Regardless, why are you going to a restaurant to sell Bitcoins anyways? Sounds stupid as hell, just sit down (PAY WITH BITCOINS) and enjoy your meal...
When you go to various shops here in Australia and pay electronically - you often get the option to withdraw a bit of cash at the same time. It's convenient. It would make sense for a merchant such as Meze grill to have a fairly small limit on the amount of funds you can exchange - and also to require a purchase along with any 'exchange' transaction. |
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How can a news article be so FULL OF IT?
There were not, nor have there ever been, "phoney Bitcoins". That is the stupidest accusation I've ever heard of.
A hacker would have to have more power than the entire Bitcoin network (13+ Terahashes) to "counterfeit" Bitcoins. Not gonna happen. Depends on how you define "phony" bitcoins... one could argue that the article isn't completely incorrect in a way. It's my understanding the MtGox attacker broke into Jed's account, awarded himself a bunch of Bitcoins that didn't exist and then proceeded to sell them all off. Were there counterfeit Bitcoins on the live Bitcoin network? No. Were "phony" Bitcoins sold to crash the price? Technically, yes. In an analogous situation on a foreign exchange system - I don't believe it would be reported as "phony" USD being sold for Euros for example. It's a completely inappropriate use of the term. |
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A brief case study of the recently reported GPU mining malware Bitcoin Mining Malware MONDAY, AUGUST 22, 2011 http://research.zscaler.com/2011/08/bitcoin-mining-malware.html"Recently, Symantec released a report on "Trojan.Badminer" - discovered 11 days ago, affecting most Windows systems that has the ability of running one of two Bitcoin mining programs depending on the infected host's configuration: Phoenix Miner (uses the system's GPU on graphics card) or RPC Miner -- the mined Bitcoins are then sent back to a location for the attacker to retrieve the generated currency. When you think about it, this type of revenue generation is perfect for a botnet." "It took me virtually no time at all to find a quick case study of such a malicious Bitcoin miner in our logs from yesterday." |
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The New Reality of Virtual Currencies.. 2011-08-22 Kris Hansen http://www.corebankingblog.com/2011/08/the-new-reality-of-virtual-currencies/"With Bitcoin: everyone knows what everyone else is doing — but nobody knows who anyone else is." "What I am seeing happening is a theme of convergence: Bitcoin is a combination of technology and currency where technology is filling some of the gaps and voids previously held by clearing houses and dedicated networks." |
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FWIW - I've moved my modest miners off eligius.
I loved the tribute to Len Sassaman in the chain - but in contrast I find it a pretty sad commentary on humanity that superstition persists and rears it's brainless head even in these high tech corners.
What a powerful meme religion is though.. like a rapist wielding rohypnol - it opportunistically and crudely inserts it's seed into any innocent space it can find.. such is it's incessant will to spread.
Not that our blockchain was quite virginal - but how sullied it is now!
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Somehow I thought the first conference news hit might come via betabeat! |
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1. blockchain limited to 100 mb in size - the block chain does not accept coins deep within the block thus the chain after 100 mb can be deleted.
2. 1 block found a minute, difficulty changes similar to solid.
3. All mined coins out within 2 years, thus coins per blocked halved every 3 months. 1,000,000 in existence.
4. Bitcoin gui based.
5. All transaction fees mandatory fixed at 3% truncated to 0.01, 100% go to miners.
6. Software to determine remaining coins in existence.
7. During a transaction all fastcoins are sent in the wallet, to reset the wallet pointer. But, only fees on spent coins.
8. The 3% fee will benefit the poor.
Idea is to make a valuable coin. However, non-used coins go bye bye.
