Had a good time at the conference, definitely met some cool people. This week could be interesting.
Not much till today. |
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Just like a gateway in ripple, this is the point of weakness for all the P2P exchange design: That escrow/gateway must be able to communicate with banks through an authorized channel and that channel is controlled by banks
Yes, as long as you have to communicate with legacy bank systems, you will have to follow their rules and regulations KYC etc... Do not expect this to make proper exchanges obsolete all of the sudden. You need to take the commerce completely out of legacy bank system to not depended on whims of the banks. Or we could just buy a few banks... and have them run some OT servers. Ok, let's crowdfund that  This won't work. Any bank that starts OT server will be closed for violating AML. Indeed. So let's buy a bank in the Virgin Islands. |
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Just like a gateway in ripple, this is the point of weakness for all the P2P exchange design: That escrow/gateway must be able to communicate with banks through an authorized channel and that channel is controlled by banks
Yes, as long as you have to communicate with legacy bank systems, you will have to follow their rules and regulations KYC etc... Do not expect this to make proper exchanges obsolete all of the sudden. You need to take the commerce completely out of legacy bank system to not depended on whims of the banks. Or we could just buy a few banks... and have them run some OT servers. Ok, let's crowdfund that |
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Does anyone know if they intend to honor positions in the pre-order "queues" they put in place from the beginning? Thinking of these e-mails... Order ID: 3xx The desired goods: KNC Bitcoin miner numbers 1-500 Quantity: 4 Name of the customer: xxx xxx Email: xxx@xxx.comPhone: xxxxxxxx Comments: ... We definitely need more competition between ASIC manufacturer, so KnCMiner can only do good if they are a serious business with the required competences IMO. Yes, I spoke with Sam and he told me they are definitely respecting the queue numbers. I have a super early preorder (order ID way below 100), and he told me that I would receive the units in that preorder in September. Additional units should be delivered in October. |
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Of course, but that involves small amounts for short periods.
It can involve small amounts for short periods or big amounts for long periods. It really depends on how you use it. I guess we all agree that trusting a third party with too much money for too long is a big problem which is very difficult to address when dealing with fiat money. And that's why we have Bitcoin I don't see how XRP is a solution to the trust problem, as it is a premined cryptocurrency controlled exclusively by a private corporation. |
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I still don't understand why that matters if all you want to do is to buy or sell BTC, rather than trying to lend money.
You will need to trust gateways because you are not buying or selling BTC, you are buying or selling BTC IOUs If your gateway is exposed to bad debt, it can default. Everybody can default in Ripple, because everything you are exchanging is debt (except XRPs) - pretty much like in the "normal" banking system |
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But what I find amazing is despite the massive amount of money involved not ONE person took matters in their own hands. I mean at this point we're talking maybe 50 million dollars.
That was the genius behind the whole thing: because he threatened not to pay back anyone who started legal action against him, no two people lost hope at the same time and joined together. By the time one more person lost hope and wanted to go after him, the person who wanted to go after him hours earlier gave up. The guy just made the perfect scam. Millions of $ in anonymous and irreversible cash of the interwebz, good luck building a case with that. What amazes me is that the guy did not even conceal his identity, he is in broad light and nobody paid him a friendly visit. |
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First, I think we need to agree that trust is broken when a debtor does not repay a creditor. In this case, trust is broken when one does not fulfill their obligation to the other. If that is the case, your utopian society should have a minimal amount of people defaulting on their loans.
People will default. But what does that really matter when we all have the freedom to choose to whom we extend trust? You may well end up trusting a gateway which is exposed to bad debt, and you will see is the same problem you can have in meatspace, as many of the US and EUR banks are a) surviving covering holes with more debt or b) defaulting And when the debt chain collapse the guys who played magic tricks with others people money are rich for life, while the average joe pay the bills BTW, americans should know something about rescuing banks with their money And that's one of the many reasons why BTC was created |
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YOU THINK THE DHS IS ONLY TARGETING MT GOX? NO! THEY ARE TARGETING BITCOIN
BE SAFE OUT THERE. I AM NOT SUGGESTING PEOPLE USE RIPPLE. USE A BRAINWALLET. BUT RIPPLE IS NOT AFFECTED.
So my ripple IOU for worthless bitcoins will still be valid? That's just awesome. LOL, good point  |
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Coinseeker is long, bearish sign, sell sell sell! |
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This kind of volume is just the buying/selling from Bitcoin transactions.
BitPay accepts Bitcoins for businesses, turns around and sends them the USD/EUR/ETC... For the most part they sell those coins right away (or risk losing money). I'd think it would be too risky to hold coins, the market goes the wrong way they could lose their ass. They need constant fiat to be sending back out to the businesses accepting Bitcoins.
