Um, I'd like to point out that I announced my purchase when it happened on my thread. There was no subterfuge about it!
What purchase? You bought your own coins with your own btc and paid yourself? Is this some fucking joke? i think to him, the coins will now be part of the fund. Not his to spend freely as he wishes, exactly, but for MSC's sake. For instance, with the fund, he won't be buying a car with it, I hope! |
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ah, gotcha. price stabilization of bitcoin and by extension every other currency
I actually have no idea if this will result in bitcoin price stabilization or not. Certainly, a successful MasterCoin would be good for bitcoin though. do i have this idea right that if this works, if everything distributes as planned, maybe say 1000 years down the road everything would trade at an equilibrium point? |
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so likely end result is that Mastercoin, if the protocol does what it says it does perfectly, becomes what it's named—a sort of supracoin
Yes, with bitcoin as the supracoin to MasterCoin  ah, gotcha. price stabilization of bitcoin and by extension every other currency |
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From 7:00 p.m. to 8:30 p.m., VC3 attendees who want to help shape and protect the future of their industry are welcome to attend a discussion of lobbying and self-regulatory strategies.
fantastic spot |
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what a big fail on his (Laurus's) part if so. so much work for no gain
Yeah, unless the story ends up being true and we all look ridiculous. My feeling is that there are a lot of really rich people interested in investing in bitcoin, but can't just buy coins because there aren't enough. On the other hand, for them buying a $500k hosting plan from "Gridfinity" wouldn't even be a lot of money. People have been asking me for well over 1 million worth of BTC over the last 2 weeks and that never happens. Some people are paying 10% over gox.
You mean people are asking you to sell BTC for bank T/T on PM here? 1 Mill$ in the last two weeks? Why would anybody buy OTC so to not influence the price and then offer a spread which makes it lucrative to just sell to him and buy at an exchange at the same time? Crazy indeed. Many people have been asking for a lot of coin. Not all offered to pay over gox rate but one guy did at 3000 coins. I did not ask why but there is demand otc. Also not one person tried to sell to me.
[...]
I had lots of "chats" with monied folks from Switherland along the lines of "we have lots of dosh we want to buy 22 million bitcoins now". Eventually they realize that they will have to fight for the remaining 10 millions or force the price into 5 digit area prematurely.
Large scale investment into mining is a way to buy bitcoins without showing your hand and starting another "bubble". It was exactly like that in early 2011 and at any other time so far. There is nothing new, just all the numbers now have more zeroes. As time goes by, there will be even more zeroes added to those numbers.
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so likely end result is that Mastercoin, if the protocol does what it says it does perfectly, becomes what it's named—a sort of supracoin
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what a big fail on his (Laurus's) part if so. so much work for no gain A final possibility is that there is a deal and Joe Lewis just didn't want to publicly acknowledge it to the reporter on twitter. I do find the $200 million price to be ridiculously over the top, though. Bitcoin would have to be worth at least $2k, IMO, for that to even begin to make any kind of rational sense.
I considered this too. |
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I can't see why the upper end of the Bitcoin wealth distribution should be excluded from the dilemma. I think it's even more pronounced for them.
the thing is, if they get out, they are distributing the coins to many more hands ie bringing more "prisoners" in  |
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i said many time bitcoin dont have a economy is a lolconomy and i also said many time that my personal bitcoin velocity is near 0
I would say that is pretty much consistent through the userbase. chodpaba: Forex volume is actual moving money. If bitcoin days destroyed shoots through the roof one day I would think about discarding the possibility of a sudden high velocity crash, but until that happens it's always on the horizon, just like those mad upside rallies you guys are so fond about. Um... Yeah, it moves between the hands of FOREX traders. Your point? The amount of people using the buy and hold strategy are in a prisoners dilemma, once one of the major players decides to defect for whatever reason there won't be anything to stop the others from defecting. Individuals act irrational. It is this mass psychology that makes this market predictable. Those individuals you speak of are actually on the lower end of the Bitcoin wealth distribution and they are ill suited to absorb the risk... If they are subject to the greed/fear cycle they are gamblers who will loose most of what they have invested. Conversely, it is possible that those who can actually absorb the risk will lose as well, on an arbitrary time horizon. But their behavior will not be the same. They can comfortably double-down on a Martingale strategy just because its fun. The game structure is not a simple Prisoner's Dilemma. There are many games afoot. If so, I kinda like being in this prison! but not alone.... |
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perhaps walk around town and show her how to use the Gyft app or something. Or walk into a cafe/restaurant that takes bitcoin in your city. Clearly she needs to use it firsthand before she lets her defenses down. send a coin to her wallet on a phone, then have her send it back to you. presto
