I heard from one person who bought a house with their pizza bitcoins, indirectly, by trading it for cash first. Apparently it was a lot of hassle with the bank due to AML and just their general distaste for currencies they don't control. I wish I could say I did the same, but the pizza didn't appreciate the same way as the bitcoins  I think pizza always appreciates. @Laszlo your pizza sorry was the first story I read about bitcoins and my first knowledge of cryptocurrencies, your a legend. The pizzia story is epic. It really puts into perspective the power of bitcoin. You can ignore the fact as to how expensive the pizza was, but remember the fact as to how quickly funds were able to be transferred across the atlantic for a specific product. |
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You'll never go broke taking a profit. Greed is what tanks most investors. In the end it is not how much could you have potentially made (if you play that game you can make a fortune and still be miserable) but how much did you make. Anything to the plus is a win.
Buy some whenever it tanks, sell some during rallies (the standard buy low, sell high.) Never hurts to take a profit.
Define profit. For me more BTC is better than more FIAT. I only buy the dips, never sell for fiat but spend on goods or services. How is spending bitcoin on good/services different from selling it from fiat? Do you take into consideration the merchant't policy of converting their bitcoin into fiat? |
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It's a well known fact that 1GG3CLYd36tmU2X73rmHYzsTtaJcNwMcCC is the default address for destroying Bitcoins
*cough*
lollll I don't think this is a true statement lol. Trying to get donations? If you wish to "destroy" your bitcoin then simply send a TX with an invalid output and the invalid output will essentially be destroyed if the TX is accepted by the miners. |
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Someone (-someone-Hamilton) in another thread suggested getting together to buy the SR coins that are to be auctioned off at the end of this month. I propose that we pool our resources, perhaps forming an LLC (I'm no attorney), to grab at least one of those 3000 coin blocks. I'm down for $20,000 (10% of the deposit). I think the market price at the time of the auction will be much lower due to this news. We should be able to get the auctioned coins below market value at the time of the auction.
Please pledge how much you would be willing to contribute to get the coins and what maximum bid value you would approve. No BS answers please. FWIW $1M winning bid = $333.33 / BTC. Think about it.
What is your goal in doing this? Are you hoping to support the price of bitcoin? are you trying to profit off of the likely discount that you would receive at an auction? |
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Perhaps the author made a small mistake and meant to title the thread:
"Changing Bitcoin into PoS(Piece of Shit)"
Perhaps? Otherwise, I don't get the joke.
LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!I now noticed I wrote Piece of Stake, instead of Proof of Stake. Long story short, don't try POS coins. |
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Off-chain mainly refer to off block transaction or bitcoin transactions occuring outside the bitcoin network and ones unrelated to addresses (like user-user transfers) that doesn't involve a record on the blockchain (or this is at least what I think they are)
It is important to note that the entity facilitating the transactions has enough BTC to cover all of the coins in question. |
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I don't really see it as an issue. A lot of companies contract with the government.
That is true, plus the NSA can pretty much see everything regardless. |
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1. Send your btc to an exchange
2. Buy darkcoin with the btc and send those drk to a wallet
3. Send your drk anonymously to another darkcoin wallet.
4. Open another exchange account and sell your darkcoin for btc.
5. Create another wallet address for btc and send newly purchased btc to account.
DRK is really nothing more then blockchain.info's shared send feature. Only that all TX uses this instead of ~30%. If you wish to have true anomity then it is best to use a number of tumblers and/or mixers. |
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What ultimately matters is if a bitcoin ETF eventually starts trading on a stock exchange or not.
Once it starts trading on a stock exchange then trading volume will surge.
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Coinbase is technically a broker, but there is coinbase.
Bitstamp is another big one.
You also have camp BX.
Localbitcoins is also technically just an escrow service, but they are good for decentralization of trades.
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Hey guys, We're kicking off the www.BitCoin.co.za for South African BTC users. SA has some challenges in getting BTC up and running, specifically currency controls. But we hope to raise a community that can help us overcome these challenges. Anyone from anywhere else is welcome to drop their 2 bitcents on how BTC can begin to be used in a new region. Or just Troll, there is no activity at the moment so even trolls are welcome  This is really where bitcoin has the most potential. Forget about trying to avoid paying high fees to paypal. In places like South Africa (really almost every country in Africa) you can simply worry about being able to transfer money securely at all. Bitcoin is the solution to this. |
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Hi all,
Apologies in advance if this is a stupid question or I'm misunderstanding something basic, but I've read about potential security issues with off-the-blockchain transactions through intermediaries and have a question. The main take-away I've gotten is that intermediaries don't confirm transactions with with the public ledger, so transactions are promises of bitcoin transfers rather than actual transfers.
