Dealer’s Choice: Brother, Can You Spare A Bitcoin? I find Bitcoin interesting for a number of reasons. It’s fascinating to me how such a radical idea – decentralized currency, seemingly lifted straight from the work of science fiction author Neal Stephenson – has taken hold so quickly here in the real world. You can buy gold and silver with Bitcoins; you can buy domains and hosting services with Bitcoin;
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The UIGEA essentially deputized the banks – against their will, if their testimony during hearings to codify new regulations before the Act went into effect is a fair indicator – to spy on their customers for the feds. U.S. government use of the banks for its own means isn’t new,
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Given that Bitcoin touches on so many facets of so many issues related to privacy and economic freedom, I imagine I’ll be paying attention to it for the foreseeable future. - http://calvinayre.com/2012/11/16/poker/dealers-choice-spare-a-bitcoin-cryptocurrency |
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after a few months people will be dumping coins to make up for the huge increase in difficulty and struggling to make their investment back. Creating a very similar cycle to where we are now, a panic. A panic? Right now? if [,,, then] it seems to me that we are heading for another several bad months like the end of last year. Bad for the Bitcoin exchange rate or just a bad time to be trying to use FPGAs and GPUs to mine at a profit? I don't think the bitcoin market will be able to handle, short term, terrahashes getting into the hands of someone like Inaba. (does anyone seriously think he will not be the first one to have a bfl asic?) By the time ASICs ship the block reward subsidy will already have dropped to just 3,600 BTC mined per-day. It doesn't matter if there is 24 Thash/s mining or 60 Thash/s mining away, or 600 Thash/s ... the same number of BTC are mined each day -- 3,600 BTC. I think increasing the power of bitcoin mining devices so quickly will cause a bubble in what a miner can earn as profit, You are saying the distribution of those coins will change? Like are you saying that many of the bitcoins will be going to those few who will receive ASICs first? If so, then you might be correct. If just one manufacturer ships, and the shipments are batches of pre-orders, then for a number of weeks that is very likely going to be true. Let's say the initial ASIC shipments include 75 Thash/s (which is probably too low). Today, the combined total of all existing FPGA and GPU miners is 25 Thash/s. So those FPGA and GPU miners who were used to splitting 7,200 BTC per-day, will then be splitting just 900 BTC per-day (3,600 BTC after the block reward subsidy drop, and then 25 Thash/s is only a quarter of the entire hashing capacity, after considering the 75 Thash/s added from the initial ASIC shipments.) So yes, if you were receiving $100 worth of bitcoins in October (at $11 BTC/USD), that same hashing capacity will bring in just $12.50 worth of bitcoins in January (assuming BTC/USD is still $11 and also assuming that 75 Thash/s of ASICs is online by then). So if you are mining with GPUs, either hope that the exchange rate skyrockets into record territory or plan to retire those power sucking GPUs as soon as ASICs ship, if not earlier at block 210,000 (Nov 28th). But this has very little negative impact on the bitcoin exchange rate (which is generally what is inferred when using the term "ponzi scheme"), and I got the sense from your post that you felt it might. |
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Bitpay charges almost 3% to have your funds in USD. ...SO its pretty close to paypal fees..
Don't forget that when a merchant like WordPress receives PayPal payment from customers in other countries, they get charged "cross border fees" of an additional amount (~1% extra). - https://www.paypal.com/us/cgi-bin/?cmd=_display-xborder-fees-outsideThis also lets WordPress customers take advantage of the frequent opportunity to arbitrage. There will be instances where the price (in USDs) is more expensive to pay than if that customer were to buy bitcoins using the local rate for bitcoins due to exchanges not always being price efficient. For instance, at this moment BTC/USD is $11.52. So if I was making a $11.52 purchase from WordPress, I would be asked to pay 1.0 BTC. At this moment the EUR/USD is 1.2727 and let's say the BTC/EUR was 8.7 EUR. That would let the customer pay using bitcoins and see a discount versus if paying using EURs, as those 8.7 EUR would convert to $11.02 USD using the current EUR/USD exchange rate but they buy 1.0 BTC which satisfies the amount on the WordPress invoice. These differences will normally only be a few percent but there are times (like today) where these opportunities to perform purchase price arbitrage are possible to the WordPress customer. Additionally, WordPress (or parent Automaticc) likely pays freelancers for help and those freelancers will probably be among the first to realize that if WordPress is accepting bitcoins that WordPress might also be willing to send payment in bitcoins as well (versus whatever current method is used -- such as an expensive bank wire). When that happens WordPress may just change their payout conversion settings so that some of the revenues are kept as BTCs. It may already be that WordPress is paying for help (e.g., freelancers) with bitcoins, and now adding bitcoins as a payment method for its revenue stream gives them a cheaper method to acquire bitcoins than buying through an exchange. That's probably not the case here with WordPress, but this undoubtedly will be the catalyst triggering much follow-on commerce where bitcoins are used for payment. |
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This post is just to show that it still has the "old stupid title".
