885500+ entries in 0.603s
furuknap: I would say I understand basic maff, so
the statement is proven wrong.
bitcoinbust: silkroad is by far
the largest value added segment of
the bitcoin ecosystem at
this point
dub: furuknap: no, its
the same one
furuknap: Geez, do we have another
troll in our midst? *tsk*
bitcoinbust: just shuffling wealth from 1 party
to another
bitcoinbust: thickasthieves
the "assets" derive
their income from shuffling wealth around, its a diminishing rate of return
bitcoinbust: basically
the bitcoin economy is 2
things,
the selling of drugs and all sorts of wealth
transfer schemes(speculators, gambling, mpex)
ThickAsThieves: you underestimate
the money
that can be made providing liquidity and
these assets
dub: he's making banque
taxing kids on
thier allowance
dub: you need
to lurk moar,
TAT is
the piep piper of micro pass
throughs
bitcoinbust: so your
the one offering webcam shows
to reddit users
bitcoinbust: theres 0 incentive
to use bitcoin
to buy gyft cards
bitcoinbust: 1k amazon card converted
to cash at a 5% discount on
the street
bitcoinbust: the only people actively buying gyft products are
the silk road dealers
bitcoinbust: thats nice once youve spent
them
then what? you have no bitcoin income
bitcoinbust: yea go
try getting
those 24 btc in a
timely fashion
bitcoinbust: 72hrs
to get orders filled while
the price changes by 20-30%
ThickAsThieves: only
thing
they dont really have reasonably available is card
towards groceries
bitcoinbust: so basically 1500 fiat dollars
turn into a 1k amazon gift card
bitcoinbust: thickasthieves how much do
they
take for comission
dub: mobile minutes is
the new bitcoin, ask africa
bitcoinbust: so do i have
to buy 10 gift cards
to buy an item?
dub: its great
that
tiberius
takes
time out of his balling schedule
to educate us every day
ThickAsThieves: so you arent going
to factor a service
that pretty much lets you buy anything?
bitcoinbust: people are going
to go back
to loving silkroad as
the only provider of btc liquidity
benkay: so long as amazon doesn't start
taking
them
benkay: that's certainly fucking
true
bitcoinbust: people are realizing outside of drugs and gambling
there is nowhere
to spend
their coins
bitcoinbust: bitcoin now down double digits on
the session
gribble: MtGox BTCUSD
ticker | Best bid: 82.32505, Best ask: 82.97895, Bid-ask spread: 0.65390, Last
trade: 82.97896, 24 hour volume: 55770.48273055, 24 hour low: 80.06000, 24 hour high: 91.20000, 24 hour vwap: 85.07813
bitcoinbust: fractional reserve lending is entirely possible in bitcoin but only
to prudent borrowers
bitcoinbust: anyways its besides
the point, most people keep applying fiat credit rules
to bitcoin
bitcoinbust: most active pirate participants are
those who encouraged and promoted
the scam
bitcoinbust: i guess
the one positive feature of bitcoin is idiots cant last long
bitcoinbust: as stupid creditors and stupid borrowers lose
them
mircea_popescu: it does, which is why
the an0 so heavily punishes misstated debts.
jcpham: i hate "sorry we lost
thy coins"
mircea_popescu: in
the sense
that
the fat
tail is verifiable a fat
tail
bitcoinbust: just-dice is easier
to predict vs insuring against bitcoin volatility which is what mpoe-bonds do
mircea_popescu: well stupid or not stupid, it's
the only meaningful lending
there is out
there.
mircea_popescu: the site could lose 50000000 btc in
the next five minutes.
bitcoinbust: bondholders get exposed
to fat
tail events for little return.
mircea_popescu: outside of mpoe bonds
the only meaningful scheme for lending i know of is dooglus'
bitcoinbust: odds are you
the debt will be defaulted on
bitcoinbust: delfation is only a problem when
there is excessive none productive credit issued
ThickAsThieves: if btc succeeds in his way,
then billiobns will be only
the beginning
ThickAsThieves: no need for bonus, mp is already
trying
to set himself up as an institution
jcpham: i'm sortof looking forward
to using
the deflationary property
to my advantage at all
times
bitcoinbust: the fed is
technically insolvent if interest rates rise
to 3.5-4%
mircea_popescu: my bitcoin fortune is only meaningful
to me
through its potential
to completely destroy fiat and all
that it supports.
mircea_popescu: i mean my bitcoin fortune is not meaningful
to me
through
the interim of some fiat evaluation.
bitcoinbust: kakobrekla: yea its rare
that bubble repeat in magnitude
mircea_popescu: most large btc holders don't give a shit, as
their btc wealth is meaningless
to
them
mircea_popescu: bitcoinbust
the market cap considerations fail
to account for your earlier "how can i stand it"
kakobrekla: this bubble was 4x smaller
than
the previous one
bitcoinbust: 2011
the peak cap was like 150mil or something
bitcoinbust: for something
to have wild swings at 1bil market cap is disturbing
bitcoinbust: the falling market cap
translates
to purchasing power loss due
to shrinking service/product market
bitcoinbust: mod6:
there really isnt any asset class
that produces repetitive bubbles in short
time frames. if bitcoin heads below
these levels its as good as dead for along
time.
mircea_popescu: there's
two
things austrians accomplished in history : convince everyone mozart was austrian
mod6: bitcoinbust:
that's what everyone said when it hit $3