Announcement (posted to multiple sources)

This Wednesday, at the Inside Bitcoins conference in Berlin, the team behind the Mycelium Bitcoin Wallet and the much anticipated yet continuously delayed BitcoinCard, will demo a major new feature of their wallet, called Local Trader. This new feature is a person to person exchange, similar to LocalBitcoins.com, built directly into the bitcoin wallet software. As Jan Møller, one of Mycelium’s lead developers explains, “Mycelium Local Trader is a trading platform for the Mycelium Bitcoin Wallet which allows users to buy and sell Bitcoin. The initial idea comes from one of the biggest problems in Bitcoin: How to get your first bitcoins?”

The feature is still being finalized, but is fully functional on testnet, and is expected to be released later this month. At first, the trader options will be limited to “Continuous Seller,” where someone creates an offer to sell bitcoins and waits for buyers, and “Instant Buyer,” where someone who wants bitcoins right now can browse a list of sell offers in their area, and ping one to ask for a trade. When asked why the option to instantly sell bitcoins for cash was not available yet, Jan commented, “We wanted to attack what we believe is the most common problem: Getting your first BTC.”


To set up a sale offer, the user first has to load their bitcoin wallet with some bitcoins. Since both the wallet and the trading platform are within the same app, the seller profile actually knows if they really have coins to sell. Once the seller presses the “Sell Bitcoin” button, Local Trader automatically registers one of the wallet’s bitcoin addresses on the exchange server as the key associated with the seller account. Like PGP, this bitcoin address and private key are used to authenticate with the trading server, where your user id, sell offers, trade history, and reputation are stored. Likewise, the private key is used to authenticate API requests to the server, a method that may mitigate the API key theft issues recently experienced by some exchanges, and in the future may be used to authenticate and possibly encrypt communications between users. For now, it just keeps all communications secure, and has the added benefit of being able to import your trade account, along with all its history, simply by importing the associated private key from a backup.


In the Sell Order menu, users can create sale orders that include their location (obfuscated to a 1km square block), the exchange used for the price, seller fee, minimum and maximum amount they are willing to sell, and a custom message that buyers will be able to see when they select their offer. Sellers are not limited to the amount of sale offers they can create, and can make sell offers with different fees for different amount traded, different locations, and even set negative fees if they need to swap their bitcoins for cash quickly.

For anyone looking to buy bitcoins, they just have to press “Buy Bitcoin,” and they are instantly presented with a list of 20 closest offers in their area, sorted by distance using their phone’s GPS. Here, buyers can see offer details, such as nickname of the seller, their rating, price, distance, and minimum and maximum they are willing to trade. Clicking on an offer also expands it to show any custom notes the seller may have included. Initiating a buy offer is as simple as typing the amount you wish to buy into the text entry field on the seller’s offer, and selecting Buy.


Once an offer is accepted, the seller’s wallet receives a notification, and the trading app switches to a window where the buyer and seller can see the amount and the price being offered, as well as a chat window they can use to negotiate the terms and location of the trade. The price can be changed and refreshed to the more recent exchange price as many times as the traders want before they agree on the trade, up to the point where they meet and swap cash. When each of them agrees on the terms, they hit Accept Offer, and the trade will only be considered accepted when both of them have agreed. However, the trade must go through within 24 hours of the buyer’s initial offer, otherwise it gets automatically aborted. Once the two traders meet, the buyer hands cash to the seller, the seller hits “Cash Received,” and bitcoins are automatically sent to the sellers wallet, minus whatever fees were negotiated on.


Another brand new feature that comes with Local Trader, which will likely be ported to other parts of the wallet, is the “Transaction Confidence” graph. Since Mycelium servers are connected to hundreds, if not thousands, of nodes, they are able to track transaction propagation through the network in real time. Transaction Confidence, expressed in percent, shows a close estimate of how much of the overall Bitcoin network has heard about the transaction. The idea is that, if most of the network has already heard about the transaction, double-spending it becomes much more difficult, and the chances of it being included in the next block approach 100%. So, if the confidence is high enough (it reaches high 90’s within a few seconds), you can be fairly sure that this transaction will be included in the block, and do in person trades with zero block confirmations. No more awkward waiting for 10 minutes (or sometimes as long as 50 as I had the unfortunate experience of at a local McDonald’s) just to make sure that both people are confident enough the transaction won’t fail.

