Signature verified. Thank you Vandroiy for the confirmation. -----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
nanotube has sent the escrowed 10'000 BTC for the bet concerning BS&T default.
This concludes the bet. Thank you, nanotube, for being a great arbiter and operating the #bitcoin-otc Web of Trust.
With no meaning attached, I sign the word "Puppet" along with this message. Tadah! ;D
2012-09-18
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-----END PGP SIGNATURE----- Vandroiy: Speech? :)
Yea, I probably should do some concluding post. On a lot of things. But not now, just got back from London. (Which was awesome. :) ) |
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-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
The bet has now been paid out to Vandroiy, with 10000 BTC sent to the address he has provided me in a signed message. This concludes my duties as the escrow/arbiter of this transaction. Expect Vandroiy to post a signed message acknowledging receipt in a few days, once he gets back from the London conference.
-----BEGIN PGP SIGNATURE-----
iEYEARECAAYFAlBWWGoACgkQ5/k4vslVlLJirACglw0z4wnOodhkhRpsmCYYbec7
s+0AoIXurXIKwW3H7w9YTPZ9rmzlFT9B
=lRSg
-----END PGP SIGNATURE-----
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 I hereby declare the bet decided, in favor of Vandroiy. A withdrawal request made on August 15 2012, is still outstanding as of today, Aug 30 2012, which triggers default as specified in the contract, via "late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST." clause. In private communication, pirateat40 has agreed with this assessment and conceded the bet. Since Vandroiy is currently traveling, we have agreed via private communication to set up the 10k BTC disbursement of escrowed funds sometime in September, when he is back. For your easy reference, link to bet contract: https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589-----BEGIN PGP SIGNATURE----- iEYEARECAAYFAlA/+lMACgkQ5/k4vslVlLJoVgCeP2/oEcVMrA9zLev1l8AMXrgY srkAn1yX8t8Y0ADJTPrKIFKOBk6e3skx =fnN2 -----END PGP SIGNATURE----- |
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FYI, here is my interpretation. Since the existing ToS includes the provision for pirate's ability to change interest rates "with notice", this latest change in interest rates does not violate the terms of the bet contract, even though it did not itself have a 30 day notice. The term "interest rates" was only used as an example of terms that may change in ToS; the list of examples was not intended to be either exhaustive or necessarily-inclusive. The point of the ToS changes section and advance notice thereof, was to make sure that users are given ample notice for any unexpected material changes. For your easy reference, link to bet contract: https://bitcointalk.org/index.php?topic=91661.msg1013589#msg1013589 |
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-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
I confirm receipt of 5050 btc from pirateat40 and vandroiy
each, for the btcst bet.
-----BEGIN PGP SIGNATURE-----
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=Qyxi
-----END PGP SIGNATURE-----
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 vandroiy's signature on btcst bet contract verified -----BEGIN PGP SIGNATURE----- iEYEARECAAYFAk/3YEMACgkQ5/k4vslVlLJGjQCggWuhTC6TN0CB6OGnvfjjm5IS cv0AoIzUkTVZJhyCUeosQvFfLGWPFi92 =eqDH -----END PGP SIGNATURE----- -----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 This contract is a contingent payout agreement between irc user known as pirateat40 (otc gpg key fingerprint 067508A49BBE0E8216A61A94614DB74CFA5B357E) and irc user known as vandroiy (otc gpg key fingerprint 5BD4BBB2FAABBB6877396A720380BA6269B31D08). otc user nanotube (otc gpg key fingerprint D8B11AAC59A873B0F38D475CE7F938BEC95594B2) will serve as escrow agent for the agreement, holding in his care the bitcoin contributions from both parties, until such