This is going to be a good week...
sarcasm? No, I'm serious :-) bitcoin illegal in thailand now :/ i understand that the thais' effect on global prices is quite minimal, but like, this does have psychological effects Still early days, too early to say whether it is really illegal or not -- after all in such countries "everything not allowed is forbidden" -- and as a result laws are generally ignored. Don't think there will be much effect. Price is the good news. |
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This is going to be a good week...
sarcasm? No, I'm serious :-) |
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This is going to be a good week...
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I am considering to make this "passive wallet" open source and as a free application in the App Store. But I would prefer to have there some paid advanced option, content or service included. Some option what could earn some money back for the hard development time spent and invested in this project. Maybe some affiliate program or some service of some kind included. Maybe some third party service. What do you think about such options?
Do you have some ideas?
Do you have some ideas about how to make BitcoinViewer free and open source and at the same time to offer some option to earn money back?
So I can make it free and open source, continue development, make improvements, fixes, new features, get new users, etc. for this software, etc. in long term?
Thanks for ideas and letting know your opinions.
I would gladly to make everybody happy.
So more users can get attracted.
And at the same time have some income from it?
PS: I would like to allow sending BTC from the app at some stage.
As you say, I think the current best iOS model is freemium apps -- give away the app for free, then offer a paid advanced version or in-app upgrade. You could collect feedback for the first few months to see what the most-requested features were (e.g. BTC send-out), then release them in a paid-for version. You could probably charge a lot more than 99c for said version. That way, you have a much bigger audience, and the people who like the biggest and best can and will pay. |
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Bloody hell, finding this on someone's server would be a goldmine!
So sending coins away is as simple as one GET request? The wrong people will be drooling over this.
Unless I'm misunderstanding something, I strongly recommend you forget about advising people to automatically return funds to non-existent users, and strip all that stuff out. Read-access to a server shouldn't result in this kind of compromise.
Just like how sending coins away is just as simple as a JSON-RPC request.. Read-access to a server does give you wallet.dat Not on any server I would be doing business with! Sending coins out should only be initiated by a trusted user. That might come at the expense of easy automation, but said automation comes at the expense of losing all your coins. If that API key and PIN are the only things needed to spirit away coins, they have no business sitting together in a file -- conveniently next to the URL for making it happen. They belong in someone's head. If you want to automate, you can use a hot wallet, but it looks like this wallet will be receiving coins directly from customers? EDIT: Sorry for coming across a bit harsh, I don't mean to be a dick -- but as you say, this is intended for the "average lamp" website. Such sites normally have a massive attack surface -- they can't also contain the customer's "crown jewels", which is what this script is. :-) |
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Bloody hell, finding this on someone's server would be a goldmine!
So sending coins away is as simple as one GET request? The wrong people will be drooling over this.
Unless I'm misunderstanding something, I strongly recommend you forget about advising people to automatically return funds to non-existent users, and strip all that stuff out. Read-access to a server shouldn't result in this kind of compromise.
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First it's important to note that Ripple is not a currency, it's a global payment network that costs virtually nothing to use. Within this payment network you can use any currency you choose. USD, EUR, YEN, BTC, LTC, PPC or any other currency there is liquidity for. I say this because it's important to know what you're investing in. It's not Bitcoin. It's a true protocol like http, not a single crypto currency.
Is Ripple actually gaining any traction as a payment network? I've yet to see a single business accepting XRP or payment through Ripple network, or hear about any major/regular transaction going through it.. Are there any stats about this out there? It's not, and it shouldn't. It is closed-source, centralized, has a currency called XRP that is 100% premined and in the hands of the creators, and the whole thing is owned by a for-profit company.Is this not a problem for you Coinseeker? If not then wtf are you doing on bitcointalk? This is the most important thing about bitcoin, besides it can't be printed from ass, and you think it's just irrelevant? I think, you just like to be a troll and that makes me stupid, because i'm feeding you. I've always had the same question, but for different reasons. At first I thought, maybe, something like this. However, he gushes about Ripple.... |
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It's funny people are complaining about free money from the arbitrage
Transfer $$$ to bitstamp to buy bitcoin
Transfer bitcoin to mtgox to sell for $$$.
