Bitcoin is not even close to suceed or even get adopted by anyone, 4 years later.
It suceeded at least for me...and thousands of other people using it. One thing is being bearish on bitcoin, looking at market cap, etc, the other is saying bitcoin didn't suceed. People continue to mine, transact, exchanging, buying. This new exchange idea is just great for overcoming the regulations by government, banks shutting accounts off, etcetera. Of course, if you use paypal or something like that they block your account easily. I was thinking about using paysafecards, of course, they're only useful for people in Europes, for instantly funding your Bwin, PKR, and other gambling sites accounts. Doesn't work with U.S. purchased codes because of the anti-online gambling laws, for that there is bitcoin. EDIT: Another option for funds exchanging: https://ewallet.altercards.com/index.php/Common/cms/cms_id/28It is like Paypal, but less known, and doesn't fuck customers over. |
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Is it supposed to be used by > 20 people within 20 years?
It's supposed to be used by whoever thinks it is a good service. It started 2 weeks ago, I think we will see major activity there if the word gets to the peoples |
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http://nashx.com/A more-or-less decentralized exchange, making use of mutually assured destruction and the nash equilibrium http://en.wikipedia.org/wiki/Nash_equilibriumLooks promising. Why was it made?
Because nobody wants to send their money first.
The basic concept
Traders risk money for destruction in each other's hands whenever they get into a deal.
So, when one sends the money first, it doesn't benefit the other to just take it and run.
How is it different than MTGOX and BTC-E
You are anonymous. No personal or bank information.
You trade directly person-to-person however you want.
You keep your money in your wallet, and not with an exchange.
How it works
Make an account.
Add funds to risk.
Make an offer, or take an offer.
Chat to arrange the details.
Make the transactions.
Release or destroy risked funds.
When your fund is destroyed, you will immediately see a transaction id as a proof of destruction.
How are risked funds destroyed?
NashX literally destroy them by making a transaction from our wallet to our wallet with minimum possible possible transaction amount with funds to be destroyed as the additional transaction fee.
So the funds go to miners who process these transactions.
Why don't we keep it? It gives us a bad incentive to make fake accounts and destroy deals
Why don't we give it to charity? It gives them a bad incentive to make fake accounts and destroy deals
Why don't we blackhole it? The process to generate one of those addresses that traders can trust that is truly a blackhole is a difficult task in itself, a process similar to mining. We would take this path if we could give each destroy fund a blackhole address of its own quickly, but it's not.
Finally, we tried to come up with many other ways such as distrubinting to active traders as well as somehow adding randomizations to the distrubiton process and what not, but all of these other solutions potentially give us control to mess with it, or gives some third-party bad incentive to come destroy deals on NashX.
Who sends the money first?
It doesn't matter, so it's up to the traders to decide/volunteer/negotiate because nobody has the incentive to change their mind after receiving money.
However, it is advisable that whoever does not have any previous records of making trades send the money first until the trader has built some reputation on NashX by making trades. Reputation can be checked by viewing the deals they've engaged.
Important to keep in mind
The amount you risk should be twice the amount you're trading in order to keep the deal in Nash equilibrium.
If I want to trade 10 BTC, does that mean I have to risk 20 BTC?
No, you can simply risk 2 BTC, and trade 1 BTC at a time 10 times. This doesn't mean you have to make 10 separate offers. When you make an offer risking 2 BTC to trade 10 BTC, it is implied that you will make ten 1 BTC transactions going back and forth with your trader.
Some details
You can add/withdraw funds you can risk into deals (8 confirmations to add, instant withdraw)
Your offers will expire after 7 days.
You will receive an email and a popup notification when someone takes your offer.
You will receive a popup notificatoin when someone messages you.
There is a little bit of transaction fee to withdraw your risk funds from you account to cover the Bitcoin and Litecoin sending fees. This currently set a little high to cover the cost of operation.
There is a minimum amount for withdrawing your Bitcoins and Litecoins.