It also depends on which reply is being replied to. For instance, had I simply clicked "reply" this reply would have the new title. But since I clicked "quote" from your post with the old title, this reply will have the old title as well. |
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im looking for an quick exchange where i can use my paysafecards to purchasing btc.
any ideas ?
PSC EUR? - http://mercabit.euIf you are a gambler/risk taker, you might try this: - http://bitcointalk.org/index.php?topic=120131.0Other than that, those PaySafeCards aren't easily converted to hard e-money like Bitcoin, Liberty Reserve, etc. |
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I'm a visual guy so pictures would be great.
Does this picture help?  That's about what is to happen to mining profits at block 210,000 for those with GPUs. Unless you are paying $0.07 per kWh or less, you might want to reconsider before adding any more GPUs. |
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PayPal doesn't like people to use their service for the exchange of Bitcoin.
Correction. They don't allow their payment network for the purchases of coins where PayPal is paid with the expectation of digital currency in return. They seem to be fine with the use of Bitcoin cash-out where PayPal is the payment network used for settlement of the cash-out transaction. It is pretty easy for PayPal to verify which is occurring. When Bitcoin cash-out is occurring, the person providing cash-out will mostly have a flow of funds that is in inflow of funds through bank transfers and an outflow to other individuals. The PayPal account will generally maintain a sizable account balance and will be paying the PayPal fee (either Mass Pay or the normal 2.9% + $0.30 per trx). There are few payments received from other PayPal users so this is an account with a low risk profile to PayPal. These account usually have never filed a chargeback and have never had a chargeback filed against them. When a party is instead accepting PayPal to sell bitcoin, the risk profile is nearly the opposite. The flow of funds is mostly incoming from other PayPal users -- mostly using funds sent from a credit card. The account quickly withdraws or spends the funds, thus there is a low balance in the account. It doesn't take long for chargebacks to be filed against these accounts. So PayPal allows one and freezes funds and closes the account for the other. |
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maybe needs to say that within a 5 minutes window of close, closing can occur, and create a random time of closing everyday, but within that 5 minute window, ie 7:55 to 8:00 closing can occur.
I like the suggestion really, it introduces some useful randomness without hurting integrity of financial operations. As we saw ..., 8 o'clock Charlie (the clearing price manipulator who drops a BUZ2 bomb right before 8pm GMT every day) only got enough rope to hang himself. There are reasons there aren't bids for thousands of BTCs up near the BTC/USD spot market price right now (with fewer than 30 days till BUZ2 settlement) and from what I can tell the primary reason is inability to trust. It is hard to send non-trivial amounts of bitcoins to a financial service which operates anonymously. Without participation from those willing to put their coins to work removing price inefficiencies means 8 o'clock Charlie has full control to put the clearing price wherever he wants it to be. If there was the ability to extend that trust, the market would have shot down 8 o'clock Charlie long ago. |
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it is a closed circuit (and never claimed to be anything else). So basically people's BTC deposits are sitting there and will be re-distributed among the traders on closure.
So let's say the site has a total of two traders, Trader A deposits 1 BTC and uses some of the margin available to put an order to buy 7 BUZ2 at $11. Trader B deposits 1 BTC and uses some of the margin available to put an order to sell 7 BUZ2 at $11. The trade is matched. Then the next day say the clearing price rises to $12. []Edit: Which wouldn't happen with just two traders, but just for my example, assume it happens.] Trader A sees variation margin adjustment of 0.53030303 BTC on A's long position. Trader B sees variation margin adjustment of -0.53030303 BTC on B's short position. Trader B no longer has sufficient margin maintenance (under 0.5 BTC holding 7 BUZ2 exceeds the 1:10 minimum), and sees a forced liquidation of the 7 BUZ2 contracts that were sold short. As we see, there isn't all that much liquidity. With that forced liquidation, does ICBIT take the hit if the Trader B's BTC balance is insufficient as the result of the liquidation? So this "closed" system is only closed when there's no forced liquidation. We just saw that type of liquidation occur today, so we know it happens but we can't know if ICBIT's reserves took a hit or how much they can absorb. At the rate BTC/USD is going, default may come as early as 12th of December, when the contract ends and they will have to actually settle to market.