a time as the contingency can be decided unambiguously. The contingency in question is to be the default of by pirateat40 (defined below) on BTCST obligations. In case default occurs, the funds held by nanotube will be disbursed to an address of vandroiy's choosing. In case default does not occur, the funds will be disbursed to an address of pirateat40's choice. pirateat40 and vandroiy shall each deposit with nanotube 5050 (five thousand and fifty) bitcoins, of which 50 (fifty) shall be a fee to nanotube, and 5000 (five thousand) shall go toward the contingent payout, for a total of 100 (one hundred) bitcoins fee to nanotube, and 10000 (ten thousand) bitcoins contingent payout. =Definitions= ==Pirate default== A default will be construed to have occurred, if at any time prior to October 1 2013, 00.01 UTC, BTCST will be late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST. ===Verification of default claims=== nanotube will hold in his possession a data set containing hashed usernames and withdrawal addresses of all BTCST account holders, and will be supplied any differences in such table at regular intervals, in case of account closures or creations. A user making a claim must submit to nanotube his BTCST account username, and registered BTCST withdrawal address, as well as any supporting documentation as to the payments that were due but failed to be disbursed. ===Unexpected contingencies=== In the event of any unexpected contingencies not explicitly described in this contract, or any ambiguities, nanotube shall have final discretion in the determination of contract outcome. ===Change in BTCST ToS=== BTCST has the right to change the terms of its outstanding deposits at any time, as long as there is advance notice of at least 30 calendar days. Such changes may include changes in promised interest rates (as long as interest rates do not go below zero), changes in interest disbursement frequency (not to exceed 1 month intervals), interest tiers, forced withdrawals. Such changes shall not be construed to be a default event. The event of dissolution of the BTCST business and return of all owed funds to all account holders, also shall not be construed as a default event. ==BTCST== BTCST is the business known as "Bitcoin Savings and Trust", currently being operated by pirateat40, with current web address of https://btcst.com/ . -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.11 (GNU/Linux) iQIcBAEBAgAGBQJP915pAAoJEAOAumJpsx0IwioP/1L3AH3lJ4AWAL8nTG3O2Tz9 eBHvU377+91VIi+Sg68nNU/QmestcuVy4x0f2A9l3/Uw6ECFMvfMcIr3XaFPlxGM bE1P+sLIdwNhHUMPymqUt9o1d3B0lNrlEnWEDCfagcu7PHLYH2TBfdancGbxEkvE I2eGwFkoHUqDlAsBW+MLmMb0wOsLuAbTBdbXb98BEvY8/r5PjON2ORPQkoFQixCy AnxQ/jGFB86D5K5Q4Val2GAfQbAIkXnNIbgLdOcSgSh8pD4z/r2QWTv8oBx+YmIs 3ZmETh+q2LPB18QhDsxpF4qNpIb+d4ymvuRc3MOhS1Z4KacAmNZturDAVV5Ywj/R 4nj1AIlCoXWnNG5SqGCWA5mVQMjrXuy8C8Fe29IYg9WcetVEICTKn64hzu6vokyN 1ac9pIGjtYTZOrrqAL/ulf35MVHlTN/tyXQfIEZZKbvY4KBX4pBFhAtAyqAoN3FL E7OwLrsTxkTZwNkj2X/kiZQviW1vzz3B08CT002z+QjprA2M4/PuOqcawuLUyU4c QMY11FajaGXiEEANEN/nKT/+qj3ZF27jtphD6BJ6libgd9jwD5y7sjrNsOKqTxwB tyYuiaxo6Mw1BRQOZcumdalBms4m5aUMo+XrJsrRPhoS+MgZ43P6bZCcSto93IrO cKFIVOUTO6Jlqh1DwMSQ =Ig2i -----END PGP SIGNATURE----- |
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 pirateat40's signature on btcst bet contract verified. -----BEGIN PGP SIGNATURE----- iEYEARECAAYFAk/3XiYACgkQ5/k4vslVlLIICACfcK/cwfGUCST0I2H+ZgROcpqy qfIAniqu2tr2bZcWBHKG28x6MiDM3B8K =cvx0 -----END PGP SIGNATURE----- -----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 This contract is a contingent payout agreement between irc user known as pirateat40 (otc gpg key fingerprint 067508A49BBE0E8216A61A94614DB74CFA5B357E) and irc user known as vandroiy (otc gpg key fingerprint 5BD4BBB2FAABBB6877396A720380BA6269B31D08). otc user nanotube (otc gpg key fingerprint D8B11AAC59A873B0F38D475CE7F938BEC95594B2) will serve as escrow agent for the agreement, holding in his care the bitcoin