A quick 6+% profit, after deducting the transaction fees from the two exchanges.
Sure, withdrawal delay with mtgox. Let say, 3 months to cash the money back to your bank.
What's the big deal? It's still an easy 6+% profit over 3 months.
Now, look at how much the bank pay you in saving interest per year?
The reason that arbitrage like this 6% spread still exists without fluctuating much is because no one is capitalizing on it so as to close the gap, which then further maintains this arbitrage since MtGox's inability to payout prevents capitalists to risk the uncertainty of withdrawing GXD (Gox USD as a fellow member labeled it) into realized USD. No, Not necessarily. Let me ask you a question. What would happen to the Bitstamp price if people dumped right now on Mt Gox and dropped the price by $10? More likely than not, it would drop too, as Mt Gox still (albeit to a slightly lesser extent) influences the prices on other exchanges. |
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Assuming that the recent rise is partly from people desperate for fiat and buying coins to dump on Bitstamp I thought I would check MtGox's facebook page for any clues that they are actually starting to clear the wire backlog. This from yesterday shows no improvement: "Alexandra Sokolova Not kidding, they are dicking me and many other around. I know someone who decided to cash out in 130k April, and wire transfer in seperate transactions thoughout late April and early May, they proccessed some of the smaller ones but all the larger ones are still pending 3 months later."https://www.facebook.com/MtGoxDidn't MtGox say they were hiring a comms person a few months ago? WTF do they do? I know customers can be annoying, but at the very least, responding to posts on a public Facebook page should be a priority, even if you have nothing to report. What is it with Bitcoin businesses thinking they are immune to basic customer service? Even if they just constantly repeat "Unfortunately our withdrawal demand is far in excess of capacity, and some larger withdrawals are required to be held for compliance purposes. Unfortunately we cannot give any more information at this time.", it's better than just leaving posts to rot. |
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I have been thinking about how one would create a safe marketplace that handles disputes fairly - let's just say I want to be a part of a safe one hence maybe I might want to create one.
One of the issues I've come up with is how does one handle a dispute when a buyer of an item claims the item is faulty or not as described and wants a refund, but the seller is quite confident the item is working and nothing affected the items on delivery.
In most jurisdictions, the buyer has statutory rights -- they should be able to return an item for a full refund even if it is not faulty, for a period of 30 days or so. This might cost the seller somewhat (wasted time, shipping fees etc.), but they should price this into their business -- all sellers have to deal with it. The Bitcoin community isn't immune from this. The best thing you can do is encourage sellers to live up to their statutory obligations (unless there's a good reason (e.g. digital goods) why they can't), and encourage users to rate accordingly. Sellers with nice return policies (e.g. 30-days no-questions-asked) will do brisker business than those who will enter into an online tiff when the buyer states the items were damaged. Another issue I've thought about is how does one prevent scammers from a marketplace aside from relying on user ratings/ratings ( which could be skewed from people wanting to boost their ratings by making duplicate accounts). One thing I thought about is requesting more information aka driver's license or some type of way to background check a person.
If anyone could chime in with systems already in place I'd appreciate it. Also if anyone has other issues they've seen which weren't able to be handled correctly, please describe them here. Thanks and appreciated.
Most ratings systems are based on the number of transactions rather than the number of users. Sock puppet accounts shouldn't have any bearing on that? You could also do a pagerank-style algorithm, where feedback from users with high feedback themselves is rated higher than newbies -- but you'd have to monitor it carefully to avoid cronyism. Hope that helps :-) |
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It also reinforces the association by the public: Bitcoin that's a ponzi - now confirmed by the SEC.
You're getting worse. |
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That wasn't on the radar at all! Great news!
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Easier than doing it on Mt. Gox  Anyway looks like things might settle down for a bit -- 'stamp is oh-so-slowly climbing, and Gox is all whaled out. |
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Whatever it is I don't know if I am feeling to confident about it. I just moved everything I had on Gox off. Better to play it a little safe right now. IMO.
