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@qwerty555: great posts.
Thanks for your analysis, I think you're right about China's stance.
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It will be a long time before companies routinely invoice in BTC, but payments in BTC for USD orders are happening today.
Between which contractors? If you read my posts carefully, you would have noticed that I was talking about international trade between China and the USA... If you tried to pay in BTC for USD orders but got caught what would happen? "Got caught"? doing what? Nothing would "happen". There's nothing remotely questionable or unlawful about sending BTC to China. Happens all the time. Today. For everything from electronic parts to textiles. |
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Not possible. BitMint already solved this problem ages ago. At least that's what the site said when I cashed out of bitcoin to buy BitMint.  |
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^I wanna know the real answer here. Does anyone know an actual importer/exporter?
If you can simply tell customs that you received $X when in fact you were paid in YBTC, then the game is all over... You can expect all internation business to be transacted in bitcoin coming soon... Period. They'll be forced to do so just to stay profitable.
I somehow doubt this is the case though... Seems to me like customs agents will check with banks to see if the amount paid is what was taken out of the payee's account... At least above a certain dollar limit.
Anyone know the rule here?
Yes. Many. Customs has no real interest in what currency you've paid - and actually whether it's even been paid or not (net 30 terms are not uncommon among trusted trading partners, so merchandise often arrives before it is actually paid for). International business (even to the EU) is often conducted in USD - the only thing that really matters is accuracy of the customs documentation (i.e. value of the goods, more often than not in USD). That's the way it works. Exchange rates for duty/taxes etc are just calculated by customs at time of import. A customs invoice in BTC (at least today) would likely cause all kinds of problems - what would customs agencies use for an "official" exchange rate? - No freight company would likely accept it without a USD declared value anyway. I wouldn't even want to try it. But paying BTC for USD invoices - it happens all the time, already. |
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Once the benefits become apparent to more suppliers and buyers, I'd be surprised if this didn't catch on very quickly - replacing wire transfers for a significant percentage of US-Chinese commerce.
It is not all that simple. If you import something (or export for that matter) you have to declare the goods at the customs with their corresponding price list. I doubt it strongly the contractors would show the price in BTCs and still more if they would try to deceive, i.e. write down the price in dollars but pay out in bitcoins... This is not something that you could easily spit upon It's actually very simple. Pricing, invoicing, customs documents etc are in USD, but payment is made in BTC. Buyers all over the world already buy USD in various local currencies to pay chinese suppliers (in USD) so this is nothing particularly new at all for those familiar with international trade. It will be a long time before companies routinely invoice in BTC, but payments in BTC for USD orders are happening today. |
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Encrypted minikey is a great idea. Is it going to be added as an extension to BIP 38 (still in draft?) or will it be something new?
Especially interested in the tunable scrypt parameters. (Edit): Scrypt parameter options are a good idea, maybe one for low RAM/ low MIPS applications (i.e. POS/smart phones) too?
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They should encourage their businesses to cease accepting USD in export operations and switch to bitcoin, which then to be exchanged for CNY.
Even if they wanted they just couldn't switch to anything but USD. The USA is the biggest trading partner of China, so they have no other choice actually but to accept dollars. Besides that, their recent economic success is primarily due to American companies investing into their economy (read, their businesses aren't really theirs), so still no alternative... Some chinese manufacturers and distributors have quietly been accepting btc over this past year already, often preferring bitcoin due to the speed of payment, etc. Once the benefits become apparent to more suppliers and buyers, I'd be surprised if this didn't catch on very quickly - replacing wire transfers for a significant percentage of US-Chinese commerce. |
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The BIP 38 wallet design above is great, especially the matching, numbered private key for a safe deposit box etc.
An option for the "old" design, with a sealed encrypted key would be good too. Anyone with physical access to the wallet might have a better than random chance at guessing the owner's password, or could just snap a picture of it and run a dictionary attack at their convenience.
The xmas themed wallet is very nice!
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The broken security described in the Cambridge "Chip and Pin broken" paper is specific to the EMV architecture. It does not affect other chip and pin protocols like opencxp (opencxp.org).
Proprietary crypto standards that rely on technical details not being made public will always be compromised. Asymmetrical cryptography never requires this.
Any architecture relying on proprietary 'secure' smart-cards, microprocessors, secret vendor keys, etc. can only provide a transitory perception of actual security. Eventually they will be hacked if the incentive is high enough (i.e. $700 bitcoins). It's always happened: Smartcards (OK, Statoil, EMV etc..) RFID tags (Shell Paypass, etc.), DVD 'secret keys' ... it always ends the same way.
What's really incredible is that such a huge, recent worldwide rollout could include such a fundamental design flaw.
It's actually getting worse, not better: The Visa NFC launch allows card data to be read by NFC in plain text right from the card (user name, card number)
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paper wallet support encryption, anti teft, disaster recovery if you are not dumb and duplicate them, waterproof with revlar paper dont underestimate paper  ... Yes, I was just looking at that chart with waterproof, encrypted revlar or teslin wallets in mind.. They come up ahead in just about every category and you can make multiple copies for backup. Trezor still rocks, an EMP-hard backup is the only real backup though. |
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Yes.
You know this how? What stops the first person coming online from doing a 51%? That's not how 51% attack works, you need to have a main blockchain you don't work on first to pull off a 51% attack. Use your brain. If you came on first wouldn't you start mining (lets say the diff. adjusted)? Then you'd be 100% hashrate. And precisely what could you accomplish, all alone on your private network with 100% of the hashing power? Exactly. Nothing. Why wait for an EMP? - go ahead, unplug your internet connection and give it a go! |
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Excellent project, stick!
Has anyone done an iPhone or android app for this map yet?
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What if we get hit by a massive solar flare, that could leave us without electricity, computers, internet for a prolonged time.
Would Bitcoin die?
No. Nothing can kill it unless every last copy of the blockchain, everywhere in the world is destroyed. If that ever happens, bitcoin will be the least of anyone's worries. As long as the internet exists and there is one copy of the blockchain left, the bitcoin network will rebuild itself. It's not going anywhere. |
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Hmm, no hard copies of the bitcoin blockchain?
If all the other copies are lost (by EMP, supernova, etc.) who's going to type it in to a computer, even if you're able to cart your singed copy of the paper blockchain across the apocalyptic wasteland to find a PC? You'd likely have far bigger worries than your BTC balance. |
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I'm suspecting their business model will be something like the "equifax" of bitcoin - i.e. pay a fee to check how 'clean' they are..
Not likely this will go anywhere. Would businesses subscribe to a service to check US banknote serial numbers for their past history? No.
There are undoubtedly already large blockchain-mapping projects underway at various agencies. Seems pretty obvious as the silk-road related arrests continue.
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the name is an anagram for "Satanism Oak Hoot", you know- the owls on the 1 dollar bill? base58(666) = BS ... Bitcoin System? Coincidence? You decide!  |
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Grossly disproportionate rewards to a small community of self selecting early adopters.
So did the wheel. ^^ best comment of 2013  |
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Grossly disproportionate rewards to a small community of self selecting early adopters.
I would add: Grossly disproportionate punishment of a few trolls who sold all their bitcoin at $12 and still can't get over it. |
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Or he was just a middleman. A private key on a slip of paper can change hands many times without ever touching the blockchain.
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