Trader feedback is the only feature still undergoing the final stages of development, and will be automatically calculated based on the number and size of successful trades, response times, and trade aborts. For their part, Mycelium plans to charge about 0.5% per transaction for the service, but, like LocalBitcoin, will not object to people using the service to trade directly, bypassing the fee, since they believe enough people will find the convenience of trading directly through their system, along with maintaining a trade history and reputation, to be worth the small fee.

Announcement (posted to multiple sources)

This Wednesday, at the Inside Bitcoins conference in Berlin, the team behind the Mycelium Bitcoin Wallet and the much anticipated yet continuously delayed BitcoinCard, will demo a major new feature of their wallet, called Local Trader. This new feature is a person to person exchange, similar to LocalBitcoins.com, built directly into the bitcoin wallet software. As Jan Møller, one of Mycelium’s lead developers explains, “Mycelium Local Trader is a trading platform for the Mycelium Bitcoin Wallet which allows users to buy and sell Bitcoin. The initial idea comes from one of the biggest problems in Bitcoin: How to get your first bitcoins?”

The feature is still being finalized, but is fully functional on testnet, and is expected to be released later this month. At first, the trader options will be limited to “Continuous Seller,” where someone creates an offer to sell bitcoins and waits for buyers, and “Instant Buyer,” where someone who wants bitcoins right now can browse a list of sell offers in their area, and ping one to ask for a trade. When asked why the option to instantly sell bitcoins for cash was not available yet, Jan commented, “We wanted to attack what we believe is the most common problem: Getting your first BTC.”


To set up a sale offer, the user first has to load their bitcoin wallet with some bitcoins. Since both the wallet and the trading platform are within the same app, the seller profile actually knows if they really have coins to sell. Once the seller presses the “Sell Bitcoin” button, Local Trader automatically registers one of the wallet’s bitcoin addresses on the exchange server as the key associated with the seller account. Like PGP, this bitcoin address and private key are used to authenticate with the trading server, where your user id, sell offers, trade history, and reputation are stored. Likewise, the private key is used to authenticate API requests to the server, a method that may mitigate the API key theft issues recently experienced by some exchanges, and in the future may be used to authenticate and possibly encrypt communications between users. For now, it just keeps all communications secure, and has the added benefit of being able to import your trade account, along with all its history, simply by importing the associated private key from a backup.


In the Sell Order menu, users can create sale orders that include their location (obfuscated to a 1km square block), the exchange used for the price, seller fee, minimum and maximum amount they are willing to sell, and a custom message that buyers will be able to see when they select their offer. Sellers are not limited to the amount of sale offers they can create, and can make sell offers with different fees for different amount traded, different locations, and even set negative fees if they need to swap their bitcoins for cash quickly.

For anyone looking to buy bitcoins, they just have to press “Buy Bitcoin,” and they are instantly presented with a list of 20 closest offers in their area, sorted by distance using their phone’s GPS. Here, buyers can see offer details, such as nickname of the seller, their rating, price, distance, and minimum and maximum they are willing to trade. Clicking on an offer also expands it to show any custom notes the seller may have included. Initiating a buy offer is as simple as typing the amount you wish to buy into the text entry field on the seller’s offer, and selecting Buy.


Once an offer is accepted, the seller’s wallet receives a notification, and the trading app switches to a window where the buyer and seller can see the amount and the price being offered, as well as a chat window they can use to negotiate the terms and location of the trade. The price can be changed and refreshed to the more recent exchange price as many times as the traders want before they agree on the trade, up to the point where they meet and swap cash. When each of them agrees on the terms, they hit Accept Offer, and the trade will only be considered accepted when both of them have agreed. However, the trade must go through within 24 hours of the buyer’s initial offer, otherwise it gets automatically aborted. Once the two traders meet, the buyer hands cash to the seller, the seller hits “Cash Received,” and bitcoins are automatically sent to the sellers wallet, minus whatever fees were negotiated on.


Another brand new feature that comes with Local Trader, which will likely be ported to other parts of the wallet, is the “Transaction Confidence” graph. Since Mycelium servers are connected to hundreds, if not thousands, of nodes, they are able to track transaction propagation through the network in real time. Transaction Confidence, expressed in percent, shows a close estimate of how much of the overall Bitcoin network has heard about the transaction. The idea is that, if most of the network has already heard about the transaction, double-spending it becomes much more difficult, and the chances of it being included in the next block approach 100%. So, if the confidence is high enough (it reaches high 90’s within a few seconds), you can be fairly sure that this transaction will be included in the block, and do in person trades with zero block confirmations. No more awkward waiting for 10 minutes (or sometimes as long as 50 as I had the unfortunate experience of at a local McDonald’s) just to make sure that both people are confident enough the transaction won’t fail.

