Still some left - get yours before they're gone!  |
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i'd suggest to leave it in for 'just in case' or for historical reasons or whatever... but take it off the main menu, and stick the option somewhere far in advanced preferences. and instead of calling it 'generate coins' call it something else, like 'generate blocks' or 'process blocks', and make a note that it's unlikely to net you any coin.
this should pretty much solve the problem of people coming in and saying "omg i've been generating for 3 days and don't have any coins".
though i guess i won't be against removing it completely, either.
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What's involved in determining if the Moneypak number is valid? How long does it take?
if you deposit it into your paypal account, it is instant. don't know the details of other methods though. |
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and also consider putting it up as a tor hidden service. just in case. |
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What will happen if a node announces a block whose timestamp is false (i.e. earlier or later than the real creation time)? AFAIK, the difficulty is affected by the timestamps.
Difficulty is based on the number of blocks created, and is adjusted every 2016 blocks. no, difficulty is based on the number of blocks created /per unit of time/. |
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I want to buy approx. 1500 BTC. Smaller amounts down to 25 BTC are appreciated as well, higher negotiable on good rates.
Current rate: 0.56 EUR per BTC
I will pay using European bank transfer (SEPA). A trade is guaranteed only after I confirm it. If you are skeptical about the "young" account, I can pay in advance or arrange for other kinds of security, depending on the circumstances.
There are a few EUR orders on the bitcoin-otc order book. if you stick around there you can probably find someone willing to trade. |
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When will we see an ISK to bitcoin exchange market?  anything can be traded on #bitcoin-otc |
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If I was gonna do it, then I probably would set it up with the following parameters.
Same 21 million just like Bitcoin. There is nothing wrong with this number. But instead of 50 coins for the first 210000 blocks, I would make the reward try to mimic an objective measure of the community size with a formula.
Here is an example formula (BTC per block) for that: B * (ln(difficulty)2 / 4) where B is a percentage of coins not yet distributed (1 for 21 million, 0.5 for 10.5 million, 0 when they're all distributed).
This would result in 50 coins being given out per block once the difficulty reached 2.3 million. Current difficulty of about 70000 would pay about 30 coins. If I fired up just my own GPU's (eight 5970's), the difficulty would be about 700 and the payout would be about 9.50 per block.
Then I would correlate the maximum block size with the difficulty.
so, not inflata-coin, just a different block bounty distribution over time, i see. the idea of indexing it to the difficulty is actually quite an interesting one, i think. as long as you keep the chain separate from the main block chain (so that the mainchain clients don't have to deal with the extra traffic from your fork that would be treated as invalid), i see nothing wrong with you giving it a try to see what happens. i still foresee some difficulty in attracting miners away from the main bitcoin chain and into the new one. early adopters need to be able to expect a higher compensation than the later adopters, in order to be convinced to put their effort in, at a time when the risk is highest. on this metric, main bitcoin still has you beat. but compared to inflata-coin, it's a lot better in this respect if, while you are at it, you also put in some other improvements (or things that some people would perceive as improvements), e.g., more decimal places of divisibility, etc., it may have some future. |
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just to clarify: these are invites to the main diaspora pod, at joindiaspora.com, run by the diaspora devs. diaspora is a distributed social network with better privacy control, and built entirely on Free open source software. In addition to contacting me over IRC, feel free to send a forum PM as well. But IRC would be faster. |
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well, i think the main point is this: now that current bitcoin exists, nobody in his right mind would trade current-bitcoins for inflata-coins, because they know that current-bitcoin ultimately has a limited supply, and is likely to increase in value, while the new inflata-coin will not. so... nobody stops you from creating inflata-coin - it is a simple change of about 5 lines of code in the current bitcoin client, and you're off to the races with your new inflata-coin block chain. (well, that and you have to create a new genesis block). if you inflata-coin supporters want to get together and jump onto the inflata-coin block chain, nobody's stopping you, give it a go, and see what happens. that's what satoshi did - rather than arguing about deflata-coin (current bitcoin ), he just came out and did it to see what happens, in an experimental fashion. so do the same. my prediction, however, is that you'll have a hard time attracting significant mining power. |
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question: is it possible to do this without installing any software? just sign up?
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Selling diaspora invites, at 2btc each.
If interested, talk to me on freenode IRC, nick nanotube, channel #bitcoin-otc
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as far as the 'building up your trust' issue goes, take a look at the bitcoin-otc web of trust (links in sig)
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-Let's say Black deposits 100BTC at Bitcoin Bank A.
-Bank A gives Black access to an on-demand deposit account with 100 BTC maintained on Bank A's database.
-Brown wants to start a business and needs capital.
-Bank A 'lends' 100BTC to Brown by creating a second on-demand deposit account controlled by Brown with 100 BTC.
-Bank A thus keeps 100 BTC on reserve for 200 BTC of on-demand deposit accounts (50% reserve).
you seem to have an incorrect understanding of fractional reserve, more specifically, of what the 'reserve' percentage means. in the case you describe, having 100btc deposit, and lending out all 100btc, you end up with 0% reserve, not 50%. A bank cannot lend out more btc than it actually has. please consult the following for more details: http://en.wikipedia.org/wiki/Fractional-reserve_banking |
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indeed, as i've mentioned several times in various discussions before, setting the reserve ratio anywhere between 100 and 0 percent is simply a tradeoff between riskiness and profitability. I will not be surprised if real fractional reserve bitcoin banking does arise, and various stated reserve ratios will simply attract different clientele.
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IDK what the fees are but it should still be pretty good for you... done deals with dishwara twice. have ebay rep. please help try asking on bitcoin-otc irc chan, too. (links in sig) |
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As a complementary service to noagenda's anti-deflationary scheme ( http://bitcointalk.org/index.php?topic=4780.0) I hereby introduce the Bitcoin Fractional Reserve Bank, to pull the meager bitcoin economy out of the deflationary spiral of doom! By lowering our reserve requirements over time, we can arbitrarily extend the inflationary period of bitcoin, and thus counteract the hard-coded reductions in bitcoin creation rate! The current reserve ratio is set at a respectable 90 percent, and will be halved every time the bitcoin block bounty is halved (every 210000 blocks). All deposits are backed by the Fractional Deposit Insurance Corporation), up to a maximum amount of 0 bitcoins. All deposits carry an attractive 0% interest rate, which is in the top 5% of all bitcoin depositary institutions! Further, we are well prepared to deal with any bank run-style event. In addition to the solid backing by the FracDIC, we are prepared to close our doors and suspend operations, until the depositors clamoring for their funds walk away in defeat and frustration. So, deposit your bitcoins into the BFRB, and I promise to lend out 10% (current rate - will vary in tandem with bitcoin block bounty) of the money you deposit, thus inflating the money supply beyond the built in bitcoin limit! Do it for yourself, do it for the bitcoin economy, do it for me! * offer not available in stores. shipping and handling charges may apply. limit one account per person. |
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