A compedium of compressed Bitcoin points

Thursday, 27 June, Year 5 d.Tr. | Author: Mircea Popescu

On the misrepresenting of Bitcoins as whatever random monetary value point :

    bobbarker How many coins do you have that you go -50 btc on a dice site and you dont care.
    Bugpowder Bob, you know that some people just have a lot of coins. And I bet he cares.
    bobbarker If I lost $5k to pressing a button online, I'd cry and be begging doog to give it back.
    Bugpowder it's not $5k, it's 50 bitcoins.
    frott I care. My 50% satoshi dice address is nicknamed "sad dice".
    bobbarker And you can sell 50 btc for 5k.
    mp You can probably sell your sister for 5k, that doesn't mean you can substitute "5k" for "my sister" in conversation.
    bobbarker mp, but my sister isn't a means of storing value and bitcoin is.
    mp bobbarker she stored my value just fine last nite. Wtf you on about.
    frott she stores a diversified portfolio easily, with room to expand.

On the various freaks populating the outskirts of Bitcoin space :

    Bugpowder I dunno what to say dude. Some people have 100,000 coins. Others 10,000.
    bobbarker Winklevoss's
    Bugpowder I doubt that.
    frott Wtf is a Winklevoss. Is that that dwarf that steals your baby unless you answer a riddle?
    Vinka One of the twins invested in bitcoin. And a dwarf.
    bobbarker They are the dudes who made facebook with Zuckerberg and got screwed. And they are VCs. And they are really into BTC.
    Bugpowder They did not get screwed, they cashed the fuck in.
    mp They're some ex-jocks without a job, trying to get some attention. Probably next they release a sex tape or w/e.
    frott Winklevoss at Bernie's.
    buzz Hah thats genius.

Seriously now twinkleloss ppl, make a porno. I'm sure someone'd watch it.

On "investing", as for the needs of the GLBSE-orphan forum "investor" :

    mp Sooo... wagered fucking doubled and is now investment, and site is actually under EV. How much changes in a day.i
    Bugpowder froot went on a bender. He made about 2000 in bets in the last hour I'd say.
    dooglus And kturner pulled himself out of a deep hole and is now profitable.
    mp I guess finally all the forum investors have a good place to do their investment. Put in 1 btc, select 1,05 1.15 w/e, roll hi or lo and there it is.

This is actually the important point. There still exists a contingent of people "investing" who'd be best served by taking their BTC capital whatever it is, depositing with just-dice (which is provably fair!), fixing their desired rate of return to whatever they consider reasonable and pushing the button.

Yes they will eventually lose the capital. That is EXACTLY what will happen on all the various PMBs, "crowdfinance", "assets", "securities" and assorted scams out there that they patronise. The only notable difference is that just-dice takes 1% on the long term, whereas the troop of scammers take whatever they can get, probably about 30% or so net average overall.

Rather than trying to "invest" with some dead in the water t-shirt manufacturer or zero-hash waste heat producer or mentally-ill owned and operated Bitcoin merchant or "lend" with BitJam or "trade" with Bitfinex or what have you, the forum muppetry would obtain much better results simply rolling for it.

The only criteria they use are the rate of return, the only thing that interests them is for the intervals to be as short as possible (what monthly reports, weekly is too long for these people, they literally have the unchecked insanity to propose someone calculate the books daily and post their "winnings"). That's pretty much the extent of this magical "research" they do, that's their "due diligence". Why bother then with an ad hoc, informally-specified, bug-ridden, slow implementation of half of a dice site ? Why feed the scammers ? Just roll for it! Want 5% "interest" ? Want 3.5% "dividends" ? Load a Bitcoin or whatever you're "investing" into the dice site and roll for it. Your capital will on average survive for longer this way than your "invested" "portofolio" that you're "managing" would have. And you don't even have to wait, you can click the button for a new "dividend" period as soon as you're ready to see the results.

I'm not even kidding.

  1. When I heard about it just-dice was two days old. Investment stood at about 2k, total wagered at about 3k, site was up about 50 BTC. I put some BTC in, for about five days after that investment stood ~1k over total wagered, scaling slowly from 3k to about 11. By now the battle has been clearly lost, total wagered is approaching 15k, investment can't keep up - mostly because doog hasn't implemented the scalable %s yet!!! - and by the looks of it we're around 67k or so total wagered in the first month. []
Category: Bitcoin
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2 Responses

  1. bets: 135
    wins: 78
    losses: 57
    luck: 116.72%
    wagered: 3.96140014
    profit: 1.79540000

    Wow -- you're right. Better quit while I'm ahead this time ;-)

  2. Mircea Popescu`s avatar
    Mircea Popescu 
    Thursday, 27 June 2013

    Once an investor always an investor they say.

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