Technically it is not his fee. It is the fee built into the system of bitcoin.

Yes he should probably make it clearer on his site I'll grant you that. However I don't think he is intentionally and maliciously trying to scam people out of their hundredths of a penny accounts. If you took a survey I would guess most people ignore or don't report the transaction cost of sending bit coins. In fact I was surprised to find there was a transaction at all when I first started reading about bitcoin.  He does state his fee clearly on the site and I would assume before I went spending weeks on mining .01 bit coins I would have run across the fact that to send a bitcoin it costs anywhere from .01 to .0005 btc per transaction.

If anything this is not his failing but the misrepresentation by the popular notion that sending bitcoin is free.

What are you feeling hurt by more, that you lost a potential seventeen cents worth of bitcoin or the hours you spent trying to make that seventeen cents without fully educating yourself on the true costs of that  seventeen cents of value?

This kind of feels like you are angry at a tollbooth operator for charging you 17 cents because the toll road wasn't listed on your map and you can't turn around.

By all means start a truth in bitcoin campaign to require all bitcoin businesses to list the transaction fee they use in their client on their websites and FAQs. 

I agree with bitcoinporn.

It is easy to make a big deal out of it when you are talking on pennies to a dollar. Yes he may have not updated the transaction fee to .0005 but the client was only updated to allow that just a couple weeks ago.

Talking about getting scammed out of less than .50 cents worth of money seems a bit ridiculous to me. Most website affiliate programs don't pay out unless your commissions are over $50. I would have a hard time taking claims of scamming serious if the amount was under a dollar.

His program is much more akin to an affiliate payment program than a mining program. If you have no traffic to your site then the current transaction fee he charges of .01 will eat most of your (pennies) of profit. You ate wasting your time if you are only mining using your CPU.

Personally I like his idea a lot and if it was developed to give the website user a choice to shut it off or turn it on to donate I think it will be a great way to get people excited about bitcoin mining and the idea of engaging in the bitcoin economy.

Don't try to ruin this fledgling bitcoin business by yelling scam when it is only over pennies.

Really enjoyed the podcast. You both have great presentation and speaking skills, sometimes a rarity in tech and financial circles. It is also obvious you are both passionate about your ideas and opinions. It was a pleasure listening and I look forward to the next episode!

I have heard a lot of people have had luck with http://www.grc.com/spinrite.htm

Otherwise if you don't have another backup your wallet is a goner It hurts, I'm sorry for your loss..

Interesting. Does it have a way for businesses to respond on the positive or negative experience? Also the BBB actually takes steps to verify that the complaints are real, what verification does your site go through to prevent false complaints.

I think you have a great idea but I would hate to see it go towards where some of the business registries are at currently where it is basically blackmailing business to buy a listing so they can respond to often false and malicious complaints.

A merchant's reputation is everything to them. It the site helps maintain an honest merchants reputation, and expose dishonest merchants you will have a successful business model. Part of what merchants would also pay for to have a membership is to be rated or be able to use your seal on their site.

Good luck with your site. I'll probably be contacting you next week when we launch.

Thanks for the heads up!

Hmm. Not to be overly critical, I think a bitcoin bank is a great idea, but if my $USD financial institution in the FAQ told me:


I have to admit it wouldn't make me feel very secure. Personally I want my banker to have ZERO imagination when it comes to my funds. And I of course would want to know exactly where and how my money was being used. Especially when there is no FDIC to insure it.

Good luck with your business, I think it could be really amazing. I hope you come out with more details as the project progresses.

Jost, have you thought about posting a sample csv sheet in the format you need to upload products? Next week I'll be launching a project I am working on and would love to list products with you.

I agree, giant sig images are very annoying. But I have to admit I enjoy seeing what businesses everyone on the forum are involved in. I also think the 50 post requirement to use images in your sig is a good one. If someone is a spammer they will easily be rooted out before they get 50 posts.

