935300+ entries in 0.681s
mircea_popescu: you have cases with 10k a month which come
to 200 btc.
mircea_popescu: listen MJR_III
this fees stuff...
think for a moment. no exchanger makes money.
smickles: there is kinda a defacto deal with
the creditors
MJR_III: and put a portion of
them
towards
the debt
MJR_III: charge your fees in btc for
transactions
MJR_III: or you work out a deal with
the creditors
mircea_popescu: the girl made a very good point as
to
the cost of financial ineptitude vs coding inavbility
MJR_III: wants
to pay back everything in btc while collecting fees in dollars
smickles: i would use bitfloor more often if it weren't for
that debt
MJR_III: and i
think poor choices as far as resolving
that
MJR_III: again
that comes down
to execution
MJR_III: its
the most convenient for me
mircea_popescu: smickles
the redeem codes was a sorta attempt, but meh.
MJR_III: it has
the best model of all exchanges
MJR_III: this is
the
thing about bitfloor
mircea_popescu: MJR_III so far even a fucking naming convention is impossible
to contemplate, let alone implem,ent.
MJR_III: similar
to how you say
that
the whole world can't be hedging
MJR_III: mircea_popescu: but it is like mpex...someone has
to do it, and let others build on it
MJR_III: its
the sum of our choices, mostly made
through individual rational choices
MJR_III: there is a reason our world is
the way it is
MJR_III: mircea_popescu: yeah, it just
takes
trust, which comes down
to good management
mircea_popescu: well... other
than
the obvious "cause
they're 16yo aspies"
mircea_popescu: MJR_III
that is a good point actually. i have no idea why everyone's so hell bent on being special unique etc.
MJR_III: until
there is a better exchange, AND all exchanges communicate with each other
jcpham: like HFT
trading on an exchange?
MJR_III: there needs
to be a good or service backing it up
MJR_III: real value, money is not able
to be inflated artificially
MJR_III: they can
then see
the real fluctuations in its value
MJR_III: as people use it
to peg
the dollar
to something scarce
MJR_III: you can
turn cash into a reserve note for bitcoins in a way
MJR_III: cash sucks for sending money long distances, let bitcoin do
that
smickles: mircea_popescu: ah, right. It is a production.
The probably do have people do it for her
MJR_III: cash sucks as a store of value, but it is pretty convenient for in person local
transactions
MJR_III: and as mircea_popescu's excellent article showed...you don't need bitcoin
to do everything
smickles: mircea_popescu: aslo,
to me, it looks like she painted herself derpy eyes
MJR_III: i don't
think
the dollar is going anywhere for a long
time
smickles: mircea_popescu: people on
tv
tend
to look odd
smickles: buying cash is still a way
to use bitcoin
MJR_III: or should I say USD
that
they can withdraw as cash
gribble: BTCUSD
ticker | Best bid: 88.89749, Best ask: 89.43408, Bid-ask spread: 0.53659, Last
trade: 88.65000, 24 hour volume: 155385.63557232, 24 hour low: 75.00111, 24 hour high: 94.32000, 24 hour vwap: 86.37690
jcpham: cash is a dead
technology
jcpham: no one wants you
to have cash
MJR_III: um...i
think
that
the volume on
the exchanges would beg
to differ jcpham
jcpham: no one wants you
to have cash
jcpham: atm's have cash in
them
MJR_III: you could buy an atm, and
then reconfigure it
to accept bitcoins instead of debit cards
MJR_III: the point is
that
this space has already been explored...atm's are everywhere
MJR_III: at first of course, you would hve
to have
them inside a business...
MJR_III: and
they have made, produced and shipped asics
MJR_III: you could have
those machines also mining as
they do
their role of providing a convenient exchange
mircea_popescu: servicing atms is a few levels of complexity atop
that
MJR_III: you could even...and
this is maybe going above and beyond
mircea_popescu: but it may
take a while. we're not quite able
to make asics yet
mircea_popescu: i imagine
the practical way
this will work will be
the magic cash dispenser
MJR_III: as people either choose
to go buy some bitcoins by just depositing cash, or sell
them because
they need cash at
the moment
MJR_III: it would add a
ton of liquidity if
this atm network
took off
MJR_III: but holding your money and
transferring for large
transactions using
the blockchain
MJR_III: imagine
the convenience of just getting cash when you need it, anytime, for in person retail
transactions
MJR_III: ATM's are a pretty big business, access
to currency is always going
to be needed
MJR_III: the idea of an automatically adjusting exchange rate ATM
that can be connected
to a wallet is pretty
trivial,
the main issue is again exeecution
MJR_III: but i don't want
to hold my cash in bank, i want
to hold bitcoins in my wallet
Troic: your, hmm, i mean
their
MJR_III: but
that is why i
think
that
this does an end run around
that problem
Troic: or just one way atms, bitcoin-central's idea, cards charged in local currency charged
to your btc.
MJR_III: my point is...why make cash only places
take debit cards?
mircea_popescu: but
that's an entirely set of problems from
the bitmit
thing
Troic: you going
to wait for confirmations if you buy knickers ?
mircea_popescu: i still don't
think bitcoin is adequate for
the retail space
MJR_III: since
the
transactions can go both ways, you could put cash in and get bitcoins out or vice versa
MJR_III: your fees would be in
the spread
that you are charging
MJR_III: i
think
to drive local adoption, you will need
to have
two-way bitcoin atms spread locally
MJR_III: but you cannot have
that level of convenience right now with bitcoin
MJR_III: not a problem nowadays, you just run
to
the atm
MJR_III: and
the store only
takes cash
MJR_III: but i
think
that
that will rely on an efficient and stable exchange
MJR_III: the other biggest
thing will be
the bitcoin atm
MJR_III: i
think bringing efficiency
to
the exchange mechanism is going
to be
the first step
mircea_popescu: such as
the woman with no underwear on but five bucks in her pocket.
MJR_III: but if
that is going
to change, you will need people with a different skill set