Pretty simple stuff:
1) Use your own hardware in a colo-cage.
2) No external password reset. Period.
3) Remote access only via a dedicated NIC
4) Hardware firewall/VPN which handles IP whitelisting
5) Two factor authentication for all server logins.
TL/DR version:
How about don't let the hacker reset your password and login to your server?
How about keeping your Bitcoins offline as much as possible? It is difficult to hack a machine that is off. Theft is really your only course of action. Encrypted hard-drives help keep that safe in the event of theft. Proper policy is the large step in the right direction. |
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We have been quietly notifying the largest exchanges, merchant service providers and mining pools about this issue, and waited until they upgraded or patched their code to go public with this:
Responsible disclosure FTW. Absolutely a good call. Thank you. Dalkore |
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$40 for the service is pretty dirt-cheap. Nef does a lot of work on the site (along with others involved) and's willing to spend a fair amount of time fixing any problems which come up. Though.... if you're really interested in an answer, you could try posting it on http://predict.glbse.com/  I feel this is good value for the BTC. Could it be cheaper, sure but I want them to have resources to do the things an exchange needs to do, security and customer service. Dalkore |
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I'm not sure what others look for in a mining company but I'm considering diverting some of my hashing power towards a mining company to fund expansion in to more efficient devices. Was hoping there'd be more discussion on this.
One question I have is what are the thoughts on holding back part of the profits for future expansion versus releasing more shares to fund expansions. For example, here are two different company types.
Company A - Issues 100 shares, currently has 100 MH/s. Withholds a percentage of profits, perhaps 30%, to fund future expansion. At the start the 100 shares are each worth 1 MH/s. With new hardware acquisitions, the shares become worth more and in theory increase in price.
Company B - Issues 100 shares, currently has 100 MH?s. Withholds just enough profit to cover power. Funds future expansion by releasing more shares at 1 share per 1 MH/s. Each share is forever worth only 1 MH/s and only increases in price when the average cost per MH/s on GLBSE increases.
Thoughts? I'd say the first company would benefit those that bought in early. However since it doesn't pull in additional funding with more rounds of fund raising it is limited on its growth rate. The second company can aggressively grow if the market is willing to invest BTC into the company. It doesn't really matter when the investor invests in the company if it continues to release shares to fund growth.
Thoughts?
We are basically going to do it like this: When we launch, we will already have mining capacity online. Anyone who invests will get a proportional share of the BTC dividend stream. The value we bring is accountability to our investors, continual pushes for more efficiency in our operation so that we send maximum BTC dividends, financial acumen, physical security of hardware (secure access building (commercial grade) with 24/7 video surveillance in building and office) and long term commitment. Also once this gets to our initial goal then we will be setting up another BTC business (financial service) and our investors will be the first to be invited to join us. We will be doing a pre-IPO roadshow via video conference so you can meet up and ask us all the hard questions, after that I am confident you will be impressed and realize we are the real deal. Dal |
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I would look for something with constant or close to constant dividends, i.e. enough reinvested to increase mining capacity proportionate to difficulty increases.
Glad to see we are on the same page. Our thoughts exactly. We are in the for the long-term. Consistent BTC dividends is a core piece of value. Thank you for the feedback. It has all been very helpful and fits with why we saw this opportunity not only to provide value but also a valuable service to the network. D |
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Honestly, without any proof of a major buyout this is speculation at its worst. We already know Ben Mlone's hubris and arrogance would never allow him to sell Dwolla. He legitimately thinks he's the next Paypal.
Paypal was purchased by eBay so that may not bode well for the future. D |
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I used to work in ACH for a major bank. I understand the inter-workings of the ACH network and I am very glad people are paying attention to this subject. THIS IS A VERY IMPORTANT ISSUE. ACH access is critical to a smooth working of the current Bitcoin market. I have some ideas along these lines that I am going to explore down the road.
Dalkore
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You would have to hope that many miners will quit when the reward goes down.
Interesting question posed here. What are the thoughts on this? I have been doing calculations and have some interesting scenarios worked out. Dalkore |
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The foundation of any mining company (or enterprise in general) is a sound business model, product, or service.
So in your case this would translate to cutting edge technology, in abundance, as well as quality programs and configs backing your enterprise.
With mining you absolutely need to dominate the competition and with some of the high end mining ops and high member mining pools, cornering the market in such a popular sector will be difficult.
Thank you for the wise and kind words. We have burned the proverbial "midnight oil" and have developed a strategy with will bring us into existence competitive with a plan to scale and be one of the few large mining houses as difficulty and rewards drop. We are located in a "cheap power" district and we initially will be in an arbitrage situation to increase shareholder value then we will be increasing driving power cost lower. Once we get to a certain capacity, we will be moving to a location that has a power cost that is one of the lowest in the country. Dalkore - Seattle, Wa |
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Hello BT Board,
I have some ideas that I have been researching and crunching the numbers. I wanted to get some opinions. I will be doing a follow-up post once I am elevated from "newbie" status.
