13:37 |
billymg |
http://logs.nosuchlabs.com/log/alethepedia/2020-10-11#1000726 << the difference, at least the way i see it, is that gold was already monetized a few thousand years ago. bitcoin is still in its infancy |
13:37 |
snsabot |
Logged on 2020-10-11 13:45:14 asciilifeform: nuffin continues 'forever', entirely true. but can continue for rather long time. e.g. usd-au exch rate has been under control via this mechanism for ~century . |
13:38 |
billymg |
http://logs.nosuchlabs.com/log/alethepedia/2020-10-11#1000683 << bitcoin can easily add a zero without a sandwich costing $150 (pleb sandwich, wall street sandwich already costs this much as of a few years ago) |
13:38 |
snsabot |
Logged on 2020-10-11 13:10:17 asciilifeform: thimbronion: the altcoinists -- sure . but i was speaking of the fact that the exch rate prolly aint growing another 0 -- or rather, not w/out the dollar price of archaetypical sandwich also growing a zero. |
13:38 |
billymg |
i say this because the current "market cap" (simply referring to # of btc mined * current exchange rate) sits at around $200B, absolute peanuts in the grand scheme of things (AAPL and AMZN each at about $2T) |
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13:38 |
billymg |
so btc could add a zero and have the same "market cap" as AAPL and i doubt much would change, except tighter controls and new restrictions around fiat on/off ramps. but no hyperinflation event necessary imo |
13:38 |
billymg |
but yes, after adding another extra zero from there... then maybe sandwich for pleb also costs $150 |
13:44 |
asciilifeform |
billymg: per my cosmography -- to get that new 0 (i.e. 100k$ btc) , the 'reactor cooling' (usg's emergency dump setup) would have to break down. and doubt that it would break outside of a full-blown collapse scenario a la ru 1990s. |
13:44 |
snsabot |
Logged on 2020-10-11 13:26:17 asciilifeform: erry time usd-btc exch rate becomes 'dangerously high' (~10k seems to be the tripwire, ever since 'system' established) usg dumps (or presses on a compliant asset to dump) a truckload of coin. does not even have to be cosmic qty of coin; simply enuff to trigger margin calls and set the idjit dominoes falling |
13:47 |
asciilifeform |
http://logs.nosuchlabs.com/log/alethepedia/2020-10-12#1000770 << imho only superficially similar cases. most of the fiatola stocks are locked up in something analogous to nukewaste graveyards -- various funds which 'know what is expected of them' and won't e.g. dump $10B of crapple in 1 sitting. whereas btc holders operate under no such restrictions. |
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13:47 |
snsabot |
Logged on 2020-10-12 13:38:18 billymg: i say this because the current "market cap" (simply referring to # of btc mined * current exchange rate) sits at around $200B, absolute peanuts in the grand scheme of things (AAPL and AMZN each at about $2T) |
13:50 |
billymg |
asciilifeform: i think their media/narrative machine is sufficient enough to "nothing to see here" whenever the price grows by an order of magnitude, this keeps the majority of inmates from realizing what's going on |
13:51 |
billymg |
e.g. "ZOMG Bitcoin crashes 70% !!11" |
13:51 |
billymg |
everyone barely paying attention goes, "gee, guess it's just a scam, back to work" |
13:51 |
billymg |
and this works for 99% of pop |
13:52 |
billymg |
http://logs.nosuchlabs.com/log/alethepedia/2020-10-12#1000775 << yes, this is true. and now true also for the portion of btc sitting at coinbase, et al. |
13:52 |
snsabot |
Logged on 2020-10-12 13:47:09 asciilifeform: http://logs.nosuchlabs.com/log/alethepedia/2020-10-12#1000770 << imho only superficially similar cases. most of the fiatola stocks are locked up in something analogous to nukewaste graveyards -- various funds which 'know what is expected of them' and won't e.g. dump $10B of crapple in 1 sitting. whereas btc holders operate under no such restrictions. |
13:53 |
billymg |
i just think it may be at a point now where even USG friends have some btc, and if done in a careful enough way can re-price their own investment without causing a cascade from retail |
13:54 |
asciilifeform |
billymg: keeping 'it's a scam, back to work' tvscum (y'know, the same people who had to be beaten for years into buying a comp) outta btcism was never serious problem for usg. |
13:56 |
asciilifeform |
billymg: usg-bannered btc holders have been around for years. and it is primarily they who operate the waterfall; profiting from knowing the exact timing of the dump/repurchase 'sell dear, buy cheap' cycle. |
13:59 |
billymg |
asciilifeform: exactly, but them knowing the exact timing of the pump/dump cycle doesn't mean intelligent folk can't just sit and hold (knowing they won't make *maximum* profit, like USG and friends, but still at least benefit from the supply/demand reality) |
13:59 |
billymg |
sure most will get scammed out of fiat and coin, but no reason one has to play that game |
14:00 |
asciilifeform |
'sit and hold' naturally next best thing to 'sit and hold a steadily-increasing, at expense of the rubes, pile' . |
14:00 |
asciilifeform |
the folx who are in fact able to swing / observe the swings -- of the pendulum, however, can and do. |
14:01 |
billymg |
asciilifeform: yup, certainly |
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~ 7 hours 21 minutes ~ |
21:23 |
thimbronion |
!s "how to win friends" |
21:23 |
lekythion |
8 results |
21:23 |
lekythion |
http://ztkfg.com/2019/12/my-first-summer-in-the-saltmines/ |
21:23 |
lekythion |
My First Summer In The Saltmines « whaack |
21:23 |
lekythion |
I entered the saltmines for the first time at 17. I had picked up a few programming skills at a younger age that helped me land a job... |
21:23 |
lekythion |
...told me to read How to *Win Friends* and Influence People by Dale... |
21:23 |
lekythion |
http://trilema.com/2020/let-it-ride/ |
21:23 |
lekythion |
Let It Ride on Trilema - A blog by Mircea Popescu. |
21:23 |
lekythion |
I've watchedi Let It Rideii as part of a "get me everything Richard Dreyfuss ever did" brought about by re-watchingiii Tin Men... |
21:23 |
lekythion |
...preachers of "how to *win friends*" "economics" and the rest... |
21:23 |
lekythion |
All results can be found at http://paste.deedbot.org/?id=sgqb |