930500+ entries in 0.642s
MJR_: lag on executing
trades
MJR_: what is
the problem with gox?
MJR_: i just said
that giving people easy access
to
their cash is necessary
MJR_: i never gave a
time frame...
pgp: I just question
the
timing and business model
pgp: look - I'm not saying
that
that sort of convenience is bad...
MJR_: the point is
that as long as btc is only good for finance people, you won't get mainstream adoption
MJR_: i only have
to spend
the "bad" currency when i really need
to
MJR_: you unlock gresham's law
through
this method
MJR_: yes, but what about people who don't want
to keep
their money in USD
pgp: otherwise
they keep it elsewhere
MJR_: most people who spend money don't
think of it as a forex
transaction
pgp: if
the need cash,
they keep money in
there checking account linked
to a card..
MJR_: that is
the point, you don't need
to see btc as an INVESTMENT
troc: In effect
the ATMs are just
there
to beat
the x*10 min confirmations no ? is
there no better way of doing
that ?
pgp: people are used
to managed
the fiat equivalent of cold and hot wallets
MJR_: if it holds its value and
they can have it on demand,
they are happy
MJR_: they just want honest money, available when
they want
MJR_: most people don't want
to
trade
pgp: etrade
tried it - no demand
pgp: most people have brokerage accounts - why can't you access
those directly
through an ATM?
MJR_: but you can accept cash with no friction besides being close
to an atm
MJR_: in fact...you could even set it up as an ewallet service if you would rather go
that way
MJR_: the
thing i'm
talking about is
the most basic of banking needs
pgp: they're asking
to be regulated...
MJR_: if bitcoin can't handle something
that basic and mundane
MJR_: its obviously possible
to run an atm network
MJR_: at
the end of
the day...how do banks do it now
MJR_: well...you set
the fees where it makes sense
pgp: but people who use bitinstant are repeat users in/out...
they'd go broke...
MJR_: and most people won't be cashing out
their whole savings...they want spending money and
to let
their wealth remain in bitcoins
MJR_: 403,000 ATMs in
the US
smickles: a bitcoin atm could be
the easiest way
to send money
to a friend, each of you just goes
to an atm
MJR_: with
that kind of liquidity
pgp: so long as gox is at
the center of it - it will be a costly investment for first round funding guys...
MJR_: while
they refill my atm's for me
MJR_: if a lot of people want
to BUY bitcoins...i can buy
them on
the exchanges automatically
pgp: cart before
the horse...
MJR_: without doing ACH
transfer
ThickAsThieves: atm is also for people who somehow
think itll be easier
to buy bitcoin
there
than on
the interweb
MJR_: but i need
to get $20 out of a hot wallet
MJR_: i want
to buy a burger
smickles: i
think
the atm is for Convenience
MJR_: this is my ultimate long
term vision of
the system of
the world...atm's everywhere
that run mining nodes in a pool,
they connect
to an exchange and automatically buy and sell based on
the demand...once it scales up, you will have a HUGE stabilizing influence
pgp: a bitcoin ATM assumes
that
there is a market for people who want
to constantly
transact between fiat and bitcoin -
those people will be sensitive
to
the exchange rate and fees
smickles: if you really want
to get fancy, use 3% minimum, and raise it based on
the latest standard deviation
MJR_: which basically speaks
to
this
smickles: 3% fee, used
the 24h weighted avg
MJR_: that is just algorithms...atm's are already connected
to
the network by design
troc: it will
take 25 years plus for it
to fade
pgp: i hear your arguments, but my gut
tells me
that it probably won't work as smoothly as one would hope and
the logistics will be a problem
MJR_: no one ever will go
through
that shit unless
they are writing an article
MJR_: yes...did you read
the daily beast?
MJR_: it should just be an everyday fact of life
that fades into
the background
MJR_: the point is
that eventually bitcoin should not be a novelty
MJR_: smickles: you are
the best
MJR_: bitcoin will never
take over every
transaction
MJR_: whenever i need
to spend, i just withdraw
MJR_: because you are actually providing a means for me
to
transfer all my fiat into btc
MJR_: so
they can replenish cash
MJR_: they won't if
they are smart
pgp: they are going
to have
the same sorts of problems
that coinbase has...
MJR_: i also love
the week wait for
the cash
MJR_: its way more convenient
to engage in
trading online when i want
to get a jameson and hang out
MJR_: this is so obvious and simple of an idea
that i can't even see why
there would be a debate
MJR_: i just want
to SPEND cash
MJR_: but i don't want
to HOLD cash
MJR_: so i am going
to need
to get cash at
times
MJR_: think of bitcoin as a credit card like discover which no one
takes
MJR_: huh? i need
to be able
to spend my money...
pgp: bitcoin ATM = jump
the shark
MJR_: you run across
the street
to an atm
MJR_: what do you do at a store
that doesn't accept credit cards?
jcpham: too much
time spent with mpoe-pr
mircea_popescu: also note
that people does not have a singular. but if you prefer i'll refer
to you as "you peopl" in
the future.
jcpham: Do something in a haughty way, as
though it is below one's dignity or level of importance.
jcpham: what
the fuck is
this you people shit
[\\\]: mircea_popescu, no,
thats illegal
jcpham: the world really needs
that
type of irony
jcpham: i kinda want
to convince a collections attorney
to accept btc as payment for credit card collections
smickles: i bet
they'd work on college campuses
pgp: bitcoin ATM just seems awkward
to me...
[\\\]: made
the cnn front page
mircea_popescu: but
the landlady was only
taking currency so we just ate
the chocolate and
then made out.
smickles: i was going
to pay off my car loan with bitcoin, but
they'll only
take usd, so i have
to sell
the btc first
mircea_popescu: hey, is copumpkin's irl pw:rn actually pebbles ?! what sorcery is
this!
MJR_: smickles: you meant
tiberiusiv right?
mircea_popescu: luckily with [\\\] on mpex' side we outinovate
tibanne,
the irc net providers.
mircea_popescu: what am i
telling
the girl
to
tell him ? hm ? HM ?!?!?!?!?!
smickles: you missed
the link factory and irc net