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Messages - fussyhands

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61
General Discussion / Re: How committed is the community to bitsharesX as opposed to the next "DAC"?
« on: September 27, 2014, 06:16:57 pm »
Quote from: Mysto on September 27, 2014, 06:02:46 pm
Quote from: fussyhands on September 27, 2014, 05:48:14 pm
Just like I said.  Type "buying power of gold over time" into Google and the very first image that appears shows that the BUYING POWER of gold is highly volatile.



(In case you don't know this already, when you measure something in "1971 dollars" you are measuring the change in BUYING POWER.  If you see the graph going all over the place, like it does in that picture, then you know that buying power is highly volatile.  But seriously, you should know these basic economic concepts already if you are pretending to be knowledgeable about economics.)
I don't think it's as volatile as you make it seem, at one point people did use gold to buy things and that worked (kind of but bitGLD solves many problems physical gold has as a currency volatility not being one of them)

People use BTC to buy things.  That doesn't mean that it's not volatile.  The chart shows you the volatility of gold compared to the volatility of the dollar.  Gold is extremely volatile.  Did you hear of the recent enormous crash in the value of gold, and the huge run up that preceded it?  Gold is very similar to BTC in that it's intrinsic value for production is not what drives its value.  Instead, what drives it's value is what people think that other people will be willing to pay for it.  It would loose 95% of its value if tomorrow people just stopped caring about gold.  (The last 5% it would retain because that it based on it's industrial value due to its special electro-chemical properties.)  It's a social consensus.  It's subject to run ups and crashes, just like BTC.  It buying power is highly volatile.

62
General Discussion / Re: Aren't BitAssets sort of like naked short selling?
« on: September 27, 2014, 06:08:10 pm »
Quote from: matt608 on September 27, 2014, 05:58:40 pm
This is interesting.  As far as I can see bitUSD is competing with the USD just as much as DOGE or EUROs.  All these competing currencies lessen demand for each other.  People who were holding USD sold it to buy bitUSD, or BTC or CNY or any other currency. 

Therefore bitUSD is inflating the USD by lessening demand for it, the same as any currency.  When a country stops accepting USD for oil that lessens demand for it in that country causing USD's to find their way back to the USA where they cause inflation.  Hence the petrodollar being forced on people at the point of a gun (one of the first things the US did after invading Iraq was switch their oil back to USD from EUROs).  That's why we don't here horrible things about Saudi Arabia (despotic regime) from the mainstream media, because they still price their oil in USD so we like them.  So yes I would say it is inflating it, but no more than any other currency. 

This is if we say that inflation is the weakening of a currency due to the demand vs unit ratio decreasing.

If you think about it, if half of the users of the USD suddenly died (lets hope not) and for some reason all the other users carried on using USD the supply would have effectively doubled without printing any more USD, resulting in inflation.  So inflation isn't just about money creation but is about demand vs number of units.

Interesting point.  I would add however that the closer the analog the greater the reduction in demand and the greater the inflation of the currency.  BTC is analogous to USD in some ways, but is also very different in its volatility.  So it absorbs some of the demand for USD but can never absorb demand that is contingent on low volatility (at least as long as it is highly volatile).  BitUSD on the other hand is more analogous to USD because it's value is pegged to USD, and thus can absorb even demand that is contingent on low volatility.

Nevertheless, you make a good point.  All currencies reduce demand for all other currencies to some degree...

63
General Discussion / Re: An open letter to Tonyk
« on: September 27, 2014, 05:58:37 pm »
Quote from: fluxer555 on September 27, 2014, 05:44:10 pm
fussyhands, can you please send a link that backs up the facts you are supporting? I tried googling your suggested search term, and all I can find are things that say gold actually has stable buying power. I'm open to the possibility that they are all misguided, however your suggestion for research is not proving effective.

Sure.  Just did that at:  https://bitsharestalk.org/index.php?topic=9333.msg122192#msg122192

64
General Discussion / Re: Aren't BitAssets sort of like naked short selling?
« on: September 27, 2014, 05:56:04 pm »
Quote from: fluxer555 on September 27, 2014, 05:39:04 pm
BitUSD are not USD. They are a dynamic bundle of BTSX. BitUSDs increase the supply of USD as much as mining BTC does. In other words, they don't. More BitUSD doesn't even directly affect the market cap of BTSX, since all BitUSD are not created "out of thin air" and are collateralized by BTSX. (However, since they are collateralized by 200%, this increases the demand for BTSX, thus having the effect of driving up the price :) )

I said the EFFECT is to create USD.  I know that it doesn't actually create USD, but it creates something that can serve as USD and thus dilutes the demand for USD.  Supply and demand determine price.  If you create something that can serve interchangeably with USD that increases the supply and dilutes the demand, reducing price.

