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I think the default fee has changed to 0.0001 BTC already.
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I think this definitely has its uses, not dumb. It can of course cause trouble in some scenarios but I would still like to use it and have a simple address to tell someone.
But now the blockchain.info's API doesn't work and reading this thread I get is hasn't worked for a while. Is there a working firstbits lookup somewhere?
The blockchain.info one goes up and down often. It seems there's some backend process that crashes/stops working. And no, there are no other lookups available, so if blockchain.info's lookup isn't working, then there's no way to look up firstbits addresses. |
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I'll say 3 years from today.
This prediction may be remarkably close. Excellent! |
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Cash didn't have chargebacks either. People built systems on top of cash that allowed chargebacks. The same thing can (and very probably will) happen.
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We should switch to uBTC and be done with it (forever). Switch our clients, our exchanges, our store plugins, etc, to use uBTC by default. - It would give Bitcoin two remaining decimal places, which is what people are already familiar with, and would be much more compatible with existing financial software.
- One uBTC is worth enough that it wouldn't be too cumbersome at this point to use. Buying something for $25 would be sending 31,255 uBTC.
- The conversion is easy too - just remember 1 million. You multiply or divide by one million to convert between current BTC and uBTC.
- We would only have to switch main denominations once, whereas a change to mBTC only helps us with the current price. If the value of BTC continues to go up, we'll find ourselves in the same situation of having a main denomination that is too valuable.
- Finally, it would give enough room for BTC to grow however large and valuable it could possibly grow. Even if everyone in the world used bitcoin, uBTC + 2 decimal places would be enough to provide all the precision we would need.
Who is with me, and what are the steps we need to take to make this happen? |
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It`s preposterous to hear anyone affiliated with this site claim that users such as the OP are trying to `scam` other users by betting at the last minute. That`s how BitBet`s POS system is designed, for christs sake.
If the site owners are concerned, then they shoulder the burden of fixing it, not the users.
Well put. |
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You old farts kill me. BitMit is worth every bit of 500,000 dollars. Bitcoin is set to break into everyday life. buying BitMit will make someone a hell of a lot of cash. Problem is its a risky investment, but if it pays off it would be well worth it.
No it's not. It doesn't have enough of a first-mover's advantage to be worthy of 500,000 dollars, and the coding needs to be redone anyway, so there's little in actual assets. I wouldn't pay 500,000 in goodwill for an auction site that could easily be eclipsed by someone with 250k in venture capital money and a crew of proper coders working for 3 months. |
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Having a policy also does not give bitbet the right to steal funds, the same as it wouldn't give bitbet the right to murder people. Wrong and unlawful is still wrong and unlawful regardless of what policy you have in place.
Except murdering people falls under the jurisdiction of fiat courts, whereas BitBet is its own jurisdiction, stemming from the complete immunity of all things Bitcoin to all things fiat. Well that's simply not true, but I guess you'll find that out in a courtroom. Have fun.  |
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Having a policy you do not agree with does not make something "stealing", and screaming "gimme my money or I'll say bad things on the reddits" make you a scammer. I'm not saying anything more.
Having a policy also does not give bitbet the right to steal funds, the same as it wouldn't give bitbet the right to murder people. Wrong and unlawful is still wrong and unlawful regardless of what policy you have in place. |
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If you don't want people to bet right before the bet ends, then simply reduce the potential winnings gradually right near the end.
This is already the case, which shows you still haven't read the FAQ.  Then why is there any worry about last-minute bidders "scamming" other people at all? It's about betting after the result is known. You really read nothing, did you? Perhaps do that before taking a side. If the result of a bet becomes known prior to the bet deadline, then no further bets should be taken. People can be free to send more money in, but they would get exactly 0% of the winnings, only having their money refunded. How is this a hard thing for people to figure out? I don't get it. |
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I'm gonna say it'll be within the next two weeks. Tons of recent news has brought the legitimacy of Bitcoin up big time, including everyone at the Senate hearings stating that it was legal to use, various Subways accepting it (and hundreds of people using it there), and now a University in Cyprus accepting it. Many people sat on the sidelines, waiting to see if Bitcoin would be outlawed by the US government. It is pretty clear that isn't going to happen now, and those people are going to start jumping in. That money will hit the exchanges over the next couple of weeks, and we'll easily clear $1,000, if not much more.
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If you don't want people to bet right before the bet ends, then simply reduce the potential winnings gradually right near the end.
This is already the case, which shows you still haven't read the FAQ. Then why is there any worry about last-minute bidders "scamming" other people at all? |
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Apparently it won't be, since some people here seem to think stealing from its users is a commendable practice.
Seriously, how would you handle the case "someone sends an unconfirmed TX right before the bet ends, TX confirms after the bet has been decided" ? Refund? You want to discourage scammers, not have to guess every time whether the request is legitimate or not. Refund. If you don't want people to bet right before the bet ends, then simply reduce the potential winnings gradually right near the end. For example, if they bet 10 minutes before the bet ends, only give them 10% of the winnings they would have had if they had bet 100 minutes before the bet ends, and spread the other 90% across to the other winners. If it's 25 minutes beforehand, give them 25% of the winnings. Etc, etc. But if they lose the bet, they lose 100% of their bet. It's not complicated, and you avoid stealing people's money without good reason. Again I ask, what is your affiliation with this site? |
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We need some VC capital up in this space to make a project like this truly viable.
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This is apparently not the first, or even the second time, that BitBet has scammed its users. Hopefully it's the last. Apparently it won't be, since some people here seem to think stealing from its users is a commendable practice. |
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You do realize that not agreeing with someone's policy is not enough to build a court case?
The policy is there, if you don't agree don't use the site. But if you call it "theft", you're a scammer.
I don't think you understand how policies work in court. A court would never uphold a policy that states "I have the right to steal your money," which is effectivly what bitbet's policy says. So the correct course of action for you is :
- Think,
- Understand the why of the policy,
- Get over it,
- Pay more attention next time
Well, I USED to have respect for you, davout. Are you involved in this site in any way? |
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I wondered in the past if there was an arbitrage opportunity between Mt. Gox and Bitstamp to buy on BS and sell on MG, but found out there wasn't as you couldn't withdraw funds from MG, which is why the price had been pushed up, as there was high demand to buy to get the coins out.
Now there is a huge difference between BS and BTC-E (as much as $80 difference in the last day). These differences would normally be pounced upon by arbitrage traders and quickly close, but they're not. Is this a genuine arbitrage opportunity?
If not -- as it seems too good to be true -- what is going on? I know BS have had trouble with their site lately, but if you're able to get your funds out then it looks like you can just buy on BTC-E and sell on BS.
I think this is an issue with bitstamp right now - people are having trouble withdrawing their funds from the exchange. |
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This is stealing and the behavior of the owners/operators is outrageous, in my opinion. That policy is completely unjustifiable and I hope nobody uses this site until it's changed.
What's the best way to organize a boycott / raise awareness? If you want to raise awareness, just link to the BitBet FAQ, which is public, which you should have read before sending 10 btc anywhere. The inability to own one's actions on this forum is at absurd proportions. read the rules of gaming websites before you place your bets. is that so insane? If I pick up someone's wallet off the street, is it right for me to spend money from the credit card inside of it? That's essentially what Bitbet is doing, except they know exactly who the money belongs to and have every opportunity to return it. They can write in their FAQ that it is ok for them to kill anyone who loses a bet, but that doesn't make killing someone who loses a bet right or legal. |
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