950000+ entries in 0.656s
LameCoin-: because
they have low end manufacturing capability
BitHub: but
they delivered
them
LameCoin-: they only were capable of producing
them
mircea_popescu: even when it came
to it, asian firms delivered mining asics
BitHub: its
true, its a good
trick
LameCoin-: the largest exporter in
the world per capita is actually germany
LameCoin-: mircea: wrong, only
the lowest
tech
LameCoin-: if
the balance of power was shifting
to
the east we would all be using asian brands and praising asian innovations
LameCoin-: read what happend
to
the british when
they believed in mercantalism
LameCoin-: they
think
the way
to prosperity is subsidizing exports in order
to accumulate intrinsically worthless dollars
LameCoin-: the US balance of
trade is mostly energy
mircea_popescu: the stakes just got
too high for my blood in
this convo.
LameCoin-: mircea:
the balance of
trade in
the EU is positive.
LameCoin-: bithub:
thats because
they recycle it
through debasement of
their own currency
BitHub: is
that why
they own most of usa's debt?
LameCoin-: bithub but
they arent making money
mircea_popescu: fact is,
the us has zero worldwide brands in
the sense
that china has baidu and doesn't care about google.
LameCoin-: the only ones
they have were purchased from
the west ie lenovo
mircea_popescu: the problem seems
to be you're mingling a lot of assumptions crafted for comfort into your estimations.
LameCoin-: the east has nothing
to offer
to be honest
mircea_popescu: products are not
the point. you were discussing macroeconomy.
LameCoin-: mircea: how so? can you name any innovations/products you actually use from
the east?
LameCoin-: the balance of macroeconomic power will never shift from
the west in our lifetime
dub: one would hope it isnt going
to require as many forlifts as your example
mircea_popescu: but
that's a minor point comparing
to
the other hairs sticking out of
the code
mircea_popescu: if it settles in bitcoin it doesn't even matter if
the world uses zimbabwe dollars.
jurov: dub,
that could end up akin
to "oh we can add some bits
to internet address later"
mircea_popescu: LameCoin- notional derivative
trade is literally boundless.
LameCoin-: the current world has a base money supply of about 4
trillion
dub: LameCoin-: remember we can divide
the coins further
LameCoin-: so we can assume
thousands per coin are not really realistic
LameCoin-: 14k per coin is enough
to support a 50
trillion dollar global economy assuming everyone uses nothing but bitcoin
mircea_popescu: i'd better start remembering at least
the motherfucking
titles.
LameCoin-: mircea: what
type of market cap are you realstically expecting for bitcoin
mircea_popescu: midnightmagic you still got any coins minted a year or
two ago ?
midnightmagic: LameCoin-: I have no idea how you'd even show
that without your hypothesis instantly falling
to contradiction.
LameCoin-: midnightmagic: nerds love
to give
themselves excessive credit when
they percieve something going
their way
LameCoin-: midnightmagic: well he has a point,
the devs have
turned into economists and politicians,
they are suppose
to be coders
midnightmagic: You've been hating on
the devs for far longer
than
that.
LameCoin-: mircea if you
take a poll of channel you will find it
to be a small %
midnightmagic: mircea_popescu: So
tell me after all
these months of vitriol.. how successful have you been at dividing bitcoin into "actual reasonable people" and "worthless" people?
mircea_popescu: there's a lot of paradoxical movement (dub was referring one of
the more documented
types recentyl)
LameCoin-: how many in here rode bitcoin from $2
to 50
mircea_popescu: LameCoin- it's a weak supposition
this, linear generalisation from fiat
to bitcoin markets. we're still working at getting
the hang of
this
LameCoin-: mircea: considering herding applies
to all markets, even bitcoin just go read how many missed
the boat on
the latest rally over on
the forums its astonishing
Ukto: either way,
thanks for letting me know guys. mucho appreciato. :)
midnightmagic: mircea_popescu: Were you referring
to how many bitcoins were lost due
to a wallet being easily stolen by a hacker?
Ukto: have
to get konqueror
LameCoin-: mircea: from my studies of markets, it is very very rare
that anyone participates in a huge move
Ukto: i will
try
to check it a bit later
Ukto: but it acts
the same? 0,o
jurov: no
term si on bottom
jurov: but
that's fringe browser, never mind
mircea_popescu: midnightmagic point of fact is,
the only way we know how much implementing it cost is by devteam saying "we spent 5 hours doing
this"
Ukto: is
the
terms still at
the
top ?
Bowjob: i assume he had
thosands
midnightmagic: mircea_popescu: Always
the insults. And how does derogatory statements
that are purely derogatory fit under
the "telling
the
truth" umbrella you were espousing earlier?
Bowjob: i got 5 btc from
that stash
Bowjob: he gave away 350 BTC
to reddit users
jurov: Ukto, did you
test it in chrome?
Ukto: I was
tired of seeing
that link up
there anyways.
Bowjob: Theres
this dude who forgot he had a wallet.dat with lots of coins
mircea_popescu: midnightmagic sadly power-ranger
team has not
the
time
to do any auditing or reporting, so no.
LameCoin-: i doubt it go read on bitcoin
talk how many sold out after 20-30% gains hoping
to buy back in
midnightmagic: mircea_popescu: Do you have
the figure for how much
the encrypted wallet.dat has cost?
mircea_popescu: LameCoin-
this is
true. i'm just saying, i
think a lot more people held btc
than .1%
Ukto: dub:
there, problem fixed
mircea_popescu: midnightmagic do you have
the figure for "how much unencrypted wallet.dat" cost ?
LameCoin-: mircea it works
the same for any bull market, 1983-2000 dow jones 75% of
the public didnt even participate one bit
Bowjob: This was when BTC started from 13
to 50 rally
Bowjob: it would be nice if you missed all
the crashing
LameCoin-: bowjob: less
then 0.1% of bitcoiners actually held coins from $2
to $50
Bowjob: I
told my friend about it
BitHub: maybe everyone should pitch in a lil btc
to pay
teh pros
mircea_popescu: LameCoin-
they would if
they could. so far
their consensus seems
to be
they're not smart enough
to do it.
mircea_popescu: that's what midnightmagic means by concorde fallacy :
the mistaken idea
that
the current codebase is useful because it cost people a lot of money
through all
the bugs it pushed on
them so far.
LameCoin-: are you suggesting
they wont repair
the problems?
mircea_popescu: LameCoin- i mean
that's what's coming next, "guise our shit has
taken
too much blood sweat and
tears
to be abandoned and we should forever wallow in it"
BitHub: kind of like getting
the airport janitor
to fly
the plane no?
BitHub: some of
these guys aren't qualified?
Ukto: its wasting
too much space
mircea_popescu: preparing for
the "too big
to fail" arguments, it'll be a warm summer.
Ukto: hm, i
think I will just move
terms and conditions
to
the footer
mircea_popescu: when
they're barely qualified
to write code. but anyway :
LameCoin-: nerds should never be given any
type of authority
LameCoin-: the development
team became
to obsessed
thinking
they are economists and philosophers