...the multinational banks have also grown and quickly too. So, if it will be "a good thing" to have the central reserve bank of bitcoin once the current banks buy up the gpu farms and get together as member banks, then concentration of wealth and network control in farms and communes will also benefit everyone, as you say...
As i understand the intent, however, this was supposed to be a p2p network, in which there weren't the usual centralized wealth and control that would weaken it. P2p is not about "specialization of labor," and rather about spreading it out rather equally, to gain certain benefits. Specialization of labor is the client/server model, where the server farms and clusters do the labor and charge us fees for it... Silly, me! I thought we were trying to get away from that with Bitcoin...
My point is that LR and other exchangers are those points of weakness, manifested in the problems this thread is addressing...
Yes exchanges are points of weakness, no international banks or any kind of legitimate bank will not corner the bitcoin market, they won't even recognise bitcoin until it's stealing all their business, and then they willside with governments trying to destroy it. |
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Stand alone complex where the driving force is some of the worse elements of human nature.
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Perhaps, by the time all the exchanges get slammed by the governments, there will be enough B users to maintain trade.
The majority of those who wish to enter after that, will have to do so via selling goods and services for Bitcoin. Adoption would just take longer. Bitcoin is still in beta anyway, and only 1/4 of the monetary base is generated.
To me, the problem really boils down to the fact that the average newcomer has now been pushed out of worthwhile, independent generation by GPU-rack farmers, and communes. If the independent CPU miners could still generate blocks, more people would have Bitcoins to spend, and wouldn't need exchangers...
Specialisation of labor, this is one of the results of a market(even one thtat is not free) and especially for one that is completely free. It is a goodthing and will benefit everyone in both the short term and long term. It is a sign that the free market is working that gpu farms have grown, and quickly too. |
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Looks like this is another one in Costa Rica. So, it would have the same issues The Madhatter is discussing in another thread, right?
With LibertyReserve? yes, same problems. |
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Sorry, shell companies are of no use, that is playing by their rules, we will not be allowed to operate in their game.
A method to operate an anonymous exchange, the exchange must remain anonymous, customers can become known to the exchange( but the exchange is not known,by more than reputation to the customer)
A customer creates a regular bank account and gets two atm cards. One card is sent to the exchange(how the exchange can get it and remain anonymous I don't know, small detail).
When the customer wants to transfer money to the exchange they deposit cash into the account and inform the exchange. the exchange then needs to use the atm card to withdraw the cash.
When the exchange wants to return money to the customer they deposit cash to the account using an automated deposit machine, and the atm card they were given. The exchange then informs the customer that their funds are availablefor withdrawal.
The account then become a kind of drop box with multiple gateways to drop off and pick up from, forming a cutout between the exchange and the customer.
As was said before the exchanges can then become known to each other and do international transferes etc. directly to each others accounts.
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Thanks for the warning, I never dared to keep much money in liberty reserve due to the fact that it always seemed high risk to me. Especially considering how e-gold got totally destroyed by the US government. It's a shame all these great currencies ends up with the same sad destiny, but at the same time I guess that's great news for bitcoin  It's almost like if Bitcoin was a huge company using government regulations to shut down competition  If MtGox accepted bank wires directly that would alleviate the risk of Liberty Reserve going broke. He should also let clients move dollars between accounts for free. He could run his own Liberty Reserve-like system inside of MtGox. Maybe I misunderstood this, but I sent MtGox a bank wire a few days ago? And even though LR might be very risky now, even the bank account is at risk, who knows when it will be suspended? I assume mtgox doesn't possess any license to do this kind of business, so it's all a grey zone. A solution to this could possible be that he create some kind of exchange market between LRUSD and the USD Finland Bank to allow investors to decide where they can take risk. Or even better, create bank accounts in different countries to hedge against the political climate in any given country. Well, the best thing would obviously be to find a country where you can actually run a legitimate exchange, if anyone know of such place please do let me know. And if you have to pay a million dollar license fee it's out of the question. As soon as mtgox is investigated he will probably be shut down, I am sure there are a lot of laws (stupid laws) that are being broken. There are probably some regulations for this as well. This kind of thing is just not allowed. The only option is to have an anonymous exchange, anything else will be targeted and shut down by the government. |
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A feed of latest posts so I don't have to open 8+ subforums on every visit.
