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BlueMeanie4: just suggestions that our current system is flawed in some way
BlueMeanie4: ok but i fail to see any operable ideas here
BlueMeanie4: i find it unfortunate that so many are bogged down with these voodoo economic ideas when they should be building better machinery to deliver real functions
BlueMeanie4: well i dont really bear the burden of proof, these are facts of financial markets as they exist
BlueMeanie4: a 20 egg note is not worth 20 eggs, yes, it's up to the debtor to MAKE them worth 20 eggs. see how this works?
BlueMeanie4: ThickAsTheives- actually those kind of collection notes have a market
BlueMeanie4: USDs are valuable because people, generally, think that the US govt will repay
BlueMeanie4: right so the margin between the actual eggs and my risk of actually getting them is what is the value of the note
BlueMeanie4: this sophistry doesnt work on me. its pretty simple really. if i hold a note that says YOU OWE ME TWENTY EGGS
BlueMeanie4: no it isn't - quite the opposite using gold or other commodities for money were a feature of primitive societies- you seem to have it backward
BlueMeanie4: debt is the basic thing that gives money substance
BlueMeanie4: i guess you get to be right until bitcoin fails?
BlueMeanie4: every working currency we have is debt backed
BlueMeanie4: theres nothing wrong with securitization, it's just like debt based money- a school of morons believes it is evil by some undefined ethos
BlueMeanie4: while thats a valid point, i dont think they failed BECAUSE of securitization altough these new methods did destablize
BlueMeanie4: and the default collateral i can put on the market
BlueMeanie4: because the VALUE of that RISK doesnt float on the market
BlueMeanie4: i can write a contract lets say a futures contract right?
BlueMeanie4: it means turning risk into a monetized resource
BlueMeanie4: no you dont understand meaning of 'securitization'
BlueMeanie4: youve got the basic contract mechanism, now you need securitizatino tools
BlueMeanie4: but its EASIER to market it if i can catalogue by risk class
BlueMeanie4: WOT only looks at the person issueing and while this isn't useless, it is possible to make much better systems
BlueMeanie4: yes i would buy one mortgage risk and not the other
BlueMeanie4: thats a fairly specious and somewhat annoying response
BlueMeanie4: well WOT measures value by the person, not the type of credit this person is marketing
BlueMeanie4: the point is that different classes of credit are valuable to different classes of people
BlueMeanie4: also collateralized contracts are very useful
BlueMeanie4: well you WOT is one-dimensional. say you were to describe what the credit is FOR, ie. you want to finance a software project. then your market opens up, there are investors out there who invest in such things.
BlueMeanie4: so this approach greatly increases liquidity
BlueMeanie4: but they know what class of credit you are in
BlueMeanie4: but there are investors out there who might want to invest in my CLASS of credit
BlueMeanie4: example I want to make a bond for my business
BlueMeanie4: well part of the problem here is how to catalog the *offerings* for these instrumetns so I can easily invest or market them
BlueMeanie4: and there are MASSIVE outstanding instruments that most believe will collapse
BlueMeanie4: actually our economic crisis was blamed on a sort of security
BlueMeanie4: this is part of the problem, MARKETING is the big challenge for these sorts of instruments
BlueMeanie4: hopefully you guys will be around here then
BlueMeanie4: and the first contracts were probably marriage contracts
BlueMeanie4: also you need to have securitization features
BlueMeanie4: i think IRC might be limited in key ways for this purpose
BlueMeanie4: ok i guess it would be fair to give your platform a real vetting
BlueMeanie4: we can build a real p2p financial instruments tool
BlueMeanie4: i dont know im just not excited about anything i see
BlueMeanie4: so what exactly is going on in crypto these days?
BlueMeanie4: they are not quite facts, but similar and have related qualities and are a diminished form of such
BlueMeanie4: factoids are to fact what pizza rolls are to pizza