Well, the variation margin adjustments occur daily, so if the spread narrows between the BUZ2 clearing price and spot (which is now happening after some accounts that were too short BUZ2 were forcefully liquidated), it isn't like traders need to wait until Dec 15th to cash out. |
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I go to open bitcoin today and get this message "Db::open: Invalid argument bitcoin in Runaway exception"
The client doesnt open at all, The wallet.dat does not seem to be there either...?
Suggestion was to run using -detachdb option, but I dont know what that means or how to do it.
Can anyone help.
Your debug.log will help give more of a clue as to which file it is getting that error on. You can run -detachdb during startup using the command line. - http://en.bitcoin.it/wiki/Running_Bitcoin#Command-line_arguments |
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decentralized energy production (massive solar power everywhere), decentralized food production (vertical farming), decentralized anything production (3D-printing) and decentralized money (Bitcoin).
Another needed pillar is decentralized communications infrastructure. e.g., mesh networks and private peering ... see The Free Network Foundation for that: - http://TheFNF.org |
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refuses customer orders at that time and enforces an arbitrarily small price (> 1 dollar under spot) to blow out margins.
When you say it refuses orders, are you saying new orders placed right before clearing (like within a minute or so) are refused, or are you saying during other times that orders can't be entered as well? Several times well before the daily clearing (e.g., more than ten minutes) I've placed bids at various levels and the ones that were at a price above the eventual clearing price did get filled, so I've not seen where my bids were not processed. As far as those trades before the bell occurring, it definitely has been noticed: - http://bitcointalk.org/index.php?topic=50817.msg1325425#msg1325425 |
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После этого скорость синхронизации резко упала.
Преобразуются с помощью Google Translate: Blockchain загрузка может занять очень много времени ... как 24 часов до 48 часов или больше даже. v0.7.1 можно загрузить из файла blockchain данные, которые вы тянете через BitTorrent. Вы можете попробовать этот подход. - http://bitcointalk.org/index.php?topic=117982.0----- The blockchain download can take a very long time ... like 24 hours to 48 hours or more even. v0.7.1 can load from a blockchain data file that you pull via bittorrent. You might want to try that approach. - http://bitcointalk.org/index.php?topic=117982.0 |
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Ha! Every day there's something Bitcoin-related I come across where I just shake my head and chuckle. |
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Still almost 30 stamps to go before we switch to board members of the bitcoin foundation.
Futher details on what that means? |
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Did anyone see this coming?(rumors or anything?) Cuz, I had no idea.
It was leaked (but not by name) in September: BitPay is also in early discussions with three of the top 25 websites ranked by Alexa, which are testing BitPay's systems, he said.
Just takes one to get the party started. Then it is just a matter of playing follow the leader.  |
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I am surprised that the price isn't going up more with all the demand though.
A couple months ago there were three bigger services where one could deposit cash at a bank to buy coins. Two of these are no longer supporting that method. so Bitcoins Direct is now about the last channel for that payment method. So they might be seeing a huge increase but that doesn't mean all together there's a significant increase. The exchange volumes elsewhere are down by a third compared to October, and down half from August, so some of that might be substitution but then again, other exchanges might have a fair amount of day trading activity whereas every Bitcoins Direct purchase is an inflow of new funds. |
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Back in 1994 when Amazon was just getting started the bricks-and -mortar merchants were asked how they would respond to Amazon. They were asked "What's your Internet strategy?" And their collective response was along the lines of ... "Our what?" It's 2012. The question now is ... "What's your Bitcoin strategy?" Other threads on this WordPress announcement: WordPress.com accepts Bitcoins - http://bitcointalk.org/index.php?topic=124482.0You heard it here first - http://bitcointalk.org/index.php?topic=124485.0 |
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