Just click the show unread posts link at the top after logging in. |
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I have just read this paper, very VERY interesting.
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What about advertisements?
The forum could make some btc with a few advertisements that are paid for in btc. This is where the bitcoin community meet, it is the ideal venue for advertising for bitcoin related services and paying for the advertisements in bitcoin.
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Nefario: have you ever respond to my email reply? If you can do that and revise the article by Wednesday, that will be the key to getting it published on Wednesday.
Anyway, we won't have any revenues this week until somebody either willingly sponsor the magazine out of their selfless good or advertise.
I've sent you a reply. |
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Since the break in on mtgox when there was those few high trades (btc hit parity at that time I think, then fell quickly). Prior to this it had been trading around the 42c mark for some time. In the last week it has jumped a lot, it held for a day or two at about 70c and is now holding between 87c and 94c It is likely to hit parity over the next two or three days, over the next month or two it will probably drop below USD parity for one or two trades but from this point on it will stay above 1USD for good. Ladies and Gentlemen, say goodbye to below parity btc. On a related note I have already seen the effects of deflation. I buy vpn from Mullvad ( www.mullvad.net) for bitcoin. When I first bought 30 days access the price was 24btc(I think), that was a little over 30 days ago. The price has now dropped to 16btc for 30 days. This is a service I will continue to use if the price continues to deflate with bitcoins rise. Sadly the server I was renting from just a man is not going to be renewed, I would like to but he is unable to continue renting it to me. Oh well. |
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Would it be difficult to add a Firefox add-on that lets you log in supported websites using private/public key authentication? So, instead of having to create a separate password for each website, one would just give them his/her public key.
There is already a plugin being developed called gpgauth that does exactly this. http://www.curetheitch.com/projects/gpgauth/ |
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Does that mean you will use the article I sent you kiba?
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I got mine from the film despicable me.
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Is that all? wow that is so simple.
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How are trades resolved in a market? first come first serve?
If you are a seller do you sell to the highest buyer?
How are buy/sells orders matched in a market?
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How much is your World of Warcraft gold worth? If you play a nation in Freeciv, how much is it's gold worth? Basically unless you actually manage to sell some any guess about it's value is purely speculative, and even if you do manage to sell some at one price there is no guarantee you could sell any more at all at that same price. How much do babies sell for? Is your baby taxable merely because in theory someone might consider it a marketable one? How about your hours? How much are they worth? When you don't happen to sell them? When you choose not to put them on the market that hour or week or year or decade? If you sold 40,000 euros your cost of machinery maybe it might be worth at least a tenth of that, depending on the speed of depreciation / rate of increase in competing tech of that machinery since you bought or built it. So you could if you are optimistic at least claim you accepted what you imagined to be worth at least as much as the inventory you sold. (Does computer machinery depreciate to half value every 18 months as new ones double in power each 18 months?) There is a parallel buyer side problem too. How much is inventory worth that was bought with BitCoin? How much is stuff worth that is given as a gift or in barter? Some of those are solvable presumably. Most likely, legal tender laws require that you offer to accept legal tender and the amount of legal tender they could have paid for it could be naively imagined at least by those who do choose the legal tender option to be the value. So maybe help drive up BitCoin value by offering things at much much fewer bitcoins than you will take in legal tender?  -MarkM- (Not licensed to practice law in any known nation of Sol III) STOP PRESS! Freeciv Gold now only $1000 u.s. per unit (or 1.00 bitcoin...) These are only definitions, but if the government thinks you are conducting a lot of trade then they want to take a share, the easy way is to tax the medium of exchange. Whatever names you want to use the government will do whatever it can to make you pay. The only option is to pay or keep trade as secret. |
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I do not know what you guys will do, but I just withdrew all my funds to my bitcoin wallet and to my LR account.
Mt.Gox does not seem reliable to me now.
QFT. I do not understand why anyone would keep their bitcoins w/ mtgox. An encrypted wallet.dat is the only way I will ever store mine. That means you will never be able to use any services that anyone provides. |
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mtgox, how much have fraudsters cost you so far? And are you still making profit?
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database, is a matter of taste and developer preferences really, I personally would use riak and definitely would not touch any of mysql/postgress/sqlite and ko .
I am talking about a db to use on a client. sqlite works very well on windows,osx,linux etc. It also has excellent bindings for all popular languages. So if you had to choose a db for a client, then I would recommend it. |
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