re: Will Bitcoin be built under rather than on top of?

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I know more about technology than you do about finance.

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And my percent returns over the last year are still exponentially higher than yours!

You can lead a Pug to water, but you can't make the Pug drink.

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My investment returns last year were about $400,000. Yours?

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Mine are sitting at 300-400%.

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So you increased from $50 up to $250?

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Just so I'm clear, someone who made $400,000 this year is resorting to mocking someone who "made $200" this year?

I think I've gotten under your skin.

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Just so I'm clear, you were the one who started the dick measuring contest to prove how much you know about finance.

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Your analytic skills are on par with your understanding of technology.

You are vastly more knowledgeable when it comes to finance than I, a mere peon relative to you, am, but if I were managing youe assets this past year I would've crushed your returns.

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Well you've proven that you don't care about understanding what you are talking about, but I still figured I should try and help.

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And you have proven you cannot articulate in your own words why "WE" need to care about bitcoins.

So how are some of the past winners of that award doing? I'm still waiting for my Google self-driving car, and I can't go a day without Siri. The award is for technological achievement, not for application or commercial use.

Get it through your head, our criticisms haven't been with the technological concepts. They have been with the actual implementation of the technology and the misplaced assumptions of how it would function in the real world economy when used by real people in an uncontrolled environment. The mathematics are fine. The systems to utilize the mathematics on a global basis are just not up to the task.

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Get it through your head, our criticisms haven't been with the technological concepts. They have been with the actual implementation of the technology and the misplaced assumptions of how it would function in the real world economy when used by real people in an uncontrolled environment. The mathematics are fine. The systems to utilize the mathematics on a global basis are just not up to the task.

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This is a great summary. The only addition I would have is what I said a long time ago. There are two paths for bitcoin, one is that it stays out of the umbrella of regulation/centralization/etc. and stays as a niche product of coders, those with an ire for central banks, or those just simply speculating on it like gold. The second is that it does find its way under this umbrella and the end result it isn't massively different from our current system, except its actually more efficient and cost saving.

Speaking of the gold speculation analogy, there have been some cool inverse correlation figures showing up for BTC/Gold. I'm just playing with them at first but, as one would assume, the same investors habitate in both assets. As BTC has big drops you'll see gold spiking a little. Of course this is early but if some relationships stay for a while I might start technically trading the BTC/Gold spread.

I think they were dicking around the fixed income side.

LTCM modeled out everything to the point that they could handle every market outcome including a left-tail event.

Unfortunately for them, two of them happened pretty close to each other with the Asian contagion and Russian default.

Funny thing, Matt Zames from LTCM is at JPM now and was the chairman of the Treasury Borrowing Advisory Committee for a while.

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LTCM modeled out everything to the point that they could handle every market outcome including a left-tail event.

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Those skinny tail events can create havoc, even when you have Mr. Black AND Mr. Scholes on your board advising your risk management team.