This would be way easier if you just created "Darkcoin" and allow users to choose whether they want BTC or DKC. (Hmmm... Maybe that's a bad name)
Then you don't need to deal with problems like a seller being matched up with 30 partial orders and needing to figure out how to pay them all through fiat infrastructure.
I don't get your logic. Another currency does not solve the centralized inferstructure problem. The decentralized exchange will allow for p2p exchange of any currency for any other crypto or not... Gold, silver, and any other commodity of value too. ....Solves the exchange problem for all the existing crypto currencies as well. Well, you can escrow for trust issues, but that doesn't really make up for the fact that if you place a significant order on Gox, you're going to be matched with tens of small orders. So if you sold 10BTC for 1oz of gold, and that was matched with 12 partial orders, are they supposed to each send tiny bags of gold shavings, or are you talking about a posting board rather than an exchange? DarkCoins would be easily divisible, and able to be transferred quickly/easily, much unlike 12 bags of gold flakes. Fiat transfers, even with a decentralized exchange, has banks as a point of failure. If you're trading with people directly, as I'm assuming would happen in an exchange, the "decentralization" is proven failed the instant BAC freezes your account over AML concerns with 20 out-of-country people deposited a combined $50k into your account over a couple days. Gox, OTOH, is a central figure with a relationship (one they've incidentally had to fight hard for) with their banks, which no longer freeze their accounts every other week. There is no reason that a large order cannot be batches to hundreds of different offers in the system. And there is no reason mtgox cannot exist on the system too, if you prefer to deal only with them. The competition from the other brokers on the system will keep them honest and prevent another monopoly. Having another crypto intermediary coin doesnt really solve anything. Fiat still has to be used to buy that intermediary coin, and hence an exchange for it. Nothing solved. There will also evolve intermediaries in the system. Those who batch arbitrage small orders at a discount into big orders for larger investors. Create the decentralized platform and the market will fill in the gaps. Okay... I put up a buy order for 100BTC and offer 10oz of gold. The decentralized exchange matches me to 200 orders. Explain to me how this will work out quickly, without a great deal of trust in any single entity, and without insane fees (including shipping fees). |
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I'm fond of BitFinex ATM. Reserves can hang out and earn interest while they're waiting for the next opportunity.
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GoxUSD can be redeemed in places other than Gox, and is indeed considered currency in OTC trades for PPUSD, WU, BTC, etc.
There have been no other account compromises I'm aware of in the past few days.
Did you have 2FA enabled? If so, it's likely an indication this might not be isolated. Maybe you used a service like LastPass?
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This would be way easier if you just created "Darkcoin" and allow users to choose whether they want BTC or DKC. (Hmmm... Maybe that's a bad name)
Then you don't need to deal with problems like a seller being matched up with 30 partial orders and needing to figure out how to pay them all through fiat infrastructure.
I don't get your logic. Another currency does not solve the centralized inferstructure problem. The decentralized exchange will allow for p2p exchange of any currency for any other crypto or not... Gold, silver, and any other commodity of value too. ....Solves the exchange problem for all the existing crypto currencies as well. Well, you can escrow for trust issues, but that doesn't really make up for the fact that if you place a significant order on Gox, you're going to be matched with tens of small orders. So if you sold 10BTC for 1oz of gold, and that was matched with 12 partial orders, are they supposed to each send tiny bags of gold shavings, or are you talking about a posting board rather than an exchange? DarkCoins would be easily divisible, and able to be transferred quickly/easily, much unlike 12 bags of gold flakes. Fiat transfers, even with a decentralized exchange, have banks as a point of failure. If you're trading with people directly, as I'm assuming would happen in an exchange, the "decentralization" is proven failed the instant BAC freezes your account over AML concerns with 20 out-of-country people deposited a combined $50k into your account over a couple days. Gox, OTOH, is a central figure with a relationship (one they've incidentally had to fight hard for) with their banks, which no longer freeze their accounts every other week. |
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This would be way easier if you just created "Darkcoin" and allow users to choose whether they want BTC or DKC. (Hmmm... Maybe that's a bad name)
Then you don't need to deal with problems like a seller being matched up with 30 partial orders and needing to figure out how to pay them all through fiat infrastructure.