contributions from both parties, until such a time as the contingency can be decided unambiguously. The contingency in question is to be the default of by pirateat40 (defined below) on BTCST obligations. In case default occurs, the funds held by nanotube will be disbursed to an address of vandroiy's choosing. In case default does not occur, the funds will be disbursed to an address of pirateat40's choice. pirateat40 and vandroiy shall each deposit with nanotube 5050 (five thousand and fifty) bitcoins, of which 50 (fifty) shall be a fee to nanotube, and 5000 (five thousand) shall go toward the contingent payout, for a total of 100 (one hundred) bitcoins fee to nanotube, and 10000 (ten thousand) bitcoins contingent payout. =Definitions= ==Pirate default== A default will be construed to have occurred, if at any time prior to October 1 2013, 00.01 UTC, BTCST will be late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST. ===Verification of default claims=== nanotube will hold in his possession a data set containing hashed usernames and withdrawal addresses of all BTCST account holders, and will be supplied any differences in such table at regular intervals, in case of account closures or creations. A user making a claim must submit to nanotube his BTCST account username, and registered BTCST withdrawal address, as well as any supporting documentation as to the payments that were due but failed to be disbursed. ===Unexpected contingencies=== In the event of any unexpected contingencies not explicitly described in this contract, or any ambiguities, nanotube shall have final discretion in the determination of contract outcome. ===Change in BTCST ToS=== BTCST has the right to change the terms of its outstanding deposits at any time, as long as there is advance notice of at least 30 calendar days. Such changes may include changes in promised interest rates (as long as interest rates do not go below zero), changes in interest disbursement frequency (not to exceed 1 month intervals), interest tiers, forced withdrawals. Such changes shall not be construed to be a default event. The event of dissolution of the BTCST business and return of all owed funds to all account holders, also shall not be construed as a default event. ==BTCST== BTCST is the business known as "Bitcoin Savings and Trust", currently being operated by pirateat40, with current web address of https://btcst.com/ . -----BEGIN PGP SIGNATURE----- Version: GnuPG v2.0.17 (MingW32) iQIcBAEBAgAGBQJP91yNAAoJEGFNt0z6WzV+WvgQAK5oQNkL+d0xnvYqgvuWuVV1 QxtqTbRHyQ3vJmkeOUIxFt4RG8JVB9wIJCyITIBZDX48QY5HXrCv3jRkSx6IbqJG duRONm3E/Rks8idFf4oblAuVJQ/jrg5igduzt3czHsyP0FhPSd9owxqiUOodaGyL mkIGCTNfhxBzDszU9zncwxvJLRHAZYCc1gOs5aBaeju5kAV/yzy3oWXrS9TlVqqu gxwXv+1w9RJv6GJkNfpjU0N0iGP7bYcnYpqDiO/c1pg3PMd+jC2I6BuAnCnuvVQE 8dToh8N1Z2vBrdiZyc2l9ydme3JGN1NFxaOAwLLRB1O54hI/DZojA0hynAShbP6F iGGcHwe61u6JaOXuwioYxSGoTu0PL2yUM2R/GK3+AsxVC1UOR3/1KfQpBboqsQ47 62L4916iulsm2cQiBGPHP+CQixHXgnXTyYQIFaKdPMg6WqRvHvu2Bekg0f5TKHY2 ZUFbh442ZuMQQqZ4VDE+76X1WTn+Bs7Fz50DudQN/J9PvHMwctPN8ZooZ33TVC3w jwF01YZgTQdYs1jQOiw1djx8CCFHZbKfX7UG+pzs/Bs045vWlWJXKTbpgW0tw/I6 XwOysMH7+c1EYuiFJwr+hQiNQdPDnmfOrZbnGmwJq4LARa9TQaKKe/4KOJhdn0L3 c8B3B4sFihmrsfrJAO1s =B0PO -----END PGP SIGNATURE----- |
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Contract signed by me. Expect same contract signed by pirateat40 and vandroiy shortly. Once deposits are made, I'll post confirmation message. -----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 This contract is a contingent payout agreement between irc user known as pirateat40 (otc gpg key fingerprint 067508A49BBE0E8216A61A94614DB74CFA5B357E) and irc user known as vandroiy (otc gpg key fingerprint 5BD4BBB2FAABBB6877396A720380BA6269B31D08). otc user nanotube (otc gpg key fingerprint D8B11AAC59A873B0F38D475CE7F938BEC95594B2) will serve as escrow agent for the agreement, holding in his care the bitcoin contributions from both parties, until such a