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Not if the "original" bitcoin is made illegal. The users can decide which chain they are a part of through client updates and such. Don't sit there and try to tell me that can't work. It absolutely can work. When FTC was forked, we had to update our clients to make sure we weren't on the forked chain, and many were, and were mining and transacting on the forked chain. They could fork the masses right off to a new chain and leave the original hanging with computer nerds and the sound money crowd who were fine with running an illegal chain. It. Can. Happen. Especially if the big players want it to happen, easily once they get everyone on board and the infrastructure built. So shut your ass. Which has ABSOLUTELY NOTHING TO DO WITH MINING. You could make Bitcoin illegal (in one county) with 0.0 khps and can't make it iillegal with 3490278429178412940274219847 PH/s. So the idea that one would need to invest $200M in mining to fork Bitcoin and make the original illegal is just stupid as was your original claim. Of course Bitcoin being illegal in one country doesn't make Bitcoin illegal in the other 239ish countries.  |
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maybe not ? For example it currently takes up to 10 days to process a deposit because our bank, upon receiving deposits, notifies us of the deposit but holds them for 7~10 days before transferring them to our account. This has always been the case, and we were still crediting customer accounts before receiving the funds ourselves, but some cases in which the bank subsequently rejected the deposits meant that we incurred significant losses. https://www.mtgox.com/press_release_20130805.htmlLiterally, the next sentence "The risk is now too high for us to credit accounts prematurely." Your reading skills = terrible. he isn't a native English speaker. but still |
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Where is the option for 'pay yourself like a grad student and live on ramen'?
Exactly! Unfortunately, that one doesn't fly with my wife and kids How much have they invested? +1 |
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The problem is that until demonstrated otherwise, remaining funds = original funds - funds paid to yourself. So in this case you still keep all of your funds and some of other people's funds.
Specifying in advance what is the salary you intend to receive for full-time employment in this (which AFAIK you have not yet done) will be helpful.
I don't plan to take a salary at all, given the funds currently raised. How much money I withdraw for work on this project will be a negotiation I have with my wife in order to secure time that would normally be devoted to giving her a break from the kids and household chores or taking her on vacation! I think it likely that the price per hour will have to be on the order of "overtime pay" in comparison to my current day job in order to secure her approval. I don't want to make any promises, but I doubt I will burn through even half of funds contributed to date in order to get to feature complete. Again, I haven't actually done this negotiation with her yet, and forecasting how long software projects will take is notoriously tricky! That's what I figured as well. Perhaps she should look at it like a long-term investment as well, just in terms of your time and her time with you. She would stand to gain from seeing the success of this through, no? The "overtime pay" concept, while I understand it, is tricky to me for that reason.That said, I think the correct answer to this poll isn't absolute. Some (most?) things you're better off writing yourself, other things it might be more worth it to delegate. |
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we should respect his privacy though and take it down, just on principle. though he is foolish for not blacking out the text entirely, perhaps twice over
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That said, he has still failed to address my post regarding the insufficient backing, all downside/0 upside, guaranteed bank run problems with GoldCoin under his design.
Yes, walk us through like we are your wife. |
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Let's take a poll! Everybody following this thread: please post your opinion on whether you want to see me use bounties for other developers, or pay myself, and what multiplier on my current salary would be scammy if I paid myself.
Although again, I will do what I think is best for MasterCoin holders (this is a non-binding poll) but I do want to know your opinion!
I want you to do both. do as much as you can yourself, pay others if time is not of the essence (i think it sort of is) and it is worth the cost I suggest something else - start another (moderated?) thread asking for developers to sign up.
We can evaluate the different options and vote on the correct course of action.
I think a vote on your salary is, at this phase, meaningless.
we really should have a dedicated developer's thread regardless |
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I get the strange suspicion that Avalon tried to leverage their way into a larger Bitcoin stash, (payed for expenses on credit) and now are looking for the easy way out.
That they fake something like this could mean that it isn't going to well for them.
hasn't bitcoin increased in worth since they first started taking payments? |
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In order to the 5-th wave theory to work, we'd need to break above $112 by a fair margin. Otherwise, we've essentially just got a dumb ranging market on our hands.
haha you're talking about bitcoin right |
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I think if people spent some time in a news room they would be pretty taken aback. It's not like people are routinely unprofessional or lack skills but a lot of assumptions about the ability of journalists and the resources they must have at their disposal are absolutely unrealistic.
why can't it be more like MacKenzie McHale's Newsroom?  |
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