Trader feedback is the only feature still undergoing the final stages of development, and will be automatically calculated based on the number and size of successful trades, response times, and trade aborts. For their part, Mycelium plans to charge about 0.5% per transaction for the service, but, like LocalBitcoin, will not object to people using the service to trade directly, bypassing the fee, since they believe enough people will find the convenience of trading directly through their system, along with maintaining a trade history and reputation, to be worth the small fee.

I think that most of us just can't figure out how burning millions of dollars to stick a flag in space for 30 seconds (flag - an visual emblem that people have to be able to see) will help bitcoin in any way. It may actually do harm, instead, since instead of people going, "Oooh, that's an interesting bitcoin project happening over there. I need to look into this bitcoin thing," they may  just think, "Stupid nerds got lots of money for no work, and are now throwing it away on stupid projects, like sending flags to space, instead of using that money to actually help people."

Easy. I imagined a black nothingness that is so black you can't even see it.


How does something that exist in another dimension in any way relevant to things that exist in ours? And what proof of infinite universes to you have? At most it's a speculative theory.

Serving a purpose other than money is not a good thing in currency. WHat if the purpose that was mined for was fully served, and there is no more need for it? Will miners just stop mining, letting the coin die? Will coin prices drop dramatically, because the part of their value that was service a purpose disapeared?
Mining should have one and only purpose: to provide security for transactions. That's it.

I actually put Democrats and GOP in the conservative pile, and Libertarians in the liberal. Conservatives don't want any change, and are both bigoted against something. GOP especially. Libertarians are at the opposite end of the spectrum, and are more liberal than Democrats, in the original definition of the word (democrats are still very anti-drug, for example)

Um... that's exactly what the Illuminati fought against: they were against the idea that anyone or anything could claim to be anyone's supreme overlord...


And devil is a very specific angel/demon from the bible, having nothing to do with material things. He's a figment of people's imagination, and a part of theology. The same theology the Illuminati were against.


They, uh, were against empires too. And kings, and rulers, and governments. So they wouldn't have built any empires. They WERE for science and study of reality though.


But it's faith that is based off of fear, greed, and hatered. Hatered of people who's "morals" don't conform to your faith, or who's faith isn't the same as yours. We are annihilating out planet through religious wars, and due to people thinking that god will be coming back soon, so why worry about poluting the planet. Faith is the Dark Ages, and we're still just coming out of it (with some parts of the world still being in it)


Why would an organization that fought so much against authoritarian power, want to subjugate themselves to some authoritarian despot?


People are enslaved through religion, not atheism. Look at the Catholic church in Africa, the horrible enslavement of women in Middle East, the witch trials in US, the Inquizition and the dark ages. Hell, look at yourself. You are a slave to your delusions, to the point that you don't even recognize reality any more.


I think your faith is driving your fear of anything different, be they illuminati, or just atheists. Why are you afraid of people who simply don't share your beliefs?

I'm about 90% certain that it tries to spend confirmed transactions first. In any case, I have been able to send bitcoins 3 times today, despite having five of those dust things in my wallet still unconfirmed.

Don't know why you would think so. So far I haven't run into libertarians that were homophobic, and I've ran into a few gay ones. I'm one myself even (though I'm more an anarchist)


As for Palin, I think with all the camera time she would have to do as President, that her eyeball will probably fall out from all the winking. That, or the side of her face will be VERY RIPPED AND MANLY with its own set of pecks.

I can also imagine a universe where the universe doesn't exist. So no one exists.

Have you seen it though? It's a damn smartphone O.o
And you can be safe in knowing that if a hacker ever steals your bitcoins, the earliest they'll get them is in two weeks.

Erm, somewhat bad timing with this whole bitcoin-wide attack thing. The guys may be on their way to Berlin as we speak, so probably won't get a chance to look at things till later. I asked them for feedback on whether Mycelium is affected by this thing. Will let you know soon as I hear back.

Then what's the point? Jeff Garzik wants to put a cube sat with a bitcoin node in space, to stay there almost permanently. Why do we need a flat up there for about a minute?