time as the contingency can be decided unambiguously. The contingency in question is to be the default of by pirateat40 (defined below) on BTCST obligations. In case default occurs, the funds held by nanotube will be disbursed to an address of vandroiy's choosing. In case default does not occur, the funds will be disbursed to an address of pirateat40's choice. pirateat40 and vandroiy shall each deposit with nanotube 5050 (five thousand and fifty) bitcoins, of which 50 (fifty) shall be a fee to nanotube, and 5000 (five thousand) shall go toward the contingent payout, for a total of 100 (one hundred) bitcoins fee to nanotube, and 10000 (ten thousand) bitcoins contingent payout. =Definitions= ==Pirate default== A default will be construed to have occurred, if at any time prior to October 1 2013, 00.01 UTC, BTCST will be late by at least 14 calendar days, in disbursing either any regularly-scheduled interest payment, or any withdrawal request, by a valid account holder of BTCST. ===Verification of default claims=== nanotube will hold in his possession a data set containing hashed usernames and withdrawal addresses of all BTCST account holders, and will be supplied any differences in such table at regular intervals, in case of account closures or creations. A user making a claim must submit to nanotube his BTCST account username, and registered BTCST withdrawal address, as well as any supporting documentation as to the payments that were due but failed to be disbursed. ===Unexpected contingencies=== In the event of any unexpected contingencies not explicitly described in this contract, or any ambiguities, nanotube shall have final discretion in the determination of contract outcome. ===Change in BTCST ToS=== BTCST has the right to change the terms of its outstanding deposits at any time, as long as there is advance notice of at least 30 calendar days. Such changes may include changes in promised interest rates (as long as interest rates do not go below zero), changes in interest disbursement frequency (not to exceed 1 month intervals), interest tiers, forced withdrawals. Such changes shall not be construed to be a default event. The event of dissolution of the BTCST business and return of all owed funds to all account holders, also shall not be construed as a default event. ==BTCST== BTCST is the business known as "Bitcoin Savings and Trust", currently being operated by pirateat40, with current web address of https://btcst.com/ . -----BEGIN PGP SIGNATURE----- iEYEARECAAYFAk/3W14ACgkQ5/k4vslVlLK1iwCcC/9DejW57u4Z+bLGnjKseEpN GOEAn0vzfaCUYWlkW1mSyRRyRxsVpkmc =CoVk -----END PGP SIGNATURE----- |
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This offer to sell was added to the list of Bitcoin Firsts. If there are actual buyers, please update the wiki to reflect the change from first offer to first sale of a Bitcoin-only CDS. - http://en.bitcoin.it/wiki/Bitcoin_FirstsNice. Although slightly OT, when was the first BTC loan extended ? Anyone been here long enough to remember ? Not sure if the first loan coincided with the first short sale... but if so, then yes, I remember. :) October 28, 2010 https://en.bitcoin.it/wiki/Historysgornick: any reason the 'bitcoin first' page is separate from the older History page? |
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-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1
I have provisionally agreed to be the event occurrence arbiter, subject to the creation of, and my agreement to, more specific definitions of credit events for the contract, which are currently being worked on.
-----BEGIN PGP SIGNATURE-----
iEYEARECAAYFAk90oroACgkQ5/k4vslVlLIahACdEZwW7CByJwETP58kX88HH5x6
yu8An0GAo2uI2x5pz0R4jUAaq94GoVRu
=Ii36
-----END PGP SIGNATURE-----
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How about including some transactions in the 4th block?! The future will need more fees than generation rewards... and you're missing the whole idea of mining...
