Ninjastic
Search content
Sort by
Showing 20 of 43 results by Andris
Post
Topic
Board Politics & Society
Re: Is 90% jobless rate possible when robots are used everywhere?
by
Andris
on 31/07/2011, 20:58:28 UTC
I don't see any particular evidence that they're aiming for that goal, or even consider such disruption a possibility. You look at the assholes behind say, the recent market crash, and they aren't exactly innovators in any real sense. They just invented loopholes to exploit.
Post
Topic
Board Economics
Re: How are you for Preparing Aug 12 if the Market Collaps
by
Andris
on 31/07/2011, 20:55:59 UTC
Quote from: CurbsideProphet on July 28, 2011, 07:20:11 PM
The US dollar will not cause a market crash.  A default on or a downgrade to US debt is what may cause a collapse.  Absolute worse case scenario is a default situation where interest is not paid on Treasuries.  Odds of this happening are very VERY small.  Even without an increase in the debt ceiling.  A downgrade is much more plausible.  A raise in the debt ceiling has a fairly good chance of happening.  It would be a self-inflicted wound to do otherwise.  However, S&P says they need to see cuts of $4 trillion over the next 10 years in addition to the debt ceiling being raised in order to prevent a downgrade.  This may be harder to achieve as both plans in debate do not cut to this magnitude.

How do you protect yourself in a market crash?  Keep your money out of the market.  How do you make money in a market crash?  Short the market, buy gold, buy treasuries, maybe even play the VIX.

As for inflation, I see no signs of "runaway" inflation at this time.  In the end, I think Congress and Obama will just kick the can down the road. 

Market prices are maintained by smarter people than who work at S&P. Their influence over the US borrowing rate will be less than their influence over Japan's, which was roughly zero.
Post
Topic
Board Economics
Re: If the USA can't raise the debt ceiling in time what will happen to the price?
by
Andris
on 31/07/2011, 20:53:18 UTC
Quote from: westkybitcoins on July 31, 2011, 08:15:25 PM
Only because the debt would have, legally, been paid.

Of course, those receiving the trillion-dollar platinum coins would probably be a little upset.

Or they might just deposit them, flooding the USD market, and life would go on, albeit with a new surge of inflation.

Only two coins would be minted, and they'd largely be symbolic - i.e. you can't steal them. It's only inflationary if the currency they pay for enters common repeated circulation, which simply isn't happening at this point.
Post
Topic
Board Politics & Society
Re: Is 90% jobless rate possible when robots are used everywhere?
by
Andris
on 31/07/2011, 20:43:45 UTC
This was actually the logic behind Marx's quote "From each according to their ability, to each according to their need." Eventually, technology allows so much production for so little effort that people who take up maintaining civilization as a hobby are enough.
Post
Topic
Board Bitcoin Discussion
Re: Sold 0.008 btc for over 11,000 USD at mtgox
by
Andris
on 31/07/2011, 17:33:51 UTC
Quote from: TiagoTiago on July 31, 2011, 05:22:44 PM
So if someone pays for a BigMac with a 100 bill without the person nor the cashier noticing McDonald's must hold the extra change waiting to return it whenever the person presents themself?

I know this is how it worked when I was in retail.
Post
Topic
Board Economics
Re: If the USA can't raise the debt ceiling in time what will happen to the price?
by
Andris
on 31/07/2011, 17:10:04 UTC
Not much.

The 14th amendment does specify that debts must be paid. This means Social Security and debt servicing such as interest. Word is bond-holders have already been made aware by the Obama administration to pursue this route if necessary.

Sucks for potentially everything else in the US budget, sure, which won't be good for the economy. But the government is still good for its debt.
Post
Topic
Board Bitcoin Discussion
Re: Mt. Gox Hacked? Bugged? Goxed? Discuss.
by
Andris
on 31/07/2011, 15:13:05 UTC
Trades are being accepted and processed again.
Post
Topic
Board Bitcoin Discussion
Re: Sold 0.008 btc for over 11,000 USD at mtgox
by
Andris
on 31/07/2011, 15:02:56 UTC
Dwolla has stated up front from when I first heard about them that ACH chargebacks were possible.
Post
Topic
Board Bitcoin Discussion
Re: Sold 0.008 btc for over 11,000 USD at mtgox
by
Andris
on 31/07/2011, 14:54:41 UTC
Quote from: Xiong Zhuang on July 31, 2011, 02:45:00 PM
I doubt it's only me have a negative balance. I curious about how the reputation of mtgox and dwolla will go after this issue.

mtGox? I don't know. Dwolla has called me personally and listened to my concerns and desire for features, I'm fairly confident about their future.