65
General Discussion / Re: How committed is the community to bitsharesX as opposed to the next "DAC"?
« on: September 27, 2014, 05:48:14 pm »
Quote from: tonyk on September 27, 2014, 06:56:24 am
Quote from: fussyhands on September 26, 2014, 02:17:39 pm
Quote from: tonyk on September 26, 2014, 01:25:49 pm
Quote from: fussyhands on September 26, 2014, 01:01:12 pm
Quote from: tonyk on September 26, 2014, 12:22:42 pm
Quote from: fussyhands on September 26, 2014, 09:46:10 am
Quote from: tonyk on September 26, 2014, 01:49:32 am
1st You really do not want to hear my comments regarding those ecumenist saying inflation is good... and yes I am fully aware of their existence.

2nd bitBasket- why not, nothing is preventing us of doing it... till then we have bitGold, though!

Price of gold is also highly volatile, and thus not suitable for currency, at least according to the paper you had me read.

highly volatile??? in what? in $
... funny man you are...

In basket of goods.  In buying power.  Don't delude yourself.  Buying power of gold is highly volatile.
How did you got to that conclusion? Are you really that...., or you just play one here? Anyway I am done with you also.

Sorry dude.  Go look it up.  Gold's buying power is HIGHLY volatile.  Type "gold buying power over time" into Google and look at the charts.  You're just dead wrong on this.  If you don't change your mind to accommodate the facts then you are just a deluded moron.  Not only that, but the HayekMoney article that YOU told me to read says exactly the same thing: gold is volatile.

Dude, Can you give me more precise instruction in what imaginary thing I have to type "gold buying power over time", to get those magical results of yours?... also, are spaces required to get the results you get...aka should I type "gold buying power over time",

searching... 'No confirmations'
searching...  'No confirmations'
searching...  'No confirmations'

Changing to "Is BTC price more stable then Gold"... disappointed.
Changing to "Commodity price during the gold standard".... boring... very much so...'What the f**k people did with those flat prices? Weird stuff?

If you don't change your mind to accommodate the facts then you are just a deluded moron.

I am quite fine with the fact that I am 'deluded moron'... now tell me how you so cleverly discovered this thing about me so quickly ?

Just like I said.  Type "buying power of gold over time" into Google and the very first image that appears shows that the BUYING POWER of gold is highly volatile.



(In case you don't know this already, when you measure something in "1971 dollars" you are measuring BUYING POWER.  A "1971 dollar" is the amount you could buy with a dollar in 1971, which is a constant/fixed amount of buying power.  If you see the graph going all over the place, like it does in that picture, then you know that buying power is highly volatile.  But seriously, you should know these basic economic concepts already if you are pretending to be knowledgeable about economics.)

66
General Discussion / Re: An open letter to Tonyk
« on: September 27, 2014, 05:38:06 pm »
Quote from: tonyk on September 27, 2014, 05:19:31 pm
Quote from: fussyhands on September 27, 2014, 04:44:11 pm
Personally I've had a negative interaction with TonyK who seems to be a close minded ideologue.  When I pointed out that the buying power of gold is HIGHLY volatile (it is, go look it up if you don't think so) he started implying I was an idiot and then stopped talking to me.  Does not seem smart or interested in learning.
Now, that is outright lie! Everybody can read the thread for him/herself

I said {after trying to teach first btw] that BTSX can implement a basket of commodities and till then we have bitGold... the name-calling was started and kept one-sided by fussy...

I will not suggest visiting an eye doctor in his case... much more serious treatment is needed, in my view.

Not so.  See the link:  https://bitsharestalk.org/index.php?topic=9333.msg121447#msg121447

I said the BUYING POWER of Gold is highly volatile (an indisputable fact) and your response was: "Are you really that...., or you just play one here? Anyway I am done with you also."

You can't just make stuff up and say I'm lying.  There is a record here.

67
General Discussion / Re: An open letter to Tonyk
« on: September 27, 2014, 05:34:48 pm »
Quote from: xeroc on September 27, 2014, 05:25:17 pm
Let me quote you from the other thread:
Quote
Price of gold is also highly volatile, and thus not suitable for currency,
cannot see there that you are talking about "BUYING power" .. sorry .. could also be volatility in terms of $, €, CNY, or bananas

"I am done with you" may come from a mistranslation from .. i read almost 300 posts today, am tiered and will go to bed .. done for today .. have you thought about that?
there are non-english-native people around ..

No.  Please read the link that I included:  https://bitsharestalk.org/index.php?topic=9333.msg121447#msg121447

I am very clear that I am talking about BUYING POWER.  That is when he starts with the insults.

68
General Discussion / Re: If account names are not transferable, what happens when wallet is compromised?
« on: September 27, 2014, 05:31:23 pm »
Quote from: xeroc on September 27, 2014, 05:16:25 pm
Quote from: fussyhands on September 27, 2014, 05:10:34 pm
So that means any compromise, or suspected compromise of my wallet results in loss of my account names forever?

Isn't that a problem, if people out in the world still have my account name and are sending money to it?

Should I only use account names on cold storage?
you should:

have one major account name ie "foobar" (in coldstorage !!! )

you only work with subaccounts .. ie. main.foobar .. home.foobar .. wife.foobar ..
lost keys there can be "updated" (in some sense)

Sub accounts?  Where do I learn about those?  Can I create those already in the client?

