Mine has nothing to do with newly minted coins, I don't even mine, been waiting since last night.
It doesn't matter what you do with your bitcoins. All the bitcoins that get deposited into Mt Gox get dumped into a single pile. Some of the coins are dumped in there by miners, whose coins can not be spent until 100 blocks after they were mined. Some of the coins are only spendable if a Mt Gox employee grabs the private key out of safe or something. The software Mt Gox uses to choose which coins to spend when customers want to withdraw bitcoins is apparently suboptimal. If their software tries to spend a coin which has not matured (>100 blocks since being mined), the entire transaction ends up in limbo. Another possible problem is that some transactions end up with too many inputs with an insufficient fee the transaction also ends up in limbo. If a withdrawal transaction fails, Mt Gox has to double spend those inputs before trying the withdrawal again because otherwise there's a possibility the original transaction will suddenly get mined and they will irrevocably pay out twice. |
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Sharing isn't sharing when it is forced. Moreover, sharing paper money that can be printed whenever, isn't sharing at all either, since it's worthless.
Sharing is sharing if it's forced, e.g. "Johnny, share your cookies with Jane or get my boot up your ass." Sharing is voluntary. Theft is forced. Sex is voluntary. Rape is forced. |
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FUD. Tried it for myself. Withdrawl from gox took less then a minute.
Apparently it's random. Smaller withdrawals have a higher probability of working than larger ones. No real explanation so far as to what is causing the problem. |
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Somebody is trolling... [16:37:47] <chaang-noi> is it true mt gox ran out of both fiat and btc?
[16:38:01] <+SarahCoinBit> mtgox646: We are not having any type of funding issue. The coins are there in limbo
[16:38:20] <+SarahCoinBit> chaang-noi: We have not ran out of anything, nor is this a cold storage issue |
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So does the bubble break at $366 or $532?
If history rhymes, $2217. |
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Which is why I said the most relevant "M" would be M0.
I don't agree with that conclusion. People actively spend M1 and higher aggregates, whereas in a Bitcoin world they'd be spending base money instead. So if you are calculating what the purchasing power of a Bitcoin would be if it replaced the dollar, M0 is not going to give accurate results. |
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Added Niels van der Linden.
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Gox really does go out of its way to just completely embarrass itself at every opportunity.
95% of their customer relations problems could be solved if Mark would take 5 minutes every once in a while to actually explain what is going on so that his customers would understand the problems, instead of hiring people to just endlessly apologize to them. |
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Or is it fiat AND BTC?
Fiat is old news. Something's wrong with BTC withdrawals too, some kind of input selection / transaction fee problem in their backend. |
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The technical support meltdown in #mtgox right now is quite a spectacle to behold.
The only one giving answers is I think the girlfriend of one of the support staff (SarahCoinBit), and the only thing she can tell people is that their coins are safe and Mark won't be making an official statement any time soon since it's 1 am in Japan.
There does seem to be some useful information leaking out though. Something about withdrawal transactions ending up with too many outputs and not enough fees.
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Everybody remember this guy's name, so that we can swamp him with "I told you so"'s in 5 years.
I have a list of names of shit talkers on my facebook list who are going to get an earful one day. That's why I started this thread: https://bitcointalk.org/index.php?topic=326656 |
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I feel like in a true free market situation people should be able to set their own fee and not have something hard coded in the client that over rides their decision. I mean they could have a warning that says "your transaction probably will not be processed if you don't make it more than X" but hard coding it is wrong.
A planned feature for 0.9 is for the client to watch the network to determine what the market for fees is, and give you an accurate estimate of how long it will take to confirm your transaction based on the fee you attach. |
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It would be nice to have a section of the forum dedicated to Bitcoin-related entertainment media content instead of them being relegated to "Offtopic"
Bitcoin songs and music videos, "Hiter responds to inputs.io" videos, etc.
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It looks like they've actually got (comparatively) decent support coverage on IRC. [13:03:38] <+SarahCoinBit> [13:01:57] <@Delerium> 30 mins ago Withdrawl Queue: 2013-11-07 12:30:07 Rebroadcast Complete. Success 3 ~ In Blockchain 17 ~ Failed 865 ~ Total 885 [13:01:58] <@Delerium> Just now: 2013-11-07 13:00:06 Rebroadcast Complete. Success 1 ~ In Blockchain 7 ~ Failed 435 ~ Total 443
[13:04:32] <Delerium> ^ essentially means bitcoin withdrawl queue has halved in 30 minutes - great work goxies! Not that support there can actually do very much, but at least it's possible to get some answers. |
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I don't think there's anything wrong with a service that holds your bitcoin.... infact that's something most consumers would want and its something thats needed if/when bitcoin becomes more mainstream. Just like most people don't want to hold onto all their cash or life savings, they want to put it in a bank somewhere because it's more secure and insured. No, the average person does not want to be robbed. They are forced into it via preferential legislation and regulation that all but makes it impossible to avoid putting their money in banks. http://investmentwatchblog.com/imf-discusses-super-tax-of-10-on-savings-in-eurozone/Bitcoin is going to finally free the average person from the need to hand over their savings to third parties. The thieves will have to work harder for their loot from now on. |
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We've hit the singularity now.
Thread page count has exceeded the current year.
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I have heard of four (attempted) solutions to this, and none of them is perfect:
1. Gateways (à la Ripple)
Though exchanges themselves are decentralised, the "coloured coins" they exchanged need to be issued by a trusted (centralised) authority who will exchange for example 10EUR/USD for 10cEUR/cUSD which can THEN be exchanged for BTC or other currencies.
2. IOUs (à la Ripple)
Rather than trading actual currencies, people make interest-free "loans" and trade the debt. For example, you give me 1BTC for a 150GBP "IOU", which you can trade on to other people with the promise that I (or others trading IOUs in the same currency) will buy it back for 150GBP worth of BTC/some other currency. Of course this relies on people having confidence they will be able to trade the IOUs back to Bitcoins.
3. Magic (à la Harry Potter)
Some sort of coloured coins are distributed that by convention just happen to be pegged exactly to EUR/USD/GBP or whatever, and eventually the convention becomes so universal that people stop distinguishing between cEUR and EUR.
4. Automatic "monetary policy" (à la Mastercoin)
One suggestion I have seen, I think it might have been for Mastercoin but I'm not 100% sure, was that some sort of decentralised "system address" would hold an excess of for example cEUR, and when the BTC value of cEUR started to climb above EUR more cEUR would be released into the market, and if the value was below EUR then the system would buy back some cEUR for BTC to bring the value back up. How the system would track the value of the EUR however I don't know. Presumably it would be a mathematical system not relying on external feedback, so would try to approximate a certain value that was equal to the value of the EUR at the time of implementation, which obviously could change over time and the correlation become broken.
Imagine if there existed a low-friction, cross-border, P2P system for insuring arbitrary contracts via performance bonds. It would make number 2 a lot easier to achieve in practise, wouldn't it? |
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We'll see double digits again, don't worry.
I'm still waiting for the single digits we've been promised all year by certain posters... |
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