929900+ entries in 0.663s
bgupta: You are claiming
there was no DDOS on mtgox, and
that it had no impact on price?
mircea_popescu: <taub>
they've been doing
this for 30 years
tho << ya. but 30 years ago
they had a productivr workforce. now
they got suicidal
teens and otaku young adults
mircea_popescu: hickAsThieves> going
to bed, i expect you guys
to get btc up
to 140 while i sleep << and yet it's exactly 133
gribble: BTCUSD
ticker | Best bid: 136.00001, Best ask: 136.69499, Bid-ask spread: 0.69498, Last
trade: 136.69499, 24 hour volume: 67318.91118458, 24 hour low: 128.00100, 24 hour high: 142.12000, 24 hour vwap: 134.42469
gribble: BTCUSD
ticker | Best bid: 136.29992, Best ask: 136.80000, Bid-ask spread: 0.50008, Last
trade: 136.29992, 24 hour volume: 67541.53345295, 24 hour low: 128.00100, 24 hour high: 142.12000, 24 hour vwap: 134.40464
bgupta: the question is how could
they acquire enough btc
to do it without messing up
the market.
bgupta: SO was
thinking about
the exchange problem… what if Morgan or Goldman bought half a million bitcoins and issued an ETF and let it
trade on a standard stock exchange… It would kinda solve some problems, while creating new ones.
denialdenial: need more exchanges providing
the illusion of stability
denialdenial: bit coin didn't invent
the problem and it sells itself
denialdenial: the oldest con in
the book is
to invent a problem and
then sell
the solution
to it
bgupta: IE:
They have moved
to btc
denialdenial: the exchanges create
the market or better
the illusion of
the market
bgupta: ah
the supply of btc.. well with it going up people are reluctant
to sell.. and many people will never sell..
denialdenial: whether
that market is real or artificial doesn't matter
bgupta: of course not,
that's baked into
the system
denialdenial: all of
these
things feed off each other. what hasn't kept up is
the supply
bgupta: they would go
to a handful of exchanges for
trade..
bgupta: that keep
their own supplies
bgupta: I don't
think we need
to exchanges. perhaps more money changers
denialdenial: the price is going
to do what
the exchanges allow it
to do
bgupta: if you spread out
to
ten exchanges
they'd all be semi-illiquid
denialdenial: there's needs
to be 10x
the number of operating exchanges
there are now
bgupta: well..
they've said
they can't handle ddos attacks
denialdenial: because gox is asingle point of failure and it can't handle
the load
taub: the
thought is not
to have bubble like growth
to begin with
denialdenial: how do you stabilize a queue of 10,000 people wanting
to buy something
taub: sure, bubbles have
to be corrected
bgupta: just
throwing
thoughts out
there
bgupta: wouldn't it be better
to get
that correction out of
the way and
then let it
try
to stabialize?
denialdenial: what's
the visual and mental difference between .005 btc and .05 btc if
they are fundamentally
the same
bgupta: but
the issue is if it is in fact worth more and
trying
to correct..
taub: ie he doesnt want it
to be volatile or full of bubbles and crashes
denialdenial: the price is so high now
that mentally
the decimal places have already started moving
taub: mp seems more concerend about
the rate it's increasing
taub: i dont
think anyone argues
that it's horrible in general
bgupta: SO for
the sake of arguement… let's assume
that btc goes up
to 1000usd.. some in
this channel
think
that would be horrible for
the btc economy.. can some explain why?
bgupta: well, I suspect
that miners will start moving
to oz.
bgupta: it would only shift if cartels wanted
to keep
their stashes in btc.. and I'm not so sure
that would be a good
thing for btc… IE: governments might use an excuse
to outlaw
denialdenial: what happens if
they have 51%, fuck up, fork
the chain
denialdenial: they updated
their bitcoind on
their pool but didn't let
the db reindex first
taub: i dont
think endless spending and money printing can go on forever
Cryptrader: Does anyone know exactly (or close) how big
the annual drug
trade market is? IE if
they all started using bitcoin...
denialdenial: do you know what happened when btcguild updated
their bitcoind last
taub: i'm still half hoping
the system wont collapse
Cryptrader: If BTC becomes a
true currency - as businesses slowly adopt it, you will have no reason
to exchange
them back for fiat
denialdenial: as long as any exchange stays operational
they are going
to cost you a lot of money
bgupta: I certainly would look
to liquidate USD equities and move
to btc.
bgupta: I don't
think so… if
there were a crash, I
think buyers would come out in droves..
denialdenial: distributing
the load across
the exchanges should prevent any actual crash
bgupta: so
there is definately btc value growth
trying
to correct.
bgupta: that said some of
them will.
bgupta: One catch in
the
theory.. proposited.. it assumes
that people using btc for
transfer will keep
the btc in btc, and not immediately
trade back
to fiat..
denialdenial: i would expect
the japanese
to at least make a
trillion dollar samurai sword or something
bgupta: How is
that
they are worse
than greece but not as fucked as greece. Guessing cause
they control
their own currency.
B0g4r7: Most all of
the overseas suppliers I order from,
they want paypal.
B0g4r7: Now bitcoin does
that.
B0g4r7: I
think
the only reason a lot of ppl use pp is because it made international payments easy.
denialdenial: i was reading a reddit post comparing bitcoin
to paypal earlier
ChaangNoi: but
this really is what
they have been doing forever
denialdenial: i heard AUD is
trading against yuan directly soon
too
B0g4r7: their debt:gdp ratio is far worse
than
that of
the US, whose is
terrible.
taub: they've been doing
this for 30 years
tho
bgupta: no more fucked
than EU, or USA for
that matter
B0g4r7: why are
they
talking about Japan and dollars?
bgupta: (Not
that I can really borrow Yen ATM..
bgupta: so is
this Japan
thing another sign
that fiat is in
trouble, and
that btc is where we should be?
gribble: BTCUSD
ticker | Best bid: 135.55406, Best ask: 136.83316, Bid-ask spread: 1.27910, Last
trade: 135.55405, 24 hour volume: 71104.21539651, 24 hour low: 126.69058, 24 hour high: 142.12000, 24 hour vwap: 134.14703
ThickAsThieves: going
to bed, i expect you guys
to get btc up
to 140 while i sleep
jcpham: 1.4
trillion in commited QE
ThickAsThieves: wait Japan is gonna double
the amount of currency in
two years, did i read
that correctly?
gribble: BTCUSD
ticker | Best bid: 137.38456, Best ask: 137.98900, Bid-ask spread: 0.60444, Last
trade: 137.38456, 24 hour volume: 72490.77444922, 24 hour low: 126.69058, 24 hour high: 142.12000, 24 hour vwap: 134.00274
bgupta: someone just bought like 3200 btc at
the market
Cryptrader: Is
there any channel good for discussing
trading btc/ltc/nmc etc?
gribble: MtGox lag is 0.952282 seconds. During
this
time, light
travels 0.00190836246572 AU. You could have sent a bitcoin across
the outer diameter of Saturn's rings (0.0024 AU).
gribble: BTCUSD
ticker | Best bid: 135.80001, Best ask: 136.00000, Bid-ask spread: 0.19999, Last
trade: 136.00000, 24 hour volume: 70079.70788410, 24 hour low: 126.69058, 24 hour high: 142.12000, 24 hour vwap: 133.76636