Only if you don't run AdBlock.

Whichever. Take donations. Run ads. Let supporters give, and random jackasses pay Both ways, the forum becomes an income stream for its operators, and therefore more likely to stay up.

forum.bitcoin.org should run advertising.

I don't know exactly what the motivations of the current forum operators are, but the Bitcoin forums, right now, are an extraordinarily critical resource for the growth and sustenance of the Bitcoin ecosystem.

Therefore, those incentives should be strengthened.

Please, oh gracious forum admins, whose noses we are not worthy to pick, add advertising to the forums, so that you may obtain an additional monetary incentive for your work.

That is all. If this message does not pertain to you, please return now to your scheduled work allocation.

BTW, I'm selling tulips. BTC 30 each.

Ouch. I'm at least off by an order of magnitude, probably closer to two. $50k x 21m = $1 trillion, plus change. US GDP is something like 12x that, so I'm way off in terms of calculating the money supply. http://www.themarketoracle.biz/Article5460.html gives $60 trillion for M3 in 2008, so assuming that M3 is the right number to look at then the per BTC value should be something more like $2.86M/BTC, a lot closer to your figure. And if Bitcoin replaced all M3 currency today, BTC 1 =~ $9.53 million.

Buy and hold, people. Go long

"Hot" as in "ZOMG! Filthy lucre!"

Good idea. I'm thinking about that and also about tying the service into MtGox, which must also have a substantial pool.

Very good idea, actually, and not that hard to implement:

Incoming transaction to BitLaundry's RPC wallet
Calculate fees, forward to my private, non-RPC wallet
Randomly split remainder across {MyBitcoin, MtGox, ...}
Perform sends off of {MyBitcoin, MtGox, ...} on schedule

I see another 200 lines of code in my immediate future. Curse you!

A couple of months ago I did a calculation. If 21 million Bitcoins are to take the place of the current global money supply (expressed in contemporary US$), what would BTC 1 be worth?

The answer, at that time, was around US$50,000.

Needless to say, this made me hot.

Outgoing payments are handled as follows:

First, the incoming payment is noticed, confirmed, and the fees deducted.

The remainder is then chunked into a number of payment amounts equal to the number of recipient addresses times the number of days times the number of transactions per recipient per day. Each of those payment amounts is randomly varied by about 30% of the mean value remainder/(addresses*days*txperday). As an example, a BTC100 remainder in five chunks might look like [Decimal("12.99"), Decimal("27.34"), Decimal("24.15"), Decimal("17.63"), Decimal("17.89")].

There is currently no way whatsoever to ensure that coins incoming to a laundering scheme are not sent back out via the same scheme. The chance of mixing (and thereby getting new coins) depends on the server's accumulated earnings plus the number of coins sitting in scheme schedules waiting to go out plus some seed Bitcoins I've put into the server's wallet.

In short, if you send BTC 100 to the service and ask for your payments to be spread out over a week, and during that week the server's balance is zero and nobody else uses it, you're going to get your own coins back, minus fees.

If someone wants to stake a large amount of BTC to help mitigate that problem, in exchange for a (probably very poor) commission, please PM me.

Dear friends,

Since acquiring BitLaundry (http://app.bitlaundry.com/), I've been hacking away at the code, and have now launched an entirely new version of the site.

Go check it out!

Cleaner, even, than your filthy new one-penguin forum account!

I confirm. Thanks, Vess.

We departed from the bidding history a bit, and concluded the deal a bit differently, but which satisfies me. I paid the BTC50 price straight off, and also agreed to pay 20% of site commissions up to a level of BTC100.

Launder, you filthy humans!

Folks,

As I'm not checking here often, I've missed replies asking for support.

The best place for general support is to post a comment at the support link listed in the announcement.

I can provide implementation assistance at €20/hr or the equivalent in BTC. For that, get in touch with me via http://gogulski.com/contact

Peace,
Mike

Bah, scurvy. I was worried about rabies.

No love for legally-resident-in-Europe stateless persons, refugees or asylees, but it's a start!

Any chance you could post those messages for the world to see?

Wow, that guy's ignorance and triumphalist statism really know no bounds.

@Satori: Fractional reserve as presently implemented is accurately described as a scam. However, I suspect that in a truly free market (i.e., absent the state and its privileges to the banking cartel) fractional reserve would complete quite successfully with full-reserve banking.

I think this is very much worth freaking out about.

In fact, if I weren't such a lazy bastard, I would be drafting a press release on this and the CoinPal cutoff, and blasting it out to as many sympathetic media contacts as I could find.

Doing so would have three effects:

1: Casting PayPal's business practices in a (consistently, reprehensibly) bad light
2: Bringing attention to Bitcoin
3: Highlighting state-linked suppression of alternative currencies
4: Something random having to do with WikiLeaks

Okay, that's four.

Considering that ebay OWNS paypal, I hope that your efforts there live long and prosper.

The code and domain, yes.

Mine (in my sig) is the only other dedicated laundry I'm aware of.