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1521  Other / CPU/GPU Bitcoin mining hardware / Re: Help me build my first mining rig please. on: August 26, 2012, 05:17:07 PM
Just be careful with used Sapphire 5830s with the single 92mm fan. I see plenty of those on Ebay. I bought a bunch of them new 14-18 months ago and about 40% of them have failed within the last couple of months because of seized bearings. It may just be my luck, but something to consider when buying used cards.
1522  Economy / Service Discussion / Re: mtgox-Dwolla on: August 26, 2012, 12:15:14 PM
Last one for me took 4-5 days to hit my Dwolla account. That was 2 days ago, so it seems to be moving in the right direction.

Update: I just checked my Dwolla account again and and a more recent withdrawal just made it in less than 2 days. Let's hope this is permanent.
1523  Economy / Service Discussion / Re: Does Mt Gox have a 'stop loss order' feature on: August 22, 2012, 01:35:29 PM
If you want it now it is probably best to do it yourself through their API. Or pay someone to do it.

And the cool thing is that MTGox can shut down the API any moment to prevent automatic trading  Cool.

Time for someone to come up with a decentralized trading platform Grin.
How would you architect a distributed trading platform with low latecy, atomicity of transactions and no double fill of orders?

A long time ago I was involved in a project related to automated trading on CME GLOBEX. I seem to remember the other guys at work mentioning that latencies above 2 ms (or it might even have been 0.2 ms) between our execution engine and GLOBEX was unacceptable. That was the standard back then 10 years ago. I would bet that a global distributed p2p platform can't even do 200 ms.
1524  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 22, 2012, 10:13:04 AM
Almost every purported investment that claims unusually high returns relative to risk is either misrepresented (the risks are higher or the returns likely lower than claimed) or a ponzi scheme.
The recent BTC price drop of 40-45% over the weekend is a reminder of the real risk of holding BTC even for the short term. In light of this, maybe the yields of these investments are not that high after all relative to the risk?
1525  Bitcoin / Bitcoin Discussion / Re: Bitcoin is a lot like egold. Egold was shutdown after having many HYIPs/Ponzis. on: August 22, 2012, 03:23:31 AM
Quote
Bitcoin is a lot like egold. Egold was shutdown after having many HYIPs/Ponzis.

That is not true. Please see the following link:

http://www.egoldclaimsprocess.com/FrequentlyAskedQuestions.aspx

It was primarily shutdown for suspected unlicensed transmission of money.

Quote
Why did the government get involved in E-Gold, Ltd. (E-Gold)?

Answer:

In the summer of 2008, E-Gold, Ltd. (E-Gold) pleaded guilty in United States v. E-Gold, Ltd. et al, Criminal Number 07-109, in the United States District Court in the District of Columbia. E-Gold was operating as an unlicensed money transmitter business in violation of federal criminal law. This plea led to the seizure of E-Gold accounts because the accounts were either involved in the unlicensed money transmitter business or particular account holders were alleged to have been involved in certain illegal activities.

If you have been following the case closely, you will know that the "certain illegal activities" referred to suspected money laundering and child porn. HYIP was rarely mentioned.

However, after seizing the accounts and examininng each one they even admitted that it turned out that most of the e-gold was legit.

Quote
How did the government recover money from E-Gold?

Answer:After E-Gold pleaded guilty in its criminal case, E-Gold contacted the United States Attorney’s Office in Baltimore, MD and offered to assist the government in recovering proceeds of criminal activity and in returning the value of certain accounts to qualified account holders.  E-Gold and the United States Attorney’s Office then agreed to work together to resolve these issues.  As a result, the United States Attorney’s Office applied for and obtained warrants from the court to seize funds from the sale of e-metal held in E-Gold accounts.  Some of the e-metal in E-Gold accounts appears to the Government to have been criminally derived.  However, the majority of the e-metal was owned by innocent account holders.

I have a large sum of legit funds tied up in this mess, and I am still waiting to be contacted about my claim. Never again.
1526  Economy / Service Discussion / Re: Does Mt Gox have a 'stop loss order' feature on: August 21, 2012, 10:18:20 AM
If you want it now it is probably best to do it yourself through their API. Or pay someone to do it.

As others have pointed out due to the volatility of the BTC market what you'd really want is a sell stop-limit order. You enter a trigger price (say $11.50) and a limit price (say $10.50). When the price touches or drops below $11.50 the $10.50 sell limit order is placed. There is still no guarantee that your order will be filled, but at least you know you won't be selling at 0.02.