Regardless, there's lots of these places that need to buy/sell constantly during the day. At this kind of volume, it's just Bitcoin transactions. It's hard to read much more into it at this point.
We've had some pretty violent corrections, people who really wanted to get out, have gotten out. People who really wanted it, have gotten in. Lots of people waiting for a drop to get back in. Lots of new people waiting to see if this price holds before buying. I sense a lot of "wait and see" right now in the market. MtGox hasn't even discusses the DHS issue. It looks like we're primed for an uptrend, but it's probably not going to be the rallies we've been used to seeing.
Of course if a few whales decide to drop 5-10M buying up coins all bets go out the window. But right now no one is in a rush to sell, no one is in a rush to buy. Ahhh stability.
What you say is theoretically correct, but in practice I think you are overestimating a bit the volume of Bitcoin business transactions. Check Bitpays recent history: during their best month they managed $5.2M transactions in Bitcoin... And those where 99% buys from Avalon batch #3, which was sold through them. IMO this means that the rest of business transactions in Bitcoins is a peanut, I would be very surprised to discover that Bitpay accounts for more than 5% of the daily volume we had during the last days. In fact, I bet that Silk Road merchants generate more volume in exchanges than Bitpay (if you take out the spikes in orders to BFL/Avalon). |
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Sorry for this off-topic question.
I use Armory offline in Ubuntu 10.04, and I did not update my offline bundle to the latest version - is this a problem? What benefits would I get from upgrading?
Thanks
The subset of features used in offline mode are rarely updated. I change some of the flow (try to remove unnecessary question boxes), and add a couple convenience features, but nothing you need. There won't be a "required" update of the offline computer until the new wallet format is implemented, but that may actually still work fine with old wallets -- only needed for new wallets. I know we all tell you this every day, but thank you very much for the awesome work you are doing. Armory is the absolute best piece of software to manage Bitcoins, and the support you provide is 10000000000 times better than the support provided for 99% of commercial software. I procrastinated a very much deserved donation to Armory too long - I'm doing it ASAP! |
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Sorry for this off-topic question.
I use Armory offline in Ubuntu 10.04, and I did not update my offline bundle to the latest version - is this a problem? What benefits would I get from upgrading?
Thanks
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Thanks for the response, Rampion.
I'm running 10.7.x
Does it also work in offline/noblockchain mode?
Never tried the offline in OSX, I use Ubuntu 10.04 for the offline version. |
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Just to let you know that I've been thoroughly testing Armory on OSX with flawless results up to know - I just have some display problems (coin control display its a bit screwed), but functionalities are 100% working and stable.
Using OS X 10.8.3 on a 2,53 GHz Intel Core 2 Duo with 8GB of RAM.
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Cuidado con clicar enlaces en estos foros sin pensar, podrían llevaros a una página de phishing, con un java drive-by, malware, etc.
Ojo, no digo que sea el caso del OP, pero aviso.
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This could be an issue for people like me that "police" the lending forums. Am I going to wind up with a large negative trust score just for stopping people from getting scammed?
I would probably say, this is beta or even alpha stage, I am sure theymos and the like minds will come up with something incredibly genius to battle this. I think we should make it so only Hero Member's can submit ratings. I think post count is useless. Just check how many Hero members we had running epic scams in here. |
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This could be an issue for people like me that "police" the lending forums. Am I going to wind up with a large negative trust score just for stopping people from getting scammed?
Hope this is not happening, kudos to mlawrence job in the lending subforums |
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I gave in and ordered a jalapeno on April 30th through paypal, prob will never see it who knows. but what I do know is that 44 days after then order if it is not shipped I will open a dispute through paypal. Now regardless of what BFL states when you order. Paypal seller terms clearly state that a seller has 20 days from accepting preorder money to come forth with goods to be shipped. I do not understand how they are able to provide payment through paypal when paypal also clearly states in its eula that the sales of btc or btc related harware are prohibited.
SO they violate 2 of paypals regulations. So I feel I am covered if I choose to ask for a refund within 45 days of my purchase. Now I know what some will say, that I need patience that i will be far down in the queue ect ect, blah blah. I could care less. 45 days is all I am going to gamble, if I get a refund in 45 days and in 60 they ship then so be loss is mine, but given their track record the odds are in my favor.
Man, of course it will not be shipped 45 days after order. Did you know that they have already a +10 months delay? You are at the very end of the queue, so do not expect your Jalapeño to be shipped before 2014 (and no, I'm not joking, these are facts based on past history and actual preorder backlog). |
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