buy coffee
ThickAsThieves: basically i had no memory of
the SDR
topic when we last spoke about it, just knew it was something
to do with governments
jborkl: I burned mine in on
testnet
ozbot: imgur:
the simple image sharer
dub: Unlike Kickstarter,
the Crowdtilt campaigns don't feature fabulous prizes for contributing; gifting $100, for example, won't entitle you
to 'One (1) free "accidental" shooting of your choice.'
pankkake: oh, nice. i
thought
this would be about
the detroit guy
ThickAsThieves: mp what was
the name of
those notes
that govs use
to deal in large amounts of money?
jborkl: yeah, it is strange
that
they have done it in
the same spot basically- so I would agree
there is a common problem and not random failure
mircea_popescu: jborkl
this is suspicious. if caps bust
they should bust moire distributedly.
jborkl: the 3 pics I have seen -
they are all popping in
the same spots
ThickAsThieves: "Evolution did not end with us growing opposable
thumbs. You do know
that, right?
There's another 90 percent of our brains
that we have
to illuminate."
ozbot: Bitcoin
Transaction db3ed0a71adb085df9ef190c20a4fcf36ef8988bff86eeeccd7ed6328aa3381a
nubbins`: these comments are about
the same caliber as youtube comments
nubbins`: i guess
they're still
transferring coin from sr -> fbi
nubbins`: oh, sorry,
that note is attached
to
the previous
tx (0.00012 BTC)
dexX7: Public Notice: I'm from Brazil ... I want
to express my opinion on drugs ...
the government holds
those who sell drugs just because
they do not profit from
the government ...
then ends with
the cigarette with alcohol ...
ozbot: Bitcoin
Transaction c99eab8a071d91ce60de038c0d6bff8a51d9f566ef977edc91f6bcf091b7c06f
mircea_popescu: "The Dixie Mafia is a criminal organization based in Biloxi, Mississippi, and operated primarily in
the Southern United States"
mircea_popescu: and all
the other people
that have copies can even see it!
mircea_popescu: even if
this does nothing for her,
they can certainly jack off in peace"
mircea_popescu: "the bureau is in a position equivalent
to having snatched copies of michelle obama masturbating on camera
nubbins`: any other way
than with
the "combination"
nubbins`: i give it a week before
the coins vanish
nubbins`: i
think it's
the edge where
those
two alternate planes of reality meet
ThickAsThieves: "Even if
the FBI is not able
to
transfer
the money, merely having possession of
the wallet file itself is enough
to prevent
the coins being spent.
The Bureau is in a position equivalent
to having seized a safe belonging
to a suspect with no idea of
the combination – and no hope of forcing it open any other way."
nubbins`: kakobrekla: read
that, heavy lels
kakobrekla: >FBI struggles
to seize 600,000 Bitcoins from alleged Silk Road founder
pankkake: well,
they probably would give me better health insurance, but it isn't happening yet :p
mircea_popescu: thus any lucrative racket is
taken over from any govt.
mircea_popescu: because
the mafia is more efficiently organised, by more determined, better people
than any government
pankkake: yes, but
then governments are
the criminals already, why would
the russian mafia sell carbon credits?
mircea_popescu: for
the record : "A racket is a service
that is fraudulently offered
to solve a problem, such as for a problem
that does not actually exist, will not be affected, or would not otherwise exist."
pankkake: well, carbon credits are a scam. or more exactly, warmists invented carbon credits
to profit from
their scam :)
mircea_popescu: Sep 20 16:18:30 <kakobreklaaa>>Learn about our historic commodity and carbon credit
trades using Ven.
mircea_popescu: Sep 20 17:04:40 <nefario>kakobrekla: you
think Ven is scamconomy?
then WTF has bitcoin
turned into?
mircea_popescu: Sep 22 03:16:26 <mircea_popescu>and incidentally, it occurs
to me i still don't see your connection
to bitcoin.
gribble: nefario was last seen in #bitcoin-assets 1 year, 1 week, 5 days, 23 hours, 2 minutes, and 24 seconds ago: <nefario>
Those assets are not listed or
traded anymore
zoinky: can still
trade on btct?
mircea_popescu: Oct 15 04:19:18 <mircea_popescu>i
tend
to recall
this ridiculous Ven
thing being a bluechip asset.
pankkake: I'm sure
they're only doing it because Ven paid
them