I just noticed nobody posted this beautiful green candle yet   The market moved like 8% in one day, and I am feeling like:  I have to admit though that taking a bit of profit at $25 helped alleviate some nervousness I was starting to get at that point. Taking 10% profit after doubling your investment seemed like a wise idea, and I don't really regret it. |
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This idea requires cooperation between your clients which isn't realistic unless anonymous. So really, you can as well have these coin ranges in a form of a public but anonymous ledger. Anybody who knew his/her id in the ledger would be able to verify quickly that their coins are on display. No overlaps possible. No communication needed  A completely transparent bank. if you could prove that your coins were there how does that prove that extra coins aren't there? What do you mean? |
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This is possible when you can create commodities out of thin air (like "paper silver").
I have thought of making a proof-of-concept "Casascius Bank" but where I accept no more than about 1000 BTC in total deposits. The real goal, though, wouldn't be to become a bank. It would be to illustrate a proof-of-concept: provably secure depositing. My "bank" would create cryptographic signatures on a daily basis proving in fact that I have every single bitcoin I say I have on deposit. Meanwhile, I would break down that 1000 BTC into "ranges" to assert that they are owned by specific depositors (but only in a manner where the depositors themselves can identify their own funds, not the public). For example, if I held 4 deposits for 4 people, and they were 100, 200, 300, and 400, then I would say that coins 1-100 belong to depositor 1, coins 201-400 belong to depositor 2, 401-600 and 601-1000 belong to depositors 3 and 4. I would sign and send messages to each depositor, which would allow them to reconcile, catch, and out me if (for example), I told two people they each own the same range of coins. The real goal would be to help the public know they really can and should demand proof that their deposits are safe and sound and not fractionally pledged, the same way "provably fair gaming" is teaching us by example that we should demand, well, provably fair games. In turn, this would cut down the number of "paper bitcoins" in existence (or rather, I should say, "bitcoin-denominated promises", because the "paper bitcoins" I have in mind - like bitaddress.org and bip38 - are actually close to the best kind of bitcoins you can have!) I actually thought of the same thing recently, great minds think alike , ahum . You could publish the holdings of each user by providing the hash of their username and then the balance that corresponds to that user. EDIT: I see piramida posted a similar idea. Of course, your users still need to trust you not to elope with the funds, but at least you can prove you are still holding the money. I was actually thinking of this being used by a bitcoin backed central bank, which could do micro-transactions without clogging the blockchain. This bank would produce bitcoin-replacement currency that would be created the moment a user deposited bitcoins in a "shared address" (only possible to withdraw with approval of both parties, I don't know the proper term). The downside is that this bank would be a single point of failure, so it is probably not a good idea until bitcoin is really mainstream and free of governmental crackdown fear. |
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Well, it's been more than a couple of hours. As food for thought, here is a bet to consider: Prediction: Bets of Bitcoin won't be back online. Rationale: Whenever a sufficiently anonymous service is entrusted with bitcoin without sufficient collateral, and the amount thus entrusted is large in comparison to the profitability of the service, that service will seize to exist when the ratio of coins coming in to the coins going out turns negative. Deadline: January 1, 2014. It's a risk. But coinjedi has always been very professional in my experience. I think the number/value of bitcoins being bet is also increasing, so his profits should be going up too. I am hopeful he is going for a long-term business-model with steady (growing) income instead of becoming another quick buck scammer. |
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though I didn't anticipate doubling down anywhere near as often as I did as the price continued to drop.
Today, that makes you a happy man  |
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Only bitcoiners leave the hangar doors open when taking off with a space shuttle.  It's an open-source shuttle... |
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As I haven't seen a rocket pic yet, this beauty deserves a repost !  |
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I think this may be the start of the bubble Exciting times for sure |
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What a fascinating discussion! Thanks everyone for your diverse & strongly expressed points of view.
Disclaimer: I am long physical PMs.
Must admit I had dismissed Bitcoin out of hand previously. However after reading tonight's posts I'm willing to give this another look.
Bitcoin as a store of value or "wealth", no. But as a short term medium of exchange quite possibly.
Very interesting concept. I will be watching this more closely in future.
This is the sort of open-minded person you want to reach and have look into bitcoin. I presume a number of ZH lurkers will have similar thoughts. |
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I would prefer the navigation bar not to have moving letters. I find it distracting (I just end up playing with it instead of actually checking out the products...).
But keep up the good work!
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Spaceman Spiff - Intergalactic Bitcoin Overlord
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As an atheist, libertarian male in my late twenties, with an interest in finance and technology, I feel right at home here +1 |
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we're looking pretty steady and low volume today...
It is boring, but probably good for bitcoin |
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This doesn't make sense at all.
Sure it does.... if you are a scammer. There is 0 cost to making this stupid prediction, but if it happens to come true, some people will believe you are 'in the know' and will pay for your priviledged information. |
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So it looks like from those charts that the bids are at a relative all-time high? IE, the demand FOR coin is huge?
Yes, indeed, which makes sense with the record high market cap. I would add a word of caution though when comparing the levels of bid vs ask in these charts that the bid y-axis is denominated in USD, while the ask is denominated in BTC. |
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Do you know if the same or similar information is available for earlier time periods? |
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