yeah, he spammed me about this, i was not pleased  

90% of the funds profits will be reinvested (to be reviewed as the fund grows in proportion to the exchange market) while the rest will be donated 50:50 between BTC/LTC/NMC promotion and development, and the other 50% to tech charities that accept bitcoin donations that could help proliferate the bitcoin network.   Such as The Freedom Box Foundation - http://freedomboxfoundation.org/goals/index.en.html - and - The Free Network Foundation - http://freenetworkfoundation.org/?page_id=772 -  

I've updated the accounts spreedsheet to make it a bit easier to read and added some new sections - https://docs.google.com/spreadsheet/ccc?key=0Ap02rO_j4NLvdDB2cFRTS0ctVGRHRE5yQ2RfNUZFcUE

After much consideration, I’ve decided to close down Bitcoin Savings & Trust. 

Why?
The decision was based on the general size and overall time required to manage the transactions.  As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system.  On the 14th I made a final attempt to relieve pressure off the system by reducing the rates I offered for deposits.  In a perfect world this would allow me to hold more coins in reserve outside the system, but instead it only exponentially increased the amount of withdrawals overnight causing mass panic from many of my lenders.

So now what?
I’ve spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week.  Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement.  All withdraws at this point will be delayed until Monday when the shutdown process begins.. 

At this point I will no longer accept deposits.  Any coins sent into the system as of now will be returned immediately.

When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week. The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.

Thanks
I’d like to thank all of my lenders and PPT operators that were a key element in making Bitcoin Savings & Trust a success.  Bitcoin has grown a lot since I started this and want you to know that you were a vital part in helping it grow.

Now, I have a lot of work to do. Stay Tuned

-pirate

BTW, this is all bitlane’s fault.  (j/k you nut)

Once again.  The mandatory fee will likely be completely irrelevant in the future.  It isn't designed for revenue.  Never was, never will be.  Competition will cause users to pay a much much higher fee for fast processing than the mandatory fee (which is only designed to mark denial of service attacks prohibitively expensive).

Case in point even now satoshi dice pays a tx fee roughly 5x higher than the mandatory fee and they pay it on tx which don't even require the mandatory fee.  In the future it won't matter much if the mandatory fee is 0.0005 btc but your client advised you that to have a good chance of being include in the next 20 blocks will require a fee of 10x that. 

Before I left for vacation, I submitted a pull request that makes the default policy for miners "more fees == more likely to get into a block."  That will be in the 0.7 release (the policy before was mostly "higher priority == more likely to get into a block"), and I've been encouraging the big mining pool operators to implement something similar if they have their own transaction-selection code.

When I get back from vacation I plan on writing code to watch the transactions that do or do not make it into blocks to derive an estimate of the average miners' fee policy, and use that to recommend a reasonable fee to the user.

Those changes will let fees float naturally-- users and miners will form a market and fees will rise or fall based on what users are willing to pay and what miners are willing to accept. I don't like the arbitrary, centralized setting of fees that we've had up until now.

The wording of your question implies it hasn't already been done.  The fee was lowered to its current value when Bitcoin exceeded $20 USD per BTC.   At this point there is no reason to lower the fee further.  Maybe when 1 BTC = $100 then cutting the minimum fee by 80% would make it equivalent to the prior cut.

Still the min fee is likely going to be less and less important in the future.  I already pay about 5x the min fee (still a fraction of a cent).  The min fee doubling or being cut in half wouldn't change anything for me.

Its only summer on half the globe.

Probably Bitcoin>litecoin>namecoin

We do have a single simple unit that is easy to correlate with the $/€/£. it is the BTC.
Currently the exchange rates are:
1BTC =
1BTC =
1BTC =

Tell me what wallet application you use, and I may be able to provide the steps necessary to achieve your goal in your application.

You're crazy.

Inflation simply to avoid changing a soft-coded fee?

Hey guys, remember Flexcoin?  http://flexcoin.com/

I remembered about it today.  I went to withdraw my account balances that were still there.  It worked.

Does anyone else still use this?  I love the concept of the vanity account names that act as intra-systemic addresses.  I sort of hoped I would have been hearing more about this by now.

TL;DR = Don't store money in banks, buy "Things" that store value.
There isn't enough value in the world to pay back all of the debt in the world, and debt is added faster than value.
The imaginary currency the world is addicted to now can only end badly, and the longer it is allowed to go on the more people it is bad for. If you have savings, it should not be in any government currency, history shows that, put it in to things, things will always be worth something.

