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We need more moderators in this forum.
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It's certainly one of the biggest problems Bitcoin is facing.
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That's what you get for dressing in all these juicy minerals and metals, Ms Earth.
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I used to play online poker professionally. This is eerily similar to what happened with Full Tilt Poker. Its been more than 2 1/2 years since they shut down and players have still not received their funds back.
AFAIK all players got paid by now. Fulltilt is back up running. |
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https://www.bitstamp.net/faq/Who pays the withdrawal fee?
Not regarding to withdrawal method, a fee will be displayed before executing the withdrawal and deducted from amount. SEPA withdrawals are charged with fixed 0.90€ fee once your funds are converted to EUR. Minimum amount for SEPA withdrawal is $10.00. International withdrawals are charged with 0.09% fee, minimum fee is $15.00. Minimum amount for international withdrawal is $50.00.
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This is the 131st post on this topic. Yes I have counted them all. 132nd was made while I wrote this.
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My lowest limit order that executed while I was asleep was $540 at bitstamp, $520 is still up. If BTC-E went that low someone fucked up big time.
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Assuming you want to stay at 25 BTC block reward and 6 txps you will need 7mBTC fee. That is 70 times the current fee and currently worth around $5.55.
These assumptions will almost certainly not be met, but just as a way to visualize what the 25BTC right now means.
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You can do that, it makes some sense.
You could also try to have a mining rate that is related to the speed (/difficulty) of the network. No linear dependance of course, but something like
x - seconds since gensis
y - latest difficulty (normed so that y << x)
blockreward = ln(y) * x^2 / e^x
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An investment which shows a profit after 12 month would be conspired a good investment by most people.
Plus, alongside rising difficulty the BTC price may rise as well.
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Based on the above, what a rational person who wants Bitcoin to succeed should do, is to work as much as possible and buy as much bitcoins as possible until he cannot reasonably increase his position any more. Then quit his job and become full-time bitcoiner, to leverage both his knowledge of bitcoin, and his time, and his wealth, to make a great impact. I mean I'd love to but it's a bit risky don't you think. It's still just an experiment.. |
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So far I have not seen TwinWinNerD's attack refuted.
I own 1000 BTC.
I am investing 180 BTC in my attack and sell the other 820 on the exchange. I divide them into outputs of size exactly 0.1mBTC+1satoshi over a few weeks onto several node's I control. That will be about 1.8 million tx I can spam once set up. That is more than 3 consecutive days of 6 tx/s.
Once ready, I unleash the kraken, send 10tx/s in burst mode. The queue will grow long very quickly until tx are dropped at the end of it.
Now most people will not know what is going on, but simply see their cashout from bitstamp or their transfer to a friend not show up for a looong time. Of course, the core crew here knows to just increase the mining fee a bit to jump to the front of the queue, but that's not something 90% of the users even know how to do (wild estimate).
This will cause a bit of a sell off of coins. These coins, however, don't even arrive at the exchange within a day (caught in queue / dropped). Now people panic. Price drops 20% in a day (wild estimate).
I buy BTC back, with the money I got from selling earlier. At 20% lower price, I can afford 1020 BTC.
Voila I made 20 BTC profit.
FF a week. The newst -qt is released which has a dynamic automatic fee. The BTC price reaches pre-attack levels. My 20BTC profit is now in the money as well.
Where does this attack fail? (Besides the wildly estimated numbers of course.)
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I don't know where you got the 1.3m wallets with >0.1mBTC figure from, but if it's true, def divide by at least five addresses per person to get the # of users. 1 add/person is the absolute minimum, and the there is hardly a maximum.
I don't use BTC that much but have 10 active addresses in my wallet and another couple cold. Add in transitioning coins held by escrows and payment providers, like when I pay my pizza online...
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I could imagine a future where BTC is only used for big transactions (say $500 or more), LTC is used for medium transactions ($1+), and then micro transactions are done in multiple alts depending on the service. This is stable due to tx fees, like BTC has a $1 tx fee, so wouldn't use it for sending $5, and has strongest hash power.
Just my wild speculation.
Otherwise I don't really see why we would use more than one coin.
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Proof of spending. I see a new alt in the making.
But yeah this is more or less normal. One time I've been to 4 branches of the same bank in one day to withdraw the amount I needed. They often don't have 10k at hand (or they do, but would risk running low in the evening or before the next schedules cash delivery).
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