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Sorry I do not use escrow for precious metals, I will let my Bitmit profile feed back speak for itself about my trustworthiness. My apologies if this doesn't suit you
If you want to order here on the forums instead of on Bitmit PM me
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Instead of transferring bitcoins to their address and waiting for however many confirmations, just keep a second pre-funded address at hand and send him the private keys to said address.
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subscribe to a list that someone continuously updates.
That Someone continuously updates?This notion violates Bitcoins decentralized nature. |
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Oh wow, I learned something about replica silver coins, Regardless they are all 1toz of pure .999 silver This is my stash. I'm willing to bulk sell 5 of them for 14.4Btc https://i.imgur.com/7lWz2.jpg |
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I have been dwelling on the idea of how to insure bitcoins. Just bitcoins, not securities, bonds, or investments, just plain bitcoin deposits.
I understand that Bitcoin is inherently safe and anonymous and their is no need for a "bank". But the one thing Bitcoin does not offer is "assurance" for lost or stolen coins. And I wanted to present the idea here and see what the community thinks.
The problem of trying to insure a persons bitcoins is the ease of fraud, given the anonymous nature of Bitcoin. So to make an insurance option feasible I the insurer will retain the private keys to a bitcoin address that a depositor can use to store their bitcoins with the assurance of guarantee. If they are ever lost or stolen they will be replaced by the insurance they paid for.
When signing up for an insured Bitcoin address the depositor will provide a return payment address when they want to collect their bitcoins. The only way to change to depositors return address would be a verified account which would require documentation such as drivers license and corresponding bill such as utility, rental agreement, cellphone....etc with the same address.
During the application process 3 Bitcoin address will be used
Insured address to deposit to Payment address for services rendered
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111111111111111111111111111111111 1222222222222222222222222222222222
Depositors return address
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1333333333333333333333333333333333
The insured deposit address will retain the bitcoins deposited, they will not be pooled into a single address or account. This allows the depositor to monitor the insured address
The insurance rates are due monthly at the first with a 25% discount if you pay the first 12 months in advanced. Sorry but there are no refunds or pro rates, failure to pay the bill will have it deducted from the insured deposit, until depositor withdraws their bitcoins.
Instead of using flat fees or large percentage rates the insurance rate is calculated on the deposit using the equation y^3=.03/x where (x=your deposit)>0. This rate is calculated down to the 4th decimal space.
example deposit 10Btc the solution to the equations is 0.1442249570307408382321638310780109588391869253499350
and the fee would be the first 4 decimals 0.1442Btc per month
A 100Btc deposit would yield a rate of 0.0669Btc per month
if the first 12 months are paid in full then a 25% discount is added
0.0669*12months = 0.8028+25% discount=0.6021Btc per year
Again this is just something that I have been thinking of and wanted to know what others think about it.
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I heard about bitcoin from Steve Gibson on Security Now podcast somewhere around april of 2011
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*bump
price adjusted to 6Btc plus shipping
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I was mining at Bitcoinpool.com and solved block 121306 when the difficulty was around 109k, I was mining on a Radeon HD 4650 ~27Mh/s and total submitted ~ 134k shares over a period of 4 months.
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Besides, a constantly increasing world population is NOT sustainable, so let's not base our systems on the idea that it is. Sound good?
Define "world". As a proponent of space exploration, I see things a bit differently. Although making Bitcoin work over a one hour latency is a rather interesting task... Most definitions of "world" contain "earth" and that is how I used it. I think it would be easiest to have new block chains on any planets / stations we inhabit in the future, and exchange between the two (several). I love the foray into the SiFi possibilities. |
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In October 2011 World population was estimated to have surpassed the 7 billionth person. Since then world population has increased by a net growth of around 45million people (August 11 2012, about 10 months later)
The current Bitcoin block reward payout of 50 coins is scheduled to decrease to 25Btc at the 210,000 block around early to mid December. The Bitcoin network is designed to mine around 144 blocks or currently 7,200Btc a day which equals ~2,628,000Btc a year
At the current rates the world population is increasing 17x faster than the yearly payout of mined Bitcoins.
Already we have diminishing returns of mined bitcoins when measured against population growth. The way the system is designed with a hard limit of 21 million bitcoins theoretically means that eventually they will all be lost due to forgotten passwords, deleted wallets, crashed computers without backups....etc.
I propose we should change the bitcoin protocol to leave block mined rewards at 50Btc indefinitely that way there will always be a steady predetermined supply of coins, that will grow at a much slower rate than the global population
It's my opinion that this will cause slightly less hording of bitcoins knowing there is no longer a hard limit to reach on the bitcoin network causing exchange price spikes and also prevent theoretical eventual loss of all bitcoins.
Your thoughts?
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 There is the payout |
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Is someone trying to run up the price to cause a panic crash later?
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Goodluck, let me know how it goes.
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