Gold(real gold, not bonds or certificates, other rare/used metals as well, they tend to adjust for inflation so should stay close to the same value (more money))

Self sufficient technology (things that make things, generators, hydro gardens, normal gardens, water tanks, water purifiers, solar/wind power, food preservers, even 'normal' tools, etc.), the 'thing' itself will go down in value, but the 'things' it makes won't, also covers you in case of world going to shit

Seeds (if the world goes to shit, food will be worth more than gold, and seeds make food, if the world doesn't go to shit, your seeds will be worth close to the same as they are now, and making your own food would work out cheaper and healthier in the long run),

If you must store money, use a credit union, not a bank, storing cash means losing value over time, at least interest partly accounts for inflation (Australia has had an average of 5.6%/year inflation since 1966, 2.9% since 2001)

Security - against thieves, (including the government), store the things in safes (plural, one safe means losing everything at once if you lose that safe), keep things the government would steal separate (gold, cash, probably even the seeds, anything they could claim they needed for the good of the country that would hurt you to lose) - this one isn't really going to increase in value or anything, but if it does its job once its paid for itself...

Art - The right art tends to always have a market, so works as savings, in a perfect world the only thing worth "money" would be art and unique creations,  instead of money ending, it just becomes frivolous, one vision is because robots do every job so how can people make money? - the problem I see with this is if robots do every job, the people that own the robots would have no use for billions of people sucking up resources... so it would probably end badly, still, having art could end up being a way to get a foot in the door to the robot owners "not being slaughtered" club

If you are feeling adventurous bitcoins will exist for as long as the internet and are deflationary. so as government money is made to be worth less (worthless) bitcoins are worth more, I say adventurous because they are only three and a half years old and it is a very young economy, my prediction is that they will be worth many times more in the future, but I’m not a psychic... you can also keep your bitcoins on a usb stick or in a physical form (the key printed on paper/metal/etc.) in a safe, done properly those coins will be there until you want them).

Bitcoins are better than money for a few reasons, there is no one in charge, the rules on currency creation were set at the beginning and can't be changed, there will only ever be 21 million of them (infinitely divisible). Fee's are set by the “miners” and currently at 0.0005btc ($0.0055) per average transaction. They can be “mined” that is, currency creation is done by the people that secure the network, by pointing your hardware (ATI graphics cards or specialist hardware) at the network it performs maths that verify the transactions on the network are real and that the coins being spent are owned by the person spending them, once verified you build a block (like a page in a ledger) and get paid some 'new' coins for the service, This can be seen as paying for bitcoins with electricity instead of money.

A note on the internet, the internet will exist through everything, if the government blocks it we will rebuild it, see Egypt, if the government filters it we will unlock it, see TOR, if the world goes to shit and all the isp's close down, we (well whoever planned and has electricity and wifi equipment) will build a worldwide wireless meshnet and enjoy free unfiltered "internet"(well, meshnet, but still)...we should do this now anyway...  

A note on me, I am not a writer, psychic or an economic adviser, this is a rant based on my hatred of money and my feelings, if you have any information that shows I am wrong I would love to hear it.



... I started this on facebook, it got kind of long and got to bitcoin, I also finished four drinks before getting to the bitcoin part - >.> does it make sense? and ring true? anything I should add to it?

Hi guys,

As some of you may know, I'm the main person in charge of stickies in the Lending forum along with John. Our current policy is to sticky major lenders in order to separate them out from all of the lending requests. I believe that this is reasonable, since there are far fewer lenders than lendees, and when people go to the lending board for the first time, chances are that they are looking for a loan, so making them be stickies makes sense.

However, what has happened is that many of these lenders have started taking out loans of their own in the form of deposit programs and they are advertising them through their sticky, giving them an unfair advantage over all of the other loan requests. In fact, just this last week I had to yell at BurtW for converting his sticky into ONLY the deposit program. As a result, I took about a week to reevaluate the sticky requirements in the Lending board, and I think I have a solution that I want to hear the community's opinion on.

I propose that after giving the current sticky holders a few days of notice, no current sticky in the Lending board other than the Who Pays What? sticky can even mention a deposit program in the first post of the sticky. The only exceptions to this would be for mentions that are part of the company name and the user's signature. No other mention would be allowed in the first post of the sticky, and any other mention would most likely be considered off-topic and subject to deletion as per standard moderation rules. As such, I will likely request that the users make a whole new thread to replace the current sticky, and one of us will swap the two threads out.

Let me know what you guys think.

Settings > Options > Display > Unit to show amounts in > µBTC

Problem solved.

I'm a total newbie and non-techie/non-gamer.  Love the idea of cryptocurrencies. 

Please excuse my ignorance, but why does anyone want litecoins?  I know you can sell them for bitcoins, which is what I plan to do.  But who would want to buy my coins and why?

Thanks in advance for info.



Bitcoin address:   115stzbruWvMSsVFo4JgumMR7KUziMaQer
Litecoin address:  LbdvgPAmdUDz8qhuseGdaa5CtCZBK4P3KA