Although my vote is probably bias since I'll be launching a new business next week and would like to use an img sig, i do think it is valuable if the img size were just limited to prevent annoyance.

The other interesting thing that I discovered when researching Mac OSX vunerabilities is that 1Password (among others) takes advantage of a feature in OS X called "Secure Input". This means that only the particular program that is requesting a password can access the input and keystrokes. Hence it makes keyloggers a lot less effective.

While I'm sure it is not infallible, it does add another layer of security that our windows brethren don't have.

I am a huge supporter of 1Password as well. +1

I think I was guilty of that. Deposited via Dwolla to MTGox, to withdraw to LR to transfer and buy on Bitcoin7.

It took finally 24 hours for LR from MTGox.

Just to note I got double charged to deposit LR on Bitcoin7. Normally LR caps their fee at $2.99 but it was over $5 in fees to get $500 LR dollars into Bitcoin 7. Bitcoin7 seems to take the additional and just calculate it as a full 1%.

Just watched your interview on the Bitcoin Show at http://www.youtube.com/watch?v=3yoduTFjZW4&#t=1143s

Very impressive. I love how the client is more secure but also very simple to use. This really is the gateway to bringing bitcoin to the average person.

Until the user doesn't need to know about the files behind a client it just isn't going to be accessible to the masses.

Congrats on a great program and I can't wait to see the final version!

Anyone else having long delays on Liberty Reserve withdrawls?

MtGox listed 1-3 hours.

Went to bed and it still hasn't shown up 17 hours later. I'm not impatient, just curious if anyone else is having similar issues. I figured it was an automated system and shouldnt take this long.

I had a similar situation when screwing around with my wallet.dat file. I couldn't figure out the whole rescan thing so I just backed up my wallet.dat in several places and with as many versions as I had saved. Then I deleted the client and all the folders including all the downloaded block data files.  Reinstalled, restored my wallet.dat, and waited a few hours for the blocks to download an once the block chain got up to my transaction it started confirming finally.

Good luck

Very cool cards. Kind of like bitbills but they look less expensive to make. Any plans to market/share them?

I agree that it is pretty stupid for the owner of any exchange to trade on their own exchange. MtGox is back because he will make more money from trade transactions than stealing all the money and running.

However your friend does have a point. What prevents him from skimming off the top, manipulating the market, and other unethical actions? I personally am very excited MtGox is back and stable again. I am glad he is regaining trust and continuing on. I do think however there are a lot of questions about what happened that haven't been answered.

Some interesting points have been brought up about the details of the hacks, who's money was being controlled, what was actually withdrawn, etc. I do think that these questions need to be answered, most likely by an independant financial audit (with better security involved).

I for one applaud the guys over at MtGox for all the work they have done and the contribution they have made to this community. I wish them the best in all their endevours. Hopefully with more forthcoming transparency as things calm down.

Excuse me if this question is naive, but with such a small market what prevents someone from buying 10k worth of bitcoin, letting that be a view-able trade causing the price to increase, then dumping it when the market goes up a bit? Rinse and repeat you are manipulating the market with a large amount of cash and making a ton of money.

What other market manipulation tactics are we susceptible to with such a small market? What kind of voluntary oversight can we enact to discourage these tactics?

I am very glad MtGox is back up. We need more stable exchanges. It appears as though security is tightened and things are business as usual.

My only hope is that a full financial audit is done and there is more transparency.. I kind of feel like I was told there might be WMD's, We found evidence of WMD's, but everything is fine, move along, nothing to see here.

I hope they release the full story of what happened and what was lost, transferred, stolen, and preserved!

Nice clean site, easy to understand and it is intuitive. Good luck on your venture!

Most of the password generators will save the last generated password. Sometimes it can be tricky to find. I have gotten in the habit of just cntrl-c the password after i generate it in case the webform doesn't automatically take the password.

About 1 website in 100 i find this a problem with.