If there are no transactions being recorded, that is a major design problem. this is currently being worked on. see https://github.com/bitcoin/bitcoin/pull/476 and the forum thread referenced therein. |
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glad to see the good news, bearbones!  |
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Quick update: p2pool is currently operating at about 7 ghps.
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by the way, don't feel that you have to hold off on joining the pool until the pledge drive is complete. pool is already running at 1.5ghps or so, so join at will if you want.
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Let me ask this: If this is going to work, can we say "Cheerio, Pool Lords!" and forget all about the mining pools, pool-hopping etc?
No, p2pool will probably be more suitable for large miners and normal pools than for at-home miners. But it will definitely help (eg, allow mining for a small pool without much variance). there can be many p2pools of larger or smaller size... so if "the main p2pool" gets too big for small miners to see reliable payouts, smaller ones can bud off. so yes, i indeed can foresee that the p2pool framework will overtake centralized pools. |
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Is there a nice (however brief) text description of your latest framework somewhere?
Currently the only description is the initial release post combined with posts I've made about the changes. I realize that that's not really enough to characterize the system - many technical details were omitted. I'll write up a detailed description soon so that it can be reviewed. In the mean time, I'm available on IRC on Freenode for any questions/discussion (freenode, nick: forrestv, channel: #bitcoin-dev or #p2pool). looking forward to it. |
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Scam? I own Yooter and Yooter owns Flexcoin... so you're calling me a scammer? Mybitcoin is not the first bank.. it's maybe the first online wallet.. ... where does mybitcoin pay interest like a bank? or have bank like features? It's an online bitcoin client.. kudos for that.. but bank.. no interest, no bank. Flexcoin is the first bitcoin bank.
Flexcoin pays interest from mining and some transaction fees. But that's great to hear people like you call it a scam... granted your personal attacks are not justified... (in fact they are completely off and wrong) but the positives I can get from it is that you want how flexcoin earns income clearly labled so you can get some trust into it.
i said that it /smells/ like a scam, given the information that i see on the site. i was not calling you a scammer, since i didn't even know who owns that site (now i know it's you). re: my claims: paying interest is not a necessary precondition for calling something a bank (this was addressed in a post above already), therefore i stand by my assertion that your claim of being the 'first bitcoin bank' is false. feel free to check out http://en.wikipedia.org/wiki/Bank . a bank is a financial intermediary - which mybitcoin (and any ewallet before it) is. further - "paying interest" is done by "normal banks" by lending out deposits at interest. you did not state where you get the funds for paying interest. so it was certainly a natural assumption that you are not in fact handing out free money. if you're paying interest out of your own mining output... well good for you, i wonder how long until you get tired of handing out money for free. any business whose model is to hand out free money for nothing doesn't last long. if you want your site to stop smelling like a scam (at least in my eyes - but probably in many reasonable people's eyes as well), i would suggest to stop making false claims, and to describe your business model so that it is clear where 'interest' is coming from, and how you are (or plan to) actually be profitable running this enterprise in the long term. (hint: handing out free money and making it up in volume is probably not going to work ). |
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probably because it smells of scam like a week-old open can of sardines left in the street smells of rotten fish.
first bitcoin bank? false, mybitcoin was first, and others later.
pay interest? using funds coming from where? possibilities: other people's accounts (ponzi scheme); lending out people's deposits (fractional reserve without insurance - just wait for that first bank run); founders actually handing out their own money (yea right).
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Things have been changed up quite a bit - there is no longer a fixed difficulty divider:
Shares are now generated with variable difficulty to keep the rate of shares at about one every 5 seconds. Rewards are split over the last 3*n shares. n = the number of shares that have an equivalent work to the generation of one block.
With this, share generation should be much more often. Shares are now about 200 bytes, making the per-share overhead much smaller.
Since rewards are split over the last 3 block-equivalences of shares, every share should, on average, get a payout three times. This will reduce variance that comes from the pool's block generation.
(All the magic numbers here are subject to change!)
Is there a nice (however brief) text description of your latest framework somewhere? |
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