966900+ entries in 0.602s
mjr__: i want
to see everyone enjoy
this new change
mjr__: i don't want
to see us recreate
the current system
mircea_popescu: old people
that don't understand shouldn't get exposure.
mjr__: so
that everyone, even old people who don't understand, can get exposure
mjr__: but i really want
to offer it
to
the public
mircea_popescu: why bother offer it
to
the public ?
the incentives just aren't
there
mjr__: that is a nice way
to do it
too
mjr__: but if you have a publicly
traded stock
mircea_popescu: they do it because
that's all
their experience allows.
mircea_popescu: you have
to understand
the "for people" attitude internet dweebs immediately paint over bitcoin is nothing of any consequence
mircea_popescu: this would not be open
to
the masses for a decade at least.
mjr__: just a
tiny fraction of
the money on wall street could quadruple
the "market cap" of bitcoin
mjr__: they have a hedge against
the dollar
mjr__: its easy, you let people buy a bitcoin backed ETF with
their etrade accounts
mjr__: if i had a few
tens of mills it would be done already
mircea_popescu: all you need is someone start a general partnership with a few
tens of mils from a dozen friends
mjr__: well...you get no return on
that 50k
mjr__: getting it publicly available would cost like 50k, and
that is just basically a setup fee
mjr__: if someone could start an ETF
that
tracks bitcoins,
that would change everything,
that is what i was
trying
to do, but it is hard
mjr__: and
today i realized
that our system is not
tried and proven, it is very very new, we only adopted
this in
the US in 1971
mjr__: and at
that point, we will see a
ton of demand all at once
mjr__: but
they do
this on
their own
mjr__: i know
that a lot of people in
this field are in finance
mjr__: at
that point,
there will be an influx of capital
that has never been seen in bitcoin
mjr__: at some point, people on wall st will realize
that instead of gold, bitcoins are a much better opportunity against
the dollar
mjr__: i already convinced
the CEO of my company and he is meeting with some Forex guys and is going
to see if
they could offer a product using bitcoins
mjr__: so now i am looking at a slower approach
to start a hedge fund
type deal
mjr__: so might be
too hard
mjr__: but i would have
to do a reverse merger for
that and buy a public company
mjr__: my original plan was
to get a public company with bitcoins as assets
mjr__: since
they have washington in
their pocket
mjr__: and second of all gain legitimacy as
they are behind it
mjr__: you can first of all get a rally up
to $100 if capital starts pouring in
mjr__: because
that will change everything
mircea_popescu: i
think
the bitcoin gambit currently is
to
try and persuade some hedge fund people.
mjr__: i just finished antifragile, and i
think it is a great book, i just wonder if he is aware of bitcoins
mjr__: it's
the hedge fund
that nassim
taleb works at
mjr__: There is no means of avoiding
the final collapse of a boom brought about by credit expansion.
The alternative is only whether
the crisis should come sooner as
the result of voluntary abandonment of further credit expansion, or later as a final and
total catastrophe of
the currency system involved.
mjr__: but
the first quote is...
mjr__: if i buy japanese stocks on nikei, i have
to also account for yen/usd exchange
mjr__: but
that does not change
the fact
that when measured in USD, your
total return is still a function of price of bitcoins and price of shares + dividends
mircea_popescu: but maybe because other factors drowned it out and will be more apparent in
the future.
mircea_popescu: this may or may not be
true. if you look at
the graphs
there's no relation so far.
mircea_popescu: well, people
think
that s.dice betting volumes are somehow related
to bitcoin price
mjr__: i'm like, you sell and buy S.DICE or S.MPOE using bitcoins, it's a way
to grow your bitcoins, and
the value of
those bitcoins changes, so your
total return when measured in dollars is a function of both effects
mjr__: yeah, can you believe
that someone said
to me on reddit (of course you can)
that exchange rate has nothing
to do with returns
mjr__: but i look forward
to
the end of
the month report
mjr__: but mpoe is undervalued i
think
mjr__: i mean a million dollars a month is not crazy, but i
think it would move
the market
mjr__: i even
think
that it is possible
that if
they have halted sales due
to demand,
that
they caused
the dip
mjr__: has
to have some impact, i
think it's a combination of
them and
the
ton of news coming out about bitcoins
mjr__: expanding
the user base
mjr__: they are pretty new and supposedly doing a
ton of volume
mjr__: mircea, do you
think
that coinbase could be a large part of
this rally?
mircea_popescu: i dunno why people keep ragging on mpoe-pr, she never says shit like
that.
mircea_popescu: "Yeah, yeah, I can
tell you do not have a very highly developed capacity for abstract
thinking -- developers do not necessarily care much about
the design of
things but often prioritize functionality, i. e. you are not my
target market so go and play with some lego blocks, I am sure you will find
them colorful and appealing."
mjr__: options can be complicated enough without worrying about fx risk on
top lol
gribble: BTCUSD
ticker | Best bid: 26.07000, Best ask: 26.07001, Bid-ask spread: 0.00001, Last
trade: 26.07001, 24 hour volume: 158889.21035303, 24 hour low: 21.72100, 24 hour high: 26.65000, 24 hour vwap: 25.05851
mjr__: what is
the vwap at now?
Namworld: Did
the guy with calls cash out already?
gribble: BTCUSD
ticker | Best bid: 25.96624, Best ask: 26.01999, Bid-ask spread: 0.05375, Last
trade: 25.96624, 24 hour volume: 158444.85494761, 24 hour low: 21.72100, 24 hour high: 26.65000, 24 hour vwap: 25.05489
Namworld: That's
the kind of
thoughts
that creates bubbles... natural course is up... everyone is investing in it... we'll always have someone else
to sell
to
pigeons: how long have you been here
ThickAsThieves?
Namworld: Maybe I'm just a fool... put
the average bitcoiner and newbies seem incredibly bearish...
that gotta blow up at some point.
Namworld: That bitcoins are sustainably worth
that much... it's a possibility but I'm betting against it.
ThickAsThieves: after our conversation about BitBet ive been hanging
there more
Namworld: It's a bulltrap... don't listen
to mircea...
there's some dude who bought
tons of calls. He wants price
to go down. He just wants more people
to buy calls prior
to
that =P
gribble: BTCUSD
ticker | Best bid: 26.19070, Best ask: 26.34181, Bid-ask spread: 0.15111, Last
trade: 26.64000, 24 hour volume: 147736.52475072, 24 hour low: 21.72100, 24 hour high: 26.65000, 24 hour vwap: 24.97344
Namworld: it doesn't... if anyone would buy for
that much, would skyrocket
the price. But
then if he wants
to sell?
gribble: BTCUSD
ticker | Best bid: 26.20004, Best ask: 26.25000, Bid-ask spread: 0.04996, Last
trade: 26.25000, 24 hour volume: 146215.43264948, 24 hour low: 21.72100, 24 hour high: 26.60000, 24 hour vwap: 24.95764
mircea_popescu: they go "does bitcoin have enough mkt cap
to cover 200mn ?!"