A trailing stop or trailing stop-limit order would be another useful feature to have. In this case the stop price will be expressed as some percentage or offset of the peak price. Typically you'd set this during a rally. You'd use this to get out of your position with a profit when the current rally ends and begins to reverse.

1527  Bitcoin / Mining / Re: Specialized mining hardware against the "ideals" of bitcoin? on: August 21, 2012, 02:24:03 AM
There will always be people spending $30K on mining, whether on a small GPU farm or an SC rig. If you can't afford $30K you could begin to build your ASIC mining power in steps of $150 starting with the Jalapeno. If today you've spent $2K on GPU mining at year's end you could spend $2K on 1 SC single and 4 Jalapenos to get 54 GHash/s.

You can easily compute the hashes-per-second-per-dollar on the 3 BFL ASIC products. They are: 23 MHash/s/$, 30 MHash/s/$ and 33 MHash/s/$ (based on claimed numbers). As you can see the advantage of buying at the high end of the scale is not that much.

Basically if you are a dedicated GPU miner today migrating to ASICs would not be a problem if you have $150 or more to spend. You still need to worry about being profitable though - the ASICs may be overpriced if you get yours late after difficulty has already gone up.

1528  Bitcoin / Pools / Re: [2000 GH] BTC Guild - Pure PPS Merged Mining, Port 80 Mining, No Invalid Blocks on: August 20, 2012, 05:09:54 AM
What's this private server DNS? I just noticed it on my account. Can I use it for all my miners or just my fast dedicated miners.
1529  Economy / Long-term offers / Re: [POLL] How will Pirateat40's debt repayment unfold? on: August 19, 2012, 11:05:21 PM
It doesnt work that way. Sure, if you have 500K btc you can crash the price, easily. But you can not buy back 500K btc later without sending the price in to the stratosphere.
Is this always true? What if the market was overbought, or due for a correction/crash? In such a situation it would be reasonable to expect that a smaller amount of BTC would be needed to trigger the crash and you would likely be able to cover the sale without bringing the price back to the original. The key is knowing when the market is in such a condition. Now according to the economists and their Efficient Market Hypothesis it is not possible for any one market participant to have an information edge in determining this type of condition. In practice many successful traders will tell you this is not true - especially the liquidity-provider type traders who are in the market 100% of the time.

Edit: to make some use of my stupid nick Google the following for a couple of examples where the George Soros made a killing shorting at the right time and destroyed economies in the process:

   - soros shorts pound 1992
   - soros shorts bhat 1997
1530  Bitcoin / Bitcoin Discussion / Re: The reality of BTC that too many (and myself) dont want to believe. on: August 19, 2012, 12:35:13 AM
(in 1990, millions of kids (eg, ~10yr olds) were using the internet )

In 1990 internet was Gopher, Compuserve and BBS. First web browser - 1993. Millions of kids - 1997.
and 2400 baud IIRC
And NNTP was the biggest time waster instead of todays forums.
1531  Economy / Long-term offers / Re: [BitcoinMax.com] Paying 4.9% per week... Small accounts welcome. on: August 17, 2012, 10:40:42 PM
Payments of initial deposits should be distributed as an even percentage to everyone as they arrive. No account should receive an amount greater than (total deposits - total withdrawals) before everyone's initial deposit is returned.


That's not possible. Some accounts have already withdrawn more than the total principal deposited.

Yes, that person would have to wait for everyone's initial deposits to be returned before receiving any other payout.
That makes some sense, but is still places unnecessary burden on that particular class of investors vs. those that have pulled out completely and those that still haven't recovered their initial investment.
1532  Economy / Long-term offers / Re: [BitcoinMax.com] Paying 4.9% per week... Small accounts welcome. on: August 17, 2012, 10:33:18 PM
Payments of initial deposits should be distributed as an even percentage to everyone as they arrive. No account should receive an amount greater than (total deposits - total withdrawals) before everyone's initial deposit is returned.


That's not possible. Some accounts have already withdrawn more than the total principal deposited.
1533  Economy / Service Discussion / Re: Here's why BTCST won't last for one year on: August 10, 2012, 12:31:07 PM
Im confused kludge.

Arent you invested with pirate ?
I was a bit confused too - I'm sure he's expressing the view of the sceptics, though it could have been clearer Grin
"I'm thinking this scheme only has -1 or 1 week left"

I guess the sarcasm was buried in 2 characters?
1534  Economy / Long-term offers / Re: [BitcoinMax.com] Paying 6.9% per week... Small accounts welcome. on: August 08, 2012, 03:39:47 AM
Is the website down?