So the result is surely that all wallet software eventually implements an automated system to transfer older coins to another location so as to 'refresh' them. Will the additional movement of these 'housekeeping' transactions add a significant amount to the chain size? I'm guessing they might.. 100MB sounds awfully small.. I can imagine if it got popular and the limit was approached - there would be a frenzy of housekeeping transactions such that they were a significant proportion of all transactions (?) Then what.. everyone's wealth gets siphoned off to the miners within a few days/weeks? Sounds like a fast-track to chain self-destruction! |
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Today I notice the bitcoinflower sponsor is ibfx 'a provider of online forex trading services'
I'm curious.. did this advertiser specifically choose to advertise on the bitcoinflower.com site, or are you just using some ad system so that this mob just happened to land a spot here?
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That wall will fall with the first hit.
What do you mean by that? (I saw about 40BTC nibbled off it earlier) |
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^actually you should have embraced the fact that "waist" and "butt"coin go pretty much hand in hand.  Yes.. buttcoin strikes below the waist  I think the buttcoin and the something awful threads are all good fun. Healthy skepticism combined with ridicule is a good counterbalance to some of the excesses that can occur around here when people feed off each others enthusiasm a bit much. I'm very pro-bitcoin myself.. and love a bit of enthusiasm.. just nice to keep a level head about it is all! I think what should be of more concern is some of the journalists and bloggers who feed off each other's poor reporting and inaccuracies. Some of the trashy headlines and outright BS they perpetuate is really groan-worthy. I know the technicalities of bitcoin can be hard to understand, and there are valid reasons to maintain some skepticism about bitcoin's potential - but you'd think more journalists would make a better effort at doing their research. |
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If bitcoin is imitating gold then what is it like trading gold for bitcoins?
ixcoin et al are not different from bitcoin They are different though. They're missing a group of open source developers who really understand the protocol. Show me evidence of one other chain aside from namecoin which has shown any real sign of a serious development team. solidcoin has it's source available as a dropbox based zip file. Any real project will have a proper source code repository (such as at github) and a team of contributors and code reviewers. You might argue that these shit chains *could* gather such a following of developers - but until they do - their stewardship and future is suspect when compared to bitcoin. They also need the network effects of a community of users and merchants. No small feat to catch up to bitcoin in that regard! When attacks occur, or scalability issues need resolving - which project will you trust to have active developers who know how to solve the issues? |
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I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14. I have no idea now what will happend - is that bid for real - or is it only a bluff? Can it stop the market?
I don't see how it can be a bluff.. the price did just dip down to that level and nibbled a few off the 10K - now 9952. Sorry about that... shorted a "few" coins. Maybe a few have that idea.. you know right now you can sell a 'few' without dropping the price much! |
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I was thinking there will be another dip after the conference disappointment - but now we can see someone wants to stop the fall down with that bid for 10K bitcoins at 11.14. I have no idea now what will happend - is that bid for real - or is it only a bluff? Can it stop the market?
I don't see how it can be a bluff.. the price did just dip down to that level and nibbled a few off the 10K - now 9952. |
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So I decided to sell BTC into this forum mood of a possible price rise due to the conf. I am expecting others to follow suit
shortly and the price, in my opinion, will sink to about 10 bucks in about 24-36 hours.
If I'm reading the mtgox depth correctly - there's over half a million USD in bids from $10 up. That's quite a lot of support to burn through in a day or two surely!? |
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I explain we give people incentive to participate by cutting their grocery bill.
I've read your document - and my understanding is that you're effectively expecting people(or at least merchants - initially) to ignore (or remain unaware of) the existing exchange rates of BTC to local currency , and price their goods independently of this as if their local market were some isolated little trading ecosystem. I don't have time to fully respond - but I simply don't see why this step will take place. If the phone apps are in place that allow easy BTC trading (in whatever units) - then surely these same apps will allow easy lookup of exchange rates and people will not trade at the heavily discounted rate you seem to expect. I think it's completely unrealistic to expect merchants to discount their offerings in this way. A more general criticism of your writing style is that it's somewhat incoherent and verbose. I may try to provide a more constructive criticism on that point in a day or so. |
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