Well, they got hacked and had money stolen in 2011. They reimbursed customers from their own funds/profits.
Bitomat.pl exchange did something massively stupid, and lost something like 25,000 of their customer's coins (all of them, basically). MtGox bought out Bitomat, along with all its customers, and reimbursed customers from their own funds/profits.
Last Spring and Summer, US government took $5mil USD of customer's money when they froze Gox's accounts. They reinbursed customers from their own funds/profits.

There's definitely a trend here, and if they reinburse everyone's funds this time, it wouldn't really be a miracle.

(Talking to someone, they suggested that perhaps MtGox was stupid to reimburse funds the last time, and attempted to file a class action on behalf of the customers who's money US government seized. But then, I guess that would have been too much hassle)

I suspect once this bug is fixed, it will come back up a bit by the end of the week (or if there's a typical weekend dip, by Monday), and then still expect it to start climbing again around March.

Would be ironic of Trezor was the one promisiing two weeks, and BFL ended up shipping their wallet first.

It's too bad Bitcoin can't get into the derivatives market. It Bitcoin market cap ever got to one quadrillion... *drool*

Anyone over there know a Maksim Plakhtiy?

I can pretty damn well imagine an entire universe where no gods exist at all, so Atheism does exist.

Why would I be jealous of an anrgy nobody, with a high ignore rating, and no original ideas?


I don't, actually. You just post links in most of your posts that force everyone to go to other threads and reply there. The fault is entirely yours.


Recently you stopped posting completely, and yes, when you came back, you mainly posted in this thread, however,
https://bitcointalk.org/index.php?topic=455141.msg5075137
https://bitcointalk.org/index.php?topic=355212.msg4701723
https://bitcointalk.org/index.php?topic=310859.msg4379213
https://bitcointalk.org/index.php?topic=386202.msg4167214
https://bitcointalk.org/index.php?topic=379171.msg4067868
https://bitcointalk.org/index.php?topic=351712.msg4063995
https://bitcointalk.org/index.php?topic=316297.msg3823550

are just a few of the threads you either started, or heavily participated in, where you would post disparaging remarks, crosslink to your other posts in various other threads, and generally followed the trend of "Bitcoin is broken, my IQ is higher than yours, you're idiots because you don't understand me." And that's just going to December.


First, I don't believe you to be that clever to "anticipate" that I would eventually agree with you. Second, with regards to economics and political collapse, I never said I didn't agree. The only things I ever disagreed with were the weird Pi based economic cycles, and your claims about bitcoin's problems. And I still do. That's why I said that I never thought your claims about "economic devastation" to be anything special, and your claims about bitcoin to be downright "special."



After bitcoin proves you wrong, and thwarts or adopts every good idea every other coin ever comes out with, then you will probably try some new spin on explaining why you deleted your old posts to hide your own history.


So, who is the benevolent dictator of TCP/IP, HTTP, SMTP, BitTorrent, VOIP? Nice theory, but it doesn't really apply to protocols.


Actually, first I fully engaged with you, and then shortly thereafter I called you a crazy person. I thought perhaps I may have been a bit too hasty and insensitive, but then you went ahead and solidified my opinion when you started adamantly defending your "Transaction Withholding Attack" idea, in the face of a bunch of people smarter than you pointing out that you don't even understand how transactions get propagated on the bitcoin network, let alone what "off-chain" transactions are, or what effects blocking yourself from the rest of the network would have on mining difficulty. Every time someone pointed out to you that what you proposed was technically wrong, you stuck to your guns even harder, until you basically resorted to calling well respected and extremely well knowledgeable people idiots, and claiming how your IQ is higher, or that some other guy with a higher IQ than you is smarket. You basically melted in a pool of angry defensiveness.

And that basically characterizes your entire post history: You think so damn highly of yourself, that you can't imagine yourself ever being wrong about anything, and if someone points out a falacy in your claim, you call them an idiot who simply can't understand the high level of intelect that you are conversing at

Also, I didn't know you were banned? And I would never join you. Because you are still a crazy person.


Oh, so why did you say you were, and that you would "show everyone" when you came back with it, how wrong everyone is, and how a cryptocurrency should be done right?

P.S. And I'm sorry if I hurt your feelings or made you angry or whatever. I know you are a real person with feelings on that other side. But dude, take a step off your high horse. We're not all morons down here.