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.... I'ma just go place a withdrawal and shut my mouth, now.  |
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Just to set the record straight.... Mt. Gox did not originally stand for Magic the Gathering: Online. That was an early jab at Bitcoin made by SomethingAwful, or 4chan, or whatever they were.
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It's a great time for buy orders, anyway. Pop some up at $5.02151 and give it a week. Don't look at it for a week, though. Make yourself some nice meals in the time you would've been obsessing over price. Hell, if you have BTC & USD, place some bids @ $5.02151, asks @ $150.02151 because we could really hit either in the next few days.  |
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I doubt a crash will happen... seems just people are getting scared...
You know what scared people do? Panic sell. -And God bless them.  |
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Loaned ~$2.2k to Matt maybe a year ago. Matt defaulted but made a couple partial payments since that time as show of good faith. We came to compromise and finally settled the debt early this morning.
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b) getting loads of errors ('ERROR... already have block' and 'Misbehaving' et. al)
That's not one I've heard of, yet... QT is repeating requests for the same block to multiple peers, or is someone spamming the same block(s) to him? ETA: and yeah, QT is currently unusable for anyone on a capped ISP plan (current blockchain size is 8.6gB, and growing more and more rapidly -- it's like the Internet's winsxs folder), practically blocking out entire countries from using it. Aside light clients like Electrum and MultiBit, you could also try relatively secure web-wallets like Blockchain.info if you're only dealing with small sums of money. |
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Thanks for the feedback and thoughts guys. The "escrow" and "trusted dealers" are both reasonable ways to make a hopefully safe exchange, but that isn't something I can see most people adhering to. I can imagine a situation, when you see a post shared on some social network about some interesting product or deal that seems too good to be true, you do a quick Google search find little or no information, perhaps some grassroots astroturfing, what do you do.  I bail, but I suspect a large number of people fall for it. Skeptics-only currency would be fine by me. |
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I doubt a crash will happen... seems just people are getting scared...
You know what scared people do? Panic sell. |
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Escrow is so essential to low-trust online transactions that it's offered free by many with established reputations.
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Troll or not, the Bitcoin price is extremely reliant on debt right now. Actually, the EUR and USD are almost entirely reliant on debt in general. So yeah, that doesn't change whether you buy cars, houses, food, or bitcoins with them. $600k with a 2-day average duration. Obviously, those need to be covered, and pretty quick. They aren't going to pay 1.8k% APR to stay long forever. |
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Posts: 1
Obvious troll is obvious.
Troll or not, the Bitcoin price is extremely reliant on debt right now. On BitFinex alone, there is over $600k loaned out right now with a 2-day average duration, compared to a mere 477BTC w/72D avg. duration. Keep in mind, the current lowest APR on BTC loans is 1799% (not a typo!). Obviously, putting everything on a credit card would be much cheaper, and I'd be surprised if there were fewer people turning to leverage markets than CC companies at this point for USD to make leveraged BTC buys. |
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i dont understand it why anybody would sell bitcoins during war? i would do the opposite especially it wont be global war just some event with crazy dictator.
Depends on the emotional sentiment and the state of the market. If it's already skittish an event like this could certainly trigger a sell-off for those who were holding positions already on the edge. Fundamentals drive the long-term market, emotions drive the short-term. Those emotions can come from plenty of other sources then just BC related. Wars would seem like a pretty good reason to ditch gov't currencies, especially if you think there's a risk your country's gov't could lose. Certainly, one might want to get on their food/water/porno horde, and sell BTC to do that while it's at an unprecedented high, but probably not that many... I don't really see any emotional connection to determining whether or not to continue holding BTC, though. Doesn't everyone have Faraday cages these days?? |
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Relax guys. It's time written into a block. It can vary within 2 hour timeframe.
Yup. Happens pretty often. I think Luke-Jr brought up a point (at least a year ago) where it could be problematic for some reason, but it wasn't anything major, IIRC. |
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