This is Jon Matonis' latest post. It doesn't mention Bitcoin but the arguments in favor of cash are the same arguments to be in favor of a cash-less digital payment system with user-defined anonymity like Bitcoin provides so I'm posting it here. The Cashless Utopia MirageLet’s not kid ourselves, because the end of money, as we know it, really means the beginning of the transactional surveillance State, which makes this a serious debate about the boundaries of State power and the dignity of an individual.
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With ultimate tracking capabilities, how does Wolman decide when a government’s “right” becomes a wrong?
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Privacy, especially user-defined privacy, sits on a sliding scale that is defined by the individual. One person’s idea of privacy may be anonymity from all and another person’s idea of sufficient privacy may be privacy from aggressive marketing companies and governments but perhaps not from banks. The point being that it is the prerogative of the individual, not book authors or digital money consultants, to determine where one sits on that personal sliding scale.
- http://www.forbes.com/sites/jonmatonis/2013/02/24/the-cashless-utopia-mirageThe comments are worth reading as well. |
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Hi
What do You think ? Is there any chance that BTC algo will be changed ?
There have been changes in the Bitcoin.org client that have been incompatible with previous releases, several times already. Will an algo change that devalues the currency be possible? Probably not, the economic majority is who decides what changes are allowed. - http://en.bitcoin.it/wiki/Economic_majority |
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I Sell 7680 Virtapay for 1 BTC if anyone wants it.  Heh, I'll give you my VP$325 so you can bump that up, if you PM me your Virtapay username. |
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If you guys wonder why there is no shops accepting bitcoins there is an answer.
What you can do is use a payment processor to convert the bitcoins to your local currency for you and you never even need to consider what impact bitcoin has on your end. BitPay will process bitcoin payments and send UK bank withdrawals. - http://www.BitPay.comWalletBit is another which will provide payment processing with GBP payout. - https://walletbit.com/pricing |
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I am pretty sure this isn't possible, just cause at some point you need to sign the inputs to prove they are owned by you, and that would require a wallet with the able to sign a raw tx.
Braiinwallet does this in Javascript, but you need the transaction hash (and index) for each coin that you are spending -- that would be the service provided by the bitcoin.org clieint or other client that you would need to re-implement. - http://brainwallet.org/#txThe only external call would be the broadcast of the transaction.
- https://blockchain.info/pushtx - signrawtransaction and sendrawtransaction from http://en.bitcoin.it/wiki/Raw_Transactions |
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Yes, negative. I don't think its a hyphen because my other transactions just have 77 confirmations 248 confirmations etc without any hypens
Ok, which client or site is this? electrum. I'ld report it as a bug then. There's no such thing as negative confirmations. |
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That's what I worried, bitcoin does not have any forms of such utility, if the exchange rate drops to 0
If I hold a currency that has been made essentially worthless due to hyperinflation like Germany's Papiermark in 1923, do I really care that it still has some value as a substitute as firewood? Nearly the entire value is destroyed. That my worthless currecy is still worth 0.01% of the value that I paid for it means in my mind it was a complete and total loss. Not a 99.999% loss, but a 100% loss. What difference is it to me at that point if it were to go from being worth $0.0001 to $0.0000 ? But since a Bitcoin's worth was greater than zero back before they could be used to buy anything (like back when Laszlo had to nearly beg for someone to take 10,000 of his BTC and in exchange send him a couple of pizzas), I think it is safe to say that bitcoins will always have value above zero, as long as the expectations about the network remain (i.e., that a 51% attack doesn't happen, and that sha256 and ecsda cryptography are not broken). |
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and what is the "right" way now that the to email option is gone?
Well, the remaining options include VouchX. VouchX can be used at BitMe and Bitcoin-24 exchanges. |
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Does the wallet stores the used addresses forever, even if all the coins used by these addresses have been sent to other users? Yes. Those old private keys should be securely erased from memory and disk. The client doesn't know that the address won't be used to receive money againt at some future time. While address re-use is discouraged, people do it all the time. |
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I sent two transactions within 4 seconds of each other. The first took 16 minutes to confirm, the second is still unconfirmed 1.5hrs later.