It's possible that this is exactly what the dumper on BitStamp was aiming for. |
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https://bitcointalk.org/index.php?topic=251895.msg2786714#newAnd check several other threads in service discussion Draw your own conclusions, but it seems 'flowing' is not the right word. 'Trickling' perhaps. I think your month would be very optimistic. Bear in mind that you are also taking on serious counterparty risk during this time. Your % profit is simply betting on the probability of Gox becoming insolvent over that (unknown) time frame. That's the trade. If I were you, right now, I would be factoring in a 3 month wait time. Just a guess ... EDIT : I do not have an agenda here, I am merely stating my opinion of things as I see and interpret them. YMMV We've seen ~1k buys/dumps! So you're telling me that there are people who think that the risk of cashing out via MtGox is greater than the risk of holding large amounts of BTC through one of the greatest bubble crashes in history? You may be right, but it just doesn't ring true to me. I think most BTC holders are further along the risk/reward curve than that. I can understand a gap -- but I think the gap is unnaturally wide. People shorting on bitfinex accounts for some of the gap but not all. The dumps we saw earlier today reminded me greatly of previous irrational dumps we saw on Gox. Anyway, we'll see... |
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I thought the wire transfers were flowing again. People were posting proof of transactions into their bank accounts. To answer your question I would be willing to wait a month for a 6% profit to get bank into my bank account. What if I could rinse and repeat 12 times a year? Would that be a 72% profit for the year? What other old-ass traditional stock, commodity, ETF, bond, forex trading, etc can net you that??
^This. The selling pressure on BitStamp is IMO irrational. |
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so, we will retest 100 $ soon.
We really need to break that resistance. It really looks to me that what is being bought on Gox is being dumped on BitStamp in a hurry I think we could be about to see a REAL price dislocation in the coming days. Something wierd is going on. I'm thinking about this... why would someone do that? What would it get them? Are they trying to get BitStamp to explode up when the selling there stops? And then folks react on Gox, and so on? (Sort of like creating a coiled spring on BitStamp. Then they sell their coins higher on Gox at a later time (as the rally continues). Something just seems weird (as usual) with the movement... What it gets them is fiat in their bank not a Gox IOU ... Perhaps they were tying to create a bit of panic selling on Gox by slamming Bitstamp, and doing it the other way round. ie selling coins on Bitstamp and then buying on Gox after. Not a problem if you already own a bunch. And has the same net effect of moving out of Gox. Didn't really work though in terms of panic. Just cost them more in slippage  I think it's for effect. If you have 1k in coins, you really need fiat bad enough that you will dump them on Bitstamp at up to $10 lower than you can get them elsewhere? Doesn't ring true to me. |
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Interesting, I thought the Gox gap was closing a few days ago (it was only around $5 to Bitstamp) but now it's growing again.
Any speculation as to the cause of this? Withdrawal hiatus is over, surely price should be equalizing by now?
Q: Why would you sell on Bitstamp when Mt. Gox is 10% higher, and has just moved up 5% without Bitstamp moving? A: 1. You don't really like money all that much 2. Once a bear, always a bear 3. Manipulation4. Retardation |
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Yes moron cause "inflation" (actually growth in monetary base) is relative to the number of coins already created and which will ever be created. At the end of 4 years BTC was at half of all coins and when LTC hits it's first halving event in a few years or so it will be at half of all LTC. Thus each chain produces 12.5% of all coins per year the first 4 years, the same inflation rate. The only difference is LTC chain was started later and is still in an earlier part of the curve.
"Inflation rate" is relative to the number of coins in existence. You said it yourself: growth in monetary base. LTC's current inflation rate is over 5x that of BTC. See here: https://bitcointalk.org/index.php?topic=227395.0 . |
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Wait a sec, LTC has exactly the same inflation rate as BTC as its just a strait copy-paste of the BTC mining scheduled but at 4 blocks in a 10 minute period rather then one. It has the same coins per block and the same 4 year period between the rewards being halved as BTC, it's just started later in time so its still in the first leg of higher inflation equivalent to what BTC was doing back in around 2012. So it is as good or as bad as the economics behind BTC.
If your looking for flawed economics look at the fact that both are designed to be deflationary and derive all their valuation from speculation, that's the real weakness.
Same coins per block, blocks mined 4x faster. Same inflation rate? Really?? |
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