You can make offers, and delete offers, but once someone takes your offer, it cannot be deleted.
Everything, including how much risk funds you have in your account, as well as the offers you're making, and deals you've made, and messages you've sent in those deals are availble publicly for people to see and guage your reputation before they decide to take your deal or not.
How does it make money?
I'm not concerned about that at the moment, There are some fees for withdrawing risk funds from the account, but that covers regular Bitcoin and Litecoin fees. So, right now it doesn't make any money. I just want to see if people will start using it. That way, I can makes trades on it too. After all, I made it because I'd like trade on it.
Once it gains significant traction, NashX may do one or more of the following to continue to provide its services: 1. Ads. 2. Monthly Fee. 3. Small fee to take an offer by the offer taker. 4. Higher fees for adding/withdrawing risk funds from your account. These are the only ways where no bad incentive is given to anyone which may disturb the Nash equilibirum for traders.
It may be sold for some amount of money. Feel free to make me an offer.
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I watched Bitcoin for a long time before taking any action (check my registration date here). I decided finally that I wanted to use BTC as a currency and store of value and bought in for 85 through 120 USD. I now find myself day trading because it's the only option I have to try and retain value of my store (with respect to myself) besides praying that the price goes up.
And that's messed up. That's not a currency, it's an attempt at using a stock as a store of value.
The above doesnt really reflect the totality of how I feel about the Bitcoin project, but its a gimpse.
You should try and make use of your btc...it will save you time, you sleep better, etc. I used btc since 2012, it served my purposes then, serves me now, and hopefully will continue to do it. For people who actually started in bitcoin by using it, and not giving a f*ck about the exchange rate, it is clear that bitcoin is strong, and will not fail. Keep day-trading if you want, but you should think about something useful for the bitcoin economy, for example make things and sell them. (I am not saying to get rid of your investment obviously, keep it but try to make another investment to actually use and help build the bitcoin economy) |
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Damn, OP, go read tea leaves, you'll make more sense. I can think of all these useful things I'd be able to do with bitcoins, given just a little more technology.
I'd like to do those useful things, so I'd like to buy more bitcoins to do them with. Simple as that. Just curious, what kind of things? Private islands |
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Blockchain.info have dropped the transaction fee to BTC0.0001 when you use the frugal setting for tx fees at least.
But will it be confirmed with that amount? I forgot I had set mine to 0.0001 and did a transaction, now I'm afraid of it not being accepted by miners... Oh it'll be confirmed... eventually. Even zero fee transactions get confirmed after a while. It took about 5 and a half hours to confirm at 0.0001 |
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Blockchain.info have dropped the transaction fee to BTC0.0001 when you use the frugal setting for tx fees at least.
But will it be confirmed with that amount? I forgot I had set mine to 0.0001 and did a transaction, now I'm afraid of it not being accepted by miners... |
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I consider that 1m BTC due to the 0,5 m BTC fee. In 10 years it will buy me something  |
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The problem would be with Canada letting you declare independence...Still, we can try. I can donate some btc EDIT: I didn't know about this until yesterday: http://www.wirtland.com/What about something like it? |
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Now it's the first thing popping up if you google bitcoin. You can't withdraw btc, it's like paper silver. They're in it to make money, not making bitcoin.
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Some of us have been using the term mBTC since 2011. I now prefer to abbreviate it as mB since that is more compact.
My guess is that the price of a dollar will drop to 1 mB at some point in the second half of this year before rising back to at least 2 mB.
The dollar is currently trading at about 7.2 mB.
^^^ This way we don't sound so bullish  |
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Low 120.65$ EDIT: 412$ low if starting from January 2014. High - 1595.88$, before correction to 1350.46$ May the gods be with us |
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I think it's just zombie pcs "refreshing". I read somewhere that the thing that supposedly would make DDOS agains the Tor network has not been implemented, because it would require a fair amount of resources. With a sizeable botnet, the zombies could just send legitimate requests over and over, making sites like silk road and such, with stone age servers, be almost unusable.
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