Chances are what happens is that your second transaction used the change that was output back to you from the first transaction. When you spend a coin that was only recently received (even if it came from your own wallet), then the bitcoin network treats that transaction different from a coin that is about a day or more old. It does this to protect the network from griefing that occurs. If it didn't do this, then a user could cheaply send funds back and forth from a single wallet at little cost yet at the same time impose a significant cost to the rest of the network in bandwidth and storage costs. If that is what happened then a higher fee on the second transaction might have helped a little. Also, you can split up a coin yourself in advance so that when you do spend there are multiple older coins that can be chosen for spending without having to re-spend the change output from a recent transaction. |
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From this day forward I am investing a tiny chunk of every paycheck into a coin buying fund, to be used when price leaps out to me as an appropriate time to buy.
I am such a bear right now. Is anyone else confused? I think I get it now ... you think $29 is overvalued, but over the long term $29 is undervalued and you think you can get a better entry point ? |
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I haven't seen people mentioning Dwolla anymore.
I've withdrawn funds recently from Camp BX using Dwolla. Worked great ... Camp BX performed the account-to-account transfer shortly (a few hours) after my late-night request to withdraw and I was able to use my Dwolla funds from there as I intended. I don't know if there currently are delays on withdrawal of Dwolla when using Mt. Gox. Now as far as going the other way, from Dwolla to an exhange, I'm not sure if it is relatively instant (i.e,. funds credited to your exchange account in a timely manner, i.e., an hour or three) but I think we'ld be seeing more griping if it wasn't. Of course the 30-day probationary period that Dwolla imposes before Dwolla USD funds can be used with a bitcoin exchange makes it unusable for some until that period has passed. |
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I just used bitinstant using the albertsons to paypal method since the to email method no longer works, but received it in the form of USD..
Doh! so obiously it work out as expected, how do I now use paypal to get my btc? It isn't cheap, but you can use PayPal to add funds to VirWoX and from there buy Second Life Lindens (SLLs). Then you can trade SLLs to bitcoins and withdraw. - http://www.VirWoX.comIf you have a debit card associated with the PayPal, you can withdraw the cash and go back to Albertsons and do it the right way the next time. Also what is the best and easiest way for me to recieve btc now? If you are in the U.S., you might like the cash deposit methods with BitMe (use any Chase branch), BitFloor (use any Bank of America), ZIGGAP (Western Union) that are options other than BitInstant. |
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how I would be able to cash my bitcoins out in the future?
Of course, the best method is likely to spend your coins on items you would purchase anyway. - http://en.bitcoin.it/wiki/TradeFor things where bitcoins aren't (yet) accepted like rent, utilities, food, local retail purchases that won't help. Are Euro useful to you? Bitcoins In Berlin will send them via the mail to you. - http://en.bitcoin.it/wiki/Bitcoins_In_BerlinThink about how would you liquidate $54k in gold, and you'll get the analogy.
Not just an analogy, but another idea. You can buy gold and silver bullion with bitcoins, and then trade the bullion locally for cash. There's also another method. Kapiton.se is a market exchange. I don't know if you need to verify your identity to register and use that exchange. Let's say you don't. You can then trade BTCs to SEKs, but then not withdraw anything to your bank. That will give you the ability to convert BTCs to SEKs so that you aren't further exposed to the BTC/SEK exchange rate risk. Then at some future point in time, you can offer to sell bitcoins for cash, and when you find a buyer you simply use those SEKs in your account at the exchange to purchase bitcoins at whatever is the current exchange rate at the time and withdraw the coins for delivery to your buyer. |
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How would you invest $1 million into Bitcoin? Remittances to many of the countries in Africa have the highest transfer costs at nearly 20%, versus 6% for remittances to Asia. But the recipient of the remittances don't have local exchange agents who will cash out the coins to a local currency. $1 million might be enough to start onboarding individuals to serve as bitcoin exchangers. Essentially this is simply recruiting, educating and to some degree providing a subsidy (e.g., base compensation) to individuals to provide a service similar to LocalBitcoins.com's network, and then promoting this method as an alternative to traditional money transfer remittance services (e.g., Western Union, Moneygram, etc.). Eventually there will be enough transaction volume where the subsidy is no longer needed and the exchange agents are earning sufficient margins to no longer require the subsidy. |
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Yes, negative. I don't think its a hyphen because my other transactions just have 77 confirmations 248 confirmations etc without any hypens
Ok, which client or site is this? |
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Looking for a $100 moneypak, will they be in stock today?
Looks like they are available now. |
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A good rough answer to that question would at least be what has historically happened to other currencies that have become worthless.
Even though they might have used the "worthless" cash for keeping the stove lit in Weimar Germany, the cash still had value > 0. Zimbabwe 100 trillion dollar notes trade for more today on eBay than when they were too "worthless" to be used any longer as currency in Zimbabwe. |
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