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Surely the news that mtgox's Jed and prosper.com founder Chris's joint venture to develop a "better" alternative coin has nothing to do with the dump, for sure.
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Surely the news that mtgox's Jed and prosper.com founder Chris's joint venture to develop a "better" alternative coin has nothing to do with the dump, for sure.
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If this was done on a scale that could be manufactured I would bet you would have a second classification similar to man made diamonds. A lot of men would be happy to buy man made gold for their ladies.
Are you suggesting that lab diamonds are cheap? that's simply untrue, lab diamonds are often more expensive. |
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Seems coinbase is a bit slow, took a good 3 seconds to load that page. |
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Nice one! Though I think it's more logical to compare Bitcoin with a currency, for example "accusing Bitcoin of money laundering, is like accusing USD of money laundering". It wouldn't make sense.
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I think the take away from this story is: Can the US government use any angle to claim Bitcoin to be counterfeiting USD?
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I also think alternative coins are bad for the reputation of Bitcoin. There must only be one!
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I've been spamming replies on it all day (good legitimate replies, that is). Hopefully discarding some of the myths people have about bitcoin.
I completely agree with Erik - never talk about mining. It is pointless these days. Point out the merits of Bitcoin as a transaction system. "You can send money to anyone anywhere in the world, instantly and for free, and there is no government or bank acting as a middleman." When you make simple statements like that that people can relate to, they begin to understand why Bitcoin is such a revolutionary idea.
I agree, mining these days are reserved for highly motivated individual that is knowledgeable in hardware and software. Certainly not for someone just starting out anymore. |
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That is true, and both MtGox and our company have already figured out ways to cut Dwolla out of the picture. Features that will be launched soon.
CoinBase.com already does ACH inbound as well! I believe a few other exchanges do it.
Both Bitinstant and Coinbase are more expensive than Dwolla in terms of total cost, if I'm not in a hurry to fund my account, I'd stick with Dwolla. |
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wow this is like the biggest reddit bitcoin thread ever. 1100+ comments, 700+ upvotes
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A friend of mine recently sent 5 BTC to an address that was used by one of her accounts a week or so ago. That account auto changes the funding address for protection. So I am wondering the following:
Where did the 5 BTC go?
Will it come back if found to be invalid?
Are old addresses reused?
As long as that address is owned by someone, then it's recoverable. If the address is truly invalid (private key unknown to anyone), then you can't get it back. |
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It' a good idea, but it's better if the 0.001 BTC will be sent to the Bitcoin Faucet  doesn't that end up spamming the blockchain? Only for now, in the future, spamming the blockchain would be an encouraged behavior, since mining reward will be nearly zero, and miners will have to rely on massive amounts of transaction fee to keep mining. |
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Are we seeing higher prices due to lack of supply? Maybe block halving wasn't priced in as well as planned.
Block halving can not possibly be efficiently priced in, since it is an event that has never happened before, nor do we understand the long term consequences. |
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There are several problems with blockchain.info My Wallet which is why I don't think the project should ever officially recommend it or point users to it. I say that even though it's a really nice site and I regularly use its other services. I just don't think hosted wallets are a good idea: - If the site ever gets hacked, everyone who uses it can lose all their money. I know the owner claims it's not possible, but he's wrong. The reason is that your browser will download new code from the site silently and automatically, and that code can do anything, including sending your private keys to a bad guy. You would never even know it's happened. If you think it's unlikely that the site will get hacked, I wonder where you have been in the past couple of years! Websites get owned all the time, rootkits installed and they begin vending malware. Often they do so in ways that make it hard for the admin to notice there's a problem. Downloadable clients, for better or worse, don't currently have that problem (they have another problem which is that you have to manually fetch updates, but at least they can be given gitian-style updaters fairly easily).
- There is a Chrome extension that is supposed to fix the first issue by alerting you when things change, but that isn't going to work. It's hardly used and the failure mode is an indecipherable error message that users seem to click through without understanding (judging from previous mentions of it on this very forum).
- The site knows all your transactions, your balances and your IP addresses. So it's not very private.
- The 2-factor auth isn't really 2-factor auth as you would expect it to be.
- Although it's definitely arguable, to a financial regulator the site looks and feels like a financial institution. They let users open accounts. They process payments. They take deposits. There is a specific owner in a specific jurisdiction. The fact that the keys for authorizing transactions aren't on the servers is the sort of technical detail they're unlikely to care about. If somebody decides that blockchain.info is actually a bank, everyone on the site will be required to go through AML/KYC (at best) or the owners could be liable (at worst). I hope that doesn't happen but there's no way I'd run a hosted wallet.
Unless you're an iPhone user, I don't think there are any good reasons to use a hosted wallet. On a PC or Mac install MultiBit and use that instead. On Android install Bitcoin Wallet. Don't recommend friends to use blockchain.info because if anything goes wrong it could become the next MyBitcoin. For iPhone users, recommend they swap it for an Android device if they want to get serious about Bitcoin. Blockchain.info has provided the necessary security, whether the user utilize it, is not blockchain.info's problem. I for one utilize all of blockchain.info's security feature, including browser extension to check the code, and 2 factor google authenticator auth. Explain to me why "2 factor isn't 2 factor"? The site knows all my transactions? yeah so does the bitcoin blockchain. My IP address? good luck finding it, In the past 10 years, I've never browsed a website without ssh tunnel. Blockchain.info does not take deposits, since I control my own wallet, blockchain.info has no way to access it, therefore, they don't have any deposits. In a sense, blockchain.info is not a hosted wallet, it's just a tool, programmed in a web based language, to manage my own wallet. |
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I think Blockchain.info is the first place new users should be sent to who want to create a new wallet. That is disappointing, because it pushes users straight into a centralized, non-private, easy-to-monitor solution. In engineering terms, an SPOF (Single Point Of Failure). Point users to a decentralized client like MultiBit or Electrum etc. It's just an option, not a single point of failure, if blockchain.info is gone today, I have my encrypted wallet backed up in my dropbox and gmail, I can just take it to multibit or electrum and load my wallet up easily. |
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Then you should make this fact clear on your website, that the links are only good for one year if unaccessed.
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It's not like this is a new concern.
The correct solution is to point people to an SPV implementation like MultiBit (note: NOT a hosted wallet). It's not being done by the official bitcoin.org site yet because there are still some issues with MultiBit that are fairly important and need to be addressed. Once that's done we can think about changing the default recommendation (which will be a fairly long and tiring debate).
If you care about this, go ahead and write patches for bitcoinj, as that's where most of the problems lie.
Blockchain.info's my wallet is much safer, with 2 factor auth. The only way someone can steal your coin, is if while you are logged into blockchain.info, your computer gets taken over by someone else. Otherwise, there's no way you can lose your coins. (well I guess the only other way is the owner himself has gone rogue, unlikely.) |
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Japanese Kanji? lol, wouldn't it be easier if you just said Chinese? since Japanese Kanji is entirely derived from Chinese.
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