What do you want to see in a mining company? I know quite a bit about how a corporations, stock securities and bonds work. so my pre-IPO listing will be detailed, clear and concise.
What I would like to know is that are the expectations that potential investors want to see met for them to be compelled to invest. It will be a multi-phase project. Dividends will be instituted within 30 (changed from 45) days of the first BTC mined. I am a real person in Seattle, WA and I will be very forthcoming to all our shareholders. I want to make an offer that will generate interest and be equitable to all parties.
Comments on what you want to see from me and what has and has not worked.
Update:
From the initial post in a different section here is feedback I agree with implementing and reviewing for implementation:
"Strategy, specifically what advantages this mining endeavor has over others (e.g., below average electric rates, low costs for network and facilities, rate charged to business by operator for labor, level of related experience in business and technical.)"
"I would like a weekly payment of dividends and share price to rise"
The offering will be done soon so please give me feedback if your a potential investor. We are moving ahead on the listing and we are setting as much up in our favor to make it profitable for our investors. Please contact me directly if you want to vet me further and create communication and a relationship. I am here for the long-haul and support this community and am proud on what you have done. Now its time to take it to the next level and bring more legitimacy and trust into our network.
-Dalkore - Seattle, Wa.
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I would like a weekly payment of dividends and share price to rise
Monthly to start but depending on how many actually shareholders we have, that could be made to happen. I just don't want it to take up too much time initially. |
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What do you want to see in a mining company? Strategy, specifically what advantages this mining endeavor has over others (e.g., below average electric rates, low costs for network and facilities, rate charged to business by operator for labor, level of related experience in business and technical.) Great, in the offering I am writing I am covering those items. We are on the same page. |
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That is a great resource. Excellent |
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can somebody please send me some bitcoins or whatever amount is needed to have some show up in my account. I will gladly send you back the amount you send and more to show my good faith.
How would you send back "more" if you needed bitcoins to be sent to you so you can see some "show up in your wallet"? I am not following this logic? |
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Hello BT Board,
I have some ideas that I have been researching and crunching the numbers. I wanted to get some opinions. I will be doing a follow-up post once I am elevated from "newbie" status.
What do you want to see in a mining company? I know quite a bit about how a corporations, stock securities and bonds work. so my pre-IPO listing will be detailed, clear and concise.
What I would like to know is that are the expectations that potential investors want to see met for them to be compelled to invest. It will be a multi-phase project. Dividends will be instituted within 45 days of the first BTC mined. I am a real person in Seattle, WA and I will be very forthcoming to all our shareholders. I want to make an offer that will generate interest and be equitable to all parties.
Comments on what you want to see from me and what has and has not worked.
Thank you for your time and feedback,
Dal
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What money are you talking about?
FDIC extends to U.S. banks that are part of the Federal Reserve Banking System. FDIC is deposit insurance that reduces the risk of your banking institution going insolvent and you not having access to your "deposited" funds.
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Asking for 20,000 BTC in just two posts. We have a new record.
I would agree with the sentiment that you would need to start much smaller, have a long-term plan laid out and scale to it, while building trust and confidence along the way. |
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I'm interested to see how the economy develops. There's not currently many vendors in my area, and perhaps I'll work some to change that...
I'm really interested in getting tangible in-person goods and services (e.g. contracting, mechanic work, restaurants) to be exchanged for bitcoin.
As a necessary precursor we will need to make it easier (as in, trivial for a novice computer user) to use a secure two-wallet system.
In our current economy (= USD/EUR/etc credit/debit system economy) a lot of fraud prevention is built in after the fact, and laws and policing enforce a kind of loose cap on the maximum amount of fraud you can get away with. In the bitcoin system, the individual takes on all of that responsibility. We need to provide them with tools that keep the total conceptual overhead down to a minimum, but still has good resistance to the main threat models: (loss of wallet, and wallet stealing, both on disk and in-memory)
-s
This is true as in the risks users of this system are now taking on themselves and with that amount of control you have over you financial resources, you now have responsibility to treat them in the same way as if you have a bag of cash. Not advertising you have large amounts of money and physical security are very important for your own well being. Dal |
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**UPDATE** - I have now hit 10 posts and over 4 hours online.
Hello Board,
I have been lurking for a while and my first experience with Bitcoin early in its inception (client 0.2) when I read about the concept on Slashdot. I do have business interests in Bitcoin but it is because I believe in its utility compared to the larger scheme of things. I am not here to troll, only to provide and receive feedback, along with communicate with this wonderful community.
I respectfully request to be upgraded to "Jr. Member"
Thank you,
Dal
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Bitcoin 0.6.0, I do have an old version of 0.2 that still runs great.
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