Monthly Archives: December 2013

BitRated: BitCoin transactions you can trust

The game is totally afoot now. BitRated, the latest creation from a BitCoin entrepreneur, exploits the technological underpinnings of BitCoin to enable buyers and sellers to revert transactions in the same way that traditional payment networks like VISA do.

This starts to address two of the core arguments against BitCoin – that transactions are too final for consumer purchases, and that BitCoin is too hard to use for consumers.

We’re now getting to the point where BitCoin transactions will be insured by trusted arbitrators, and that big companies like Amazon can essentially self-insure (which neatly avoids the tax they pay VISA today). As far as the consumer is concerned, it will be just like using a credit card if they stick with trusted/insured merchants.

We’re now seeing cryptocurrency’s value expressed through the computerization of trust. Having computers and distributed networks of people handle trust will, I predict, prove more efficient than the existing mechanisms, which suffer from corruption and imprecise incentives for market players.

Weak Loose Tables

The best sort of poker table you can find in the wild is a weak loose table – one of those tables where everyone is always in, and no one ever raises. Everyone is there in search of big pots, and any two will do.

In these situations, as Sklanksy points out in his seminal work Hold’Em for Advanced Players, your most profitable way to play is not the optimal game theoretic approach against a rational set of opponents. You both change how many hands you play, and how you play them. Such was the table last night playing $6/12 at the Oaks. There I sat, with my friend on my left playing a bit more aggressively than me, and 5-8 people in every hand. It was good times.