Quote from: kiwiasian on July 31, 2011, 02:51:43 PM
And yet everyone loves Dwolla but hates Paypal.

Oh yes, Paypal is so much better when it comes to chargebacks. /sarcasm
Post
Topic
Board Bitcoin Discussion
Re: Sold 0.008 btc for over 11,000 USD at mtgox
by
Andris
on 31/07/2011, 14:39:46 UTC
Quote from: kiwiasian on July 31, 2011, 02:34:30 PM
Dwolla doesn't do chargebacks...you can't reverse the transaction.

Considering they seem to have a very close relationship, my guess is that anyone with a negative balance is going to see a reversal.
Post
Topic
Board Bitcoin Discussion
Re: withdraw successfully from mtgox to dwolla
by
Andris
on 31/07/2011, 14:33:00 UTC
Quote from: qikaifu on July 31, 2011, 02:31:58 PM
He is chinese name. If he is in china, you have to spend at least 10k usd to got him.

1) Dwolla is US only
2) Dwolla transactions are subject to ACH reversal.

Doesn't matter if he's in China or not.
Post
Topic
Board Bitcoin Discussion
Re: withdraw successfully from mtgox to dwolla
by
Andris
on 31/07/2011, 14:28:50 UTC
Of course mtGox will charge back the money. He has six months to do so. If you spend it, you are on the hook. I would highly suggest leaving it where it is so it goes smoothly for Dwolla.
Post
Topic
Board Bitcoin Discussion
Re: MtGox btc price > 1.3 million per bitcoin
by
Andris
on 31/07/2011, 14:08:57 UTC
Quote from: caston on July 31, 2011, 02:08:02 PM
I didn't get any trades through as I was looking at porn when it happened. Just went to withdraw my BTC a about 15 mins ago and waiting with bated breath for it to confirm. I hope no was has been able to withdraw anything that wasn't rightfully theirs.

My account is exactly what it should be, for what it's worth.
Post
Topic
Board Bitcoin Discussion
Re: something's up
by
Andris
on 31/07/2011, 14:07:21 UTC
Crisis?

This could just have been some stupid bug that got pushed to the live server for no good reason.
Post
Topic
Board Bitcoin Discussion
Re: MtGox btc price > 1.3 million per bitcoin
by
Andris
on 31/07/2011, 14:04:27 UTC
No, I actually sold .31 of a coin during this mess.

I got 99.69 back out of 100, and made a few bucks.
Post
Topic
Board Bitcoin Discussion
Re: MtGox btc price > 1.3 million per bitcoin
by
Andris
on 31/07/2011, 13:59:39 UTC
Did anyone else actually sell a fraction of a coin?

Either that or it's a bug that happened on my sell.
Post
Topic
Board Bitcoin Discussion
Re: MtGox btc price > 1.3 million per bitcoin
by
Andris
on 31/07/2011, 13:48:27 UTC
As long as I can get my legitimate money out of the system. I don't care to be out ~$2k because of bugs : /
Post
Topic
Board Economics
Re: Should the decimal place on bitcoins be shifted?
by
Andris
on 26/05/2011, 21:39:20 UTC
Trading parity, as in volume and economic significance.
Post
Topic
Board Economics
Should the decimal place on bitcoins be shifted?
by
Andris
on 26/05/2011, 20:21:24 UTC
It seems we're entering a period where .01 bitcoin actually represents a decent amount of value, and rising.

I think this is psychologically limiting people, who feel they are moving around '.01' of something that was roughly what 1.00 was last year. This situation wouldn't be too bad if bitcoin was actually a known currency, but when people are fighting to grab a few bitcoins, I think there's an impediment to getting people to trade values of .1-.5 and such, so redenominating the currency would hopefully spur more usage.

I think it should be shifted two places to the right. This means that if bitcoin ever achieves trading parity with the US dollar, it would only need one more such shift, and if something only needs to be done twice, that's a good thing in my opinion.
Post
Topic
Board Economics
Re: The Flaw of Supply and Demand
by
Andris
on 26/05/2011, 20:12:52 UTC
Quote from: MacFall on May 26, 2011, 06:00:55 PM
GDP doesn't measure wealth.

You can make GDP look good by routinely demolishing cities and rebuilding them without a war. War is just the excuse.

This is funny. Austrians use the boom of the Long Depression to bolster their arguments despite the widespread suffering, but when a major government intervention unequivocally -ends- that suffering (alongside a boom), it doesn't count. Because the US was really suffering in the postware period compared to the prewar.