Im a little dummy, please explain.
I'm an ex-patriot of the nation of Six Flags  I'm an ex-patriot of the nation of Disney. That makes us mortal enemies!  |
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So is it a case of "I have a lot to say" or is it a case of "I have a lot of fluff" "I have a lot to say, and I'm going to say it over and over again to make sure you get it." Yeah, that. Or even "I have a lot to say, and this story will cover a lot of twists and turns and things and concepts, and and OH HAI HERE'S A 100 PAGE SUMMARY OF IT ALL JUST SO YOU REMEMBER WHAT I TALKED ABOUT THE LAST 800 PAGES!!!" Followed by, "Ending? Who gives a shit." |
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I'd recommend the summary first. You know, unless you have a lot of time on your hands.
A lot of time is not enough. We drove from Maryland to Florida and back, 900miles and 16 hours one way, while listening to Atlas Shrugged as audio book. Those 32 hours were not enough to finish it. |
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might be time to change the OP title ... "Bitcoin needs bitfloor's help!"
I do not know if Bitcoin can take another "theft" of people's bitcoins by people who just dump the proceeds of their theft and drive the price lower. Sure it can. It's happened many times before, what's one more? (Who's money got stolen this time?) |
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What's WOT and OTC?
WOT=World of Tanks? WOT = Way Out There... newb |
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Rassah,
There is always one maker and one taker for every transaction. So Bitfloor collects 0.4% from the taker, and pays out 0.1% to the maker resulting in 0.3% net fee. It isn't hard to predict the net fee. It will always be 0.3% on every tx, every time.
Ah, thank you. |
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It also means that the fiat doesn't need to leave the country, meaning that brokers don't get involved with expensive financial regulations because we are only taking tokens here!
Don't brokers still need to accept large quantities of cash that they sell those tokens, and send out large quantities of cash when those tokens are redeemed? (meaning we're back to problem #1) |
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Bitfloor turned over $2 million in volume today, yielding commissions of $6000.
How do you get the $6,000 figure? Bitfloor charges 0.4% fee on transaction in both directions (so 0.4%*2), but actually pays market makers (people who put up a bid as a price and sit on it), so it's really difficult to predict how much of the volume earned fees and how much lost them. |
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First, yeah, look into P2Pool code. 10 second blocks, pruned blockchain, very nicely distributed. Might even be better if instead if a 0.001% fee, placing an order was free, and all orders that did not complete that are older than a day or two simply feel off the tail end of the block chain. Only charge a fee for completed orders. That way people can still put up and move walls, and if need be, resubmit their order every few days, without making the blockchain too bloated.
That said, there's still the problem of fiat money:
* How will it be stored? Will people wishing to act as brokers have to accept cash into their banks and store all the money in their checking accounts? If then don't get a business account, there's a risk of their account being flagged for suspicious activity and frozen, making other people's money go poof.
* Thanks to FinCEN, anyone wishing to be a broker will likely need a license. I'm guessing not cheap.
* Still huge issue with fraud and chargebacks. Brokers will be required to take on the risk of having scammers reverse deposits.
* How would bitcoins be transferred? Also through the broker? I'm concerned that if it's automatic, as a requirement to complete and close the order, the buyer of BTC might get his coins, while the seller might discover that there isn't any cash waiting for him at the brokerage (I guess trust issues)
* Last, depending on how the process will work, I'm not entirely sure this idea is possible from a technological point of view.
Other than that, I can't really think of any other issues.
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We've been trying to figure out how to do a decentralized exchange for about two years now. The problem is figuring out how to store fiat (USD/EUR) in a decentralized way. No one has figured that one out yet. If you figure it out, let us know.
But then, if we could figure out how to store and transfer fiat in a decentralized way, we really wouldn't need Bitcoin, either (except for the inflation thing)
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The price is a percent (%) of value being traded, not a fixed price. If you are buying/selling $100USD worth of bitcoins, the fee (0.6% of that $100USD) is the same regardless of whether a bitcoin is worth $1 or $1,000.
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... and if everyone horded, then I think Bitcoin would fail as it needs day to day transactions to actually be worth something!
Can you explain gold to me please? |
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Yeah, I know. If only... Oh well. We can't predict the future, and I am enjoying my car. Plus my license plate is helping advertise, so I'd like to think that at least a tiny part of the recent price spike was thanks to me  |
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so as long as you have a paper wallet or a backup of the .wallet you should be fine on armory?
Yes. Paper wallet is prefered, because with a backup you could still lose your password or have a corrupt file. Just make sure to keep the papers in really secure places where they won't get stolen |
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Actually, I would say in regards to #8 and #9 that Bitcoin IS regulated, using it's own internal algorithm-based regulation mechanisms (for those who worry their money can disappear or be devalued), and Bitcoin resists any external regulations or influence.
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If you think that's a problem, you are free to join github and add/critique all the suggestions on there. You are also free to come up with ideas and try to convince others that they are good, so that some developer somewhere can implement it.
I think you are under the impression that Bitcoin development consists of Gavin and maybe 3 other people. That's not how this project works. There are tons of suggested features and actual code suggested by a whole slew of people from around the world, and those features and code gets reviewed by others, and if proven to work right, get implemented in various clients. The core developers just check and fix the code and sort of herd the cats, in some attempt to keep things organized (plus write their own code, too, of course).
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Excellent analysis, I'm wondering if this tool (any some detective work on the part of the folks here) could confirm or refute a theory I have about current rapid rise in BTC valuation. I think we may be seeing an effect from ASICs ware the miners low electrical consumption means they do not have to immediately liquidate their daily earnings to fund their operation. Thus the ASICs miners have offered a smaller share of newly minted coins for sale thus increasing the scarcity and raising price.
We can be fairly sure that Mt.Gox is ware virtually all minted coins get liquidated by miners and Mt.Gox addresses are know so it should be possible to see what percentage get sold basically immediately and what percentage get put in storage. Then see if that ratio changed around February.
Extremely unlikely. Aside from that there aren't that many ASICs out there yet (GPU mining is once again extremely profitable, too), 25BTC * 6/hour * 24 hours = 3,600BTC are being created every day. Even if every single miner immediately sold everything they mined, that would still mean that sale of mined coins accounts for 3,600/72,465 = 5% of daily MtGox volume. If you take into account all currencies traded on all exchanges, the percent is closer to 3,600/190,000 = 1.8%. So, miners don't affect the price of bitcoin almost at all. Never have, really. |
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Peeps, stop feeding the troll and resurrecting this thread. Please.
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You just showed with this bad attempt of irony that you're not really aware about SPV.
BitcoinJ is a SPV node, which already uses bloom filters. MultiBit and Android Wallet are two clients which use BitcoinJ.
Oh wait, you mean the java client put out by none other than Mike Hearn, the bitcoin dev. who is pushing hardest to raise the block limits, is really the only SPV implementation out there? Gosh, wait is that a coincidence or irony, or you got me confused with someone else? There's also a C client being developed, but, really, if there is basic code for it already, why reinvent the wheel? Oh, and the actual clients that use BitcoinJ are quite different, with different features and usability. SPV mode is also currently being developed for the official Bitcoin-qt client. The new database format and bloom features that were released in version 0.8 were just the first steps for that process. Eventually, people will be able to install the official client, be able to use it within a few minutes as it downloads just the data relevant to its addresses, and if they have the hard drive space, be able to turn on the option to download the entire blockchain in the background. Stop complaining about features we don't have yet (especially when some of those features we do have). Bitcoin is still in beta, not even version 1.0 yet. |
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