I get this when I try to log in:

Quote
An Error Was Encountered

The action you have requested is not allowed.

i should put this in the FAQ... it has an exact cause:

when you leave the login page open too long (2 hours) before hitting submit, that's the error you get.

i'm not sure how to make it a nicer, more informative error message yet.

just refresh the login screen and then log in.

You could use a javascript timer to browse away from the login page to a "session expired" page just before the csrf_token expires.
1535  Economy / Marketplace / Re: The Armory - Weapon Marketplace on: August 02, 2012, 07:22:52 AM
Heh, just took a look at what is offered over there at the armory. Not a whole lot for sale right now. And the prices are (at least to me) outrageous.

Maybe I should put a couple hunderd $ into a gun and sell it for 700 BTC, sounds like a good way to make a crapload of money!

You're paying a premium for an off-the-books firearm.  Sure you can shop around for the best price on, say, a Glock 19 and walk into the gun store and buy one.  But you have to go through the background check, waiting period, etc. so your name and address are in the system now.
It used to be that in many US states you could buy privately owned firearms without any paperwork. I remember acquiring a Glock 19 from a (non-FFL) guy who advertised in the local Penny Saver. Went to his house, paid him cash, I didn't ask for a receipt and and he didn't ask for ID. So I got an off-the-books firearm by accident. That was many years ago in the mid-west.

Is this still possible today? I wouldn't know as I now live in NYC where you can't even touch a handgun without a permit and you can own at most 2 registered handguns. Looking up the regional gun laws on the NRA-ILA web site it seems like it is still possible. However I would imagine that today most private sellers would always ask the buyer for ID.
1536  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: August 02, 2012, 12:01:17 AM
Why is ciuciu still listed in the OP? Didn't he return the entire principal for all his 2% depositors a couple of days ago. After a few hours, many of those people redeposited at the new rate of 1.5%, but there was a short period where he was holding only a few hundred BTC worth of deposits. Hardly a ponzi.
1537  Bitcoin / Meetups / Re: Look at a pirate, eye to eye if you dare. on: August 01, 2012, 06:13:18 PM
But saying to have met Pirate (when in fact this was true) can never, by any rational fair person, be considered the same as being an accomplice. Whether this is according to any law is secondary, the very derivation is a non sequitur.

of course there are many actions that will lead to condemnation (actually being an accomplice to a Ponzi scam would be one of them for me personally).
+1 for both points. I'd like to add that running a passthrough does not make one an accomplice when it's a ponzi. I've heard that said, and imo that makes no sense.

Somebody should link to "Association Fallacy" on Wikipedia. It would be a welcome change to all those "Ponzi" links (like we've never heard about it before).
1538  Bitcoin / Pools / Re: [400GH/s] p2pool: Decentralized, DoS-resistant, Hop-Proof pool on: July 28, 2012, 09:25:23 PM
Limit connections to 30 or 20:
--max-conns 30
But there were about only 20 connections on his chart (10 outgoing and 10 incoming).

It's got to be something else.
1539  Bitcoin / Bitcoin Discussion / Re: The psychology of a con man - Zhou on: July 28, 2012, 03:00:46 PM
^ But in practice most people are part of the pools where the gains are socialized and distributed equally because they recognize the benefits of such cooperation and equitable distribution!  Don't you see, our WHOLE economy could be like that!

The gains per hash might be distributed equally amongst pool members, but the hashes are not. Depending on the technology available to the different members of the pool they will be generating hashes at different rates and at different joules per hash. The large FPGA miner might be the equivalent or your real-life CEO and the CPU miner the equivalent of your real-life slave laborer working for minimum wage (with an even larger disparity). Our economy IS already working like a pool.
1540  Other / Off-topic / Re: Malware infects three-quarters of the world's top banks on: July 28, 2012, 11:24:52 AM
I won't be surprised if some banks and other big corps continue to this day running XP and IE6 on their workstations

Large business are not used to run most up-to-date software, they move very slowly with their tech in many instances
They do. My company delivers financial SaaS to banks and we have to write our web pages to work on IE7 because some clients haven't upgraded. Other clients tell us that they still use XP SP4 (as if that really matters for web-based applications that don't intend to deliver malware) and and demand that our app must still work on XP. We started charging those clients extra fees to support old JScript and CSS code.
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