That seems like perhaps the best that can be done.  Cold storage for the main account and then sub accounts which cannot be stollen without access to the main account for hot storage.

69
General Discussion / Re: If account names are not transferable, what happens when wallet is compromised?
« on: September 27, 2014, 05:29:01 pm »
Quote from: toast on September 27, 2014, 05:17:15 pm
Compromised accounts should be revoked, once we build that feature

Sent from my SCH-I535 using Tapatalk

How would that work?  Would the revoked account name be lost forever?

70
General Discussion / Re: Aren't BitAssets sort of like naked short selling?
« on: September 27, 2014, 05:27:46 pm »
Quote from: xeroc on September 27, 2014, 05:22:13 pm
Isn't there a difference between bitAssets for currencies such as USD, EUR, ... and bitAssets for companies such as overstock, ebay?

imho it does not make ANY sense to have a bitAsset for overstock or ebay, because they do not have "ONE" price ..

you may mix this up with user-issued assets that can be used for IPOs of companies .. but in theses you cannot 'short"!!

See the following wiki link which discusses BitAAPL:  http://wiki.bitshares.org/index.php/BitShares_X#Please_explain_BTSX_vs._BitAssets_again

I don't know the status of non currency BitAssets that track real assets like AAPL, but it seems to be something that the community is considering.

But regardless, what about my overall point?  Doesn't BitUSD have the effect of increasing the supply of USD?  Will that be a regulatory issue?

71
General Discussion / Re: If account names are not transferable, what happens when wallet is compromised?
« on: September 27, 2014, 05:22:29 pm »
Quote from: xeroc on September 27, 2014, 05:15:08 pm
you can move the wallet backup JSON file and import it there ... a keylogger alone does not compromise your funds. .

an attacker needs the passphrase AND the wallet .. .. in that case you can only safe your funds .. not the names ..

A keylogger implies access to your computer which means access to the wallet and the wallet should be assumed to be compromised.

72
General Discussion / Re: An open letter to Tonyk
« on: September 27, 2014, 05:15:39 pm »
Quote from: xeroc on September 27, 2014, 05:08:07 pm
https://bitsharestalk.org/index.php?topic=9333.msg121407#msg121407

He asked a question that could show you that gold is only volatile in terms of $ value .. not in terms of bitGLD value .. he wanted to point you towards the right direction such that you can figure it out your self .. don't take anything tony says personally .. (I made that error too)

Then I pointed out that gold is highly volatile in BUYING POWER, not just in terms of $ value.  That is a fact.  Go look it up if you don't know that already.  His response to that was to imply that I was an idiot, say he was "done with" me, and leave the conversation:

https://bitsharestalk.org/index.php?topic=9333.msg121447#msg121447

Someone who engages in ad hominem attacks and ends conversations whenever the FACTS don't agree with his ideology is an idiot.

73
General Discussion / Re: If account names are not transferable, what happens when wallet is compromised?
« on: September 27, 2014, 05:10:34 pm »
So that means any compromise, or suspected compromise of my wallet results in loss of my account names forever?

Isn't that a problem, if people out in the world still have my account name and are sending money to it?

Should I only use account names on cold storage?

74
General Discussion / Aren't BitAssets sort of like naked short selling?
« on: September 27, 2014, 05:07:33 pm »
Naked Short Selling

Let's say I create a BitAsset called BitOverstock.  Lots of people start shorting BitOverstock into existence creating a big quantity of the asset.  Now many people who would have gone long actual Overstock stock instead choose to buy BitOverstock spreading the demand for Overstock stock over a larger supply and thus depressing the price.

Isn't this the same as naked short selling?

The only difference is that with a naked short sale you are actually making a promise to deliver the real stock, whereas with a BitAsset you are only promising to deliver enough BTSX to buy the real stock.  In practice there isn't much difference.  The effect on price discovery is the same.  Naked shorting artificially increases the supply of a stock thus decreasing its price by frustrating price discovery through supply and demand.  BitAssets would appear to do the same thing.

Legality of Creating Parallel USD

If US gov determines that BitAssets are equivalent to naked short selling will that lead to trouble considering that naked short selling is illegal?

Now, if Bitshares became very widespread, and lots of people were holding BitUSD instead of actual USD, wouldn't this in effect increase the pool of USD, thus driving down the value?  How would the various agencies of the US government think about this?  Would it be something they want to stop?  It has some similarities to fractional reserve banking which also increases the money supply.  But there are differences too...  Are banks allowed to print GoldmanDollars pegged to the value of USD?  I don't think so.  Is this going to result in regulatory troubles?

75
General Discussion / If account names are not transferable, what happens when wallet is compromised?
« on: September 27, 2014, 04:48:21 pm »
What if I discover that I had a key logger on my hot wallet machine.  My wallet can no longer be trusted so I create a new one.  Is there a way to move the account names to my new wallet, or are they lost to humanity forever?

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