How does the blockchain prevent double-spending if, say, Alice spends her bitcoins through an intermediary by buying things on Overstock or something (off-chain) and then attempts to make a normal transaction to Bob on-chain? How is this detected?
Thanks in advance for help!
As long as the coins that the 3rd party holding your coins are not compromised you should be fine. You do have the risk that the 3rd party looses x% of their coins from a double spend attack, if this was the case then you would likely encur a loss of x%. This would be regardless of when you has transferred your coins around "off chain" |
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that's correct assuming they stop growing and don't go into 70-80% territory.
one of the biggest problems is that they have alot of mining hardware under their direct control.
what happens when they have enough hardware to be 70% of the hashing power without anyone's help.
the more hardware they control the more transactions they can reverse if they go rouge.
It also means the more capital they have at risk which becomes worthless when they attack the Bitcoin network. There isn't that much that you could double spend that would be worth more than a days revenue at 50% of the miner reward. I mean the exchanges are really the only entities with that kind of volume and you don't really think you are going to be able to deposit, trade, and withdraw tens of millions of dollars overnight do you? The idea that a 51% attack will be economical is doubtful. The larger threat comes from a non-economic attack. An entity well funded seeking to destroy the network and accepting like in any war the cost to do so will never be directly recovered. There is no magic bullet but if the network continues to grow is value then the cost to perform that kind of attack will also grow. Crypto currencies are out of the bag now and if the NSA or some other deep pocketed entity wasted tens of millions today or potentially billions of dollars in the future to kill Bitcoin it wouldn't be more effective than killing Napster was at ending file sharing. The ecosystem would adapt. Necessity is the mother of all invention. This is the best argument against worrying that ghash will execute an attack on the network once they get 51%. Ghash is a entity that is financially motivated. One other point is that even with them having 40% of the network they could still execute double spend attacks with a roughly 80% success rate. If they were to execute an attack why wait to get 51%? Why not at 35% or 40%, such attack could still earn a substantial amount of BTC. As far as I know no attacks like this have been executed and there have been no reports as such. |
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Devs would no longer be able to make more efficient (in terms of electric usage) machines.
Devs could make machines that produce less heat, that have more efficient cooling systems, or have some other advantage.
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It's not that simple. Whoever buys that much is probably playing this game on long run and knows that if he dumps that on market he will loose more than he paed for as market is not deep enough. It's eather keepers game, or sell little by little to maximize profit.
Of course, ppl will panic on 27, and price will fall, but w/o real reason. I just hope i will have somehing to buy BTC with by than.
You are likely correct to say that whoever buys the coins would not be in it for the long run, but it is hard to say just how quickly they would sell. It is also likely that the price of BTC would fall in advance of this auction, further depressing the value these coins fetch. |
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Whoever wins any of the 3k blocks will likely tumble their coins many times over. |
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When GOX announced they were having issues with TX mailability all of the exchanges suspended withdrawals so they could test their systems.
All of the exchanges essentially determined that this would not be an issue. GOX failed a few weeks later.
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ghash could earn more by ignoring all other pool blocks and just extending on its own chain. diff would even decrease and they could earn more They would not earn more in terms of fiat. If they were to attempt this kind of attack then the price of bitcoin would decrease substantially and what they mined on their own chain would be worthless. |
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Apple announced this a little over a week ago (allowing apps that can facilitate payments). Hopefully if the apps are high enough on the iTunes charts then enough people will see them that would not otherwise see them and get interested in, and invest in bitcoin. |
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I dont see too much of an issue with this. It's a private auction with the coins, not a exchange selling them off. If they went to an exchange to do this, I would be very concerned, but with a private auction it creates a sale outside of the BTC ecosystem and should have little effect on the price aside from speculator fears.
It doesn't matter if the mass amount of coins are sold on exchange, or privately. It'll eventually trickle down to the market. Sure the FBI isn't originally dumping it on an exchange, but there is no guarantee that the auction winner will not in turn dump it on an exchange or hold them. it'll still be a net positive if the auction draws massive whales that would otherwise not have dipped their feet., something like an impetus for wallstreet to join the game. but no one knows whether that will happen or not. This is not necessarily true. What the auction will do is create supply that would not otherwise be there. |
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