Correction.
Today, We all saw how weak PEOPLE who use bitcoins are.
True Dat! Bitcoin is SOLID- human beings can be all wimpy and squishy though  You are talking about long pig, of course. Meat bags filled with disgusting liquids, decaying flesh, and micro-organisms. Bitcoin is too good for them. |
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They've come a long way from the days when an eleven year old could Xerox a single to get change at laundromat and buy a Coca-Cola. Not saying, just saying.
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If we're lucky, the fudsters can scare the price down one more time to pick up cheap coins. Boy, it would be expensive if we had to pay them.
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We're too busy buying cheap coins to be arsed to respond to trolls and permabears.  |
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I think a lot of people don't understand the distinction that Bitcoin brings to distributive decision making. Mathematicians hypothesize behavior models for network administrators, social scientists, and other useful arts, but they tend to work within the limitations of the parameters set forth by their theories. This isn't the fault of the scientists, it's just how science works. We always have to be wary of overstepping our optics and avoid overgeneralizing our hypotheses. This is where philosophy steps in. Bitcoin is disrupting not just our institutions based upon discrete resources, but also our faith based financial institutions.
I'm talking about the very nature of the philosophies designed by economists. Many of our financial institutions are not based on sound mathematical principles, but instead on idealistic philosophies with very little science backing them up. Because they offer little in the way of predictive modeling, they depend on authoritative regulation and administration in a similar manner as any large religious institution.
Bitcoin is a new set of optics for financial behaviors with its transparent ledger and open ended architecture. It will open up new opportunities for scientists and mathematicians to observe and hypothesize new predictive tools for the betterment of societies. One of these new tools will be large network hubs that collect large amounts of data. Without alarming conspiracy theorists, this data can be used in blind studies without any need for identifying specific subjects of study. In fact, they can be used to create the tools to provide individuals with maximum privacy yet high levels of personal financial security. An even greater opportunity for Bitcoin is how even these large hubs are also subject to an open universe of competitive models and tools. This competition will breed the best financial science models that scientists can devise rather than depend on philosophical models that only work through authority.
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Bitcoin developers are working on products for financial institutions and sovereigns as protocol overlay schemes. Soon Central Banks will be praising Bitcoin as they will be able to print their monies and derivatives without fear of counterfeiting or overreaching jurisdictions. Then *they* will be fighting for Bitcoin deregulation.
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Even in spite of these issues, any of the exchanges should be able to pay out withdrawals with a short delay of well under 24 hours, just by aggregating the backlog into one single batch transaction and sending it out using the regular bitcoind software.
If I were operating an honest exchange and had a "spreadsheet" of bitcoin payments I needed to pay out, I would pay them all out in one giant "sendmany" transaction. Even if the transaction got mutated prior to confirmation, there is a 100% chance the transaction would go through. I'd repeat the same process daily or several times a day, and announce that only "instant" withdrawals are no longer available, they just have to be done in a batch, by hand, hopefully the same day.
I am guessing that even if the other exchanges must temporarily halt withdrawals, the honest ones will quickly find a way to get withdrawals pushed out with a 0-24 hour delay!
I am pretty critical of MtGox and stopped using them more than a year ago because I just don't trust them.
Excellent solution. Now when BTC-E and Bitstamp has similar problems, the bug that MtGox highlighted seems to have credit. Might Gox who cause similar issue with at their competitors exchanges So now the ball is back at the bitcoin faundation. Bitcoin still in beta, might sadly not be so smooth yet. It wasn't the issue with Bitcoin, but how they handled the situation by spreading FUD and passing the blame for their shitty service.  that is exactly the picture i was expecting here, as i clicked on that topic!  Ditto. |
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Because bitcoin is so easy to use and setup, it will be hard to enforce strict licensing. It will just be a fee to make up for the fees the banks don't get anymore. Eventually, market forces will drive down the fee into oblivion.
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Um, once you are a few light-minutes away from Earth, your transactions are unable to be confirmed due to relativity-lag.
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Bitcoin has not yet reached v1.0. We're getting ahead of ourselves.
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This. And what Rassah mentioned about the plastic ones shipping in early February. Again, why haven't the plastic ones shipped? |
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21 BTC won't buy you a home. I guess it depends on your priorities. Do you feel a home is security for your future or will you join the Over 21 Club? I wouldn't presume to advise you to sell your house to buy Bitcoin, but some here might. Personally, I don't have a lot of bitcoins because families are expensive, but I sacrificed having a nice home to get the bitcoins I have. I am not at the Vladimir level, but between 21 and 210 is a good place to be and I am all in with Bitcoin.
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What distinction do you think that makes (other than likely the worst marketable ATM in the history of mankind)?
FinCEN says the act of exchanging BTC for USD or the reverse is what makes one a MSB. Your proposed restricitons would only make the ATM very unpopular.
BTW "traditional ATMs" comply with money transmitter laws. You can't get cash out of an ATM in the US without having given someone somewhere all your personal info (name, address, ssn, dob, photo id, etc). The ATM operator may not have that information but they are working with your card issuer who does. If the card issuer doesn't follow the rules the ATM network won't accept their cards.
Really it would be more like a Bitcoin savings account. It would be a terrible ATM but we will never likely see any real bitcoin commerce in america with the witch hunt mentality. At least it would give some bitcoin exposure to people on the street. IF the ATM accepted dollars and converted them to BTC then FinCEN (in their awkward let cram this square peg into the round hole which is the "closest" fit mentality) says its operator is a money transmitter. So if there are no full service Bitcoin ATMs in the US there will be no "savings account" Bitcoin ATMs in the US either and if you could deploy Bitcoin savings account ATMs it would make a lot more business sense to just deploy much more capable and popular full service ones. What if the dollars were escrowed into a multisig transaction and never able to be withdrawn as bitcoin? I understand the square peg argument and that is why america (uncapped intentional) is toxic to small business and innovation. It would be cool to allow people to invest in bitcoins even if they never saw them but only gained from their growth. |
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I see I was wrong about the Vladimir Club requirements. I'll just have to start my own club for those over 21. The "Over 21 Club" has a nice ring to it for anyone owning at least a millionth of the bitcoins that will be out there someday. Being over 21 entitles you to partake in the joys and privileges of reaching a personal milestone.
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And yet only Mt Gox seems to have problems sending bitcoins. Hmmm.
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What distinction do you think that makes (other than likely the worst marketable ATM in the history of mankind)?
FinCEN says the act of exchanging BTC for USD or the reverse is what makes one a MSB. Your proposed restricitons would only make the ATM very unpopular.
BTW "traditional ATMs" comply with money transmitter laws. You can't get cash out of an ATM in the US without having given someone somewhere all your personal info (name, address, ssn, dob, photo id, etc). The ATM operator may not have that information but they are working with your card issuer who does. If the card issuer doesn't follow the rules the ATM network won't accept their cards.
Really it would be more like a Bitcoin savings account. It would be a terrible ATM but we will never likely see any real bitcoin commerce in america with the witch hunt mentality. At least it would give some bitcoin exposure to people on the street. |
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I'm probably not clear enough. I mean to say that you would need to restrict the ATMs further so you cannot add funds to any other wallet than has been issued by the ATM owners. Robocoins and Lamassu machines allow you to send to any address. This should be restricted so that such funds can only be transferred outside the ATM system. For instance, you would not be able to send to your smartphone but you could be issued a paper wallet that you could sweep yourself after the funds have adequate confirmations.
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The Vladimir club is the membership of the elite few Bitcoiners with 21 or more whole coins. There must be a membership level for those only able to attain 21 million Satoshis.
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Can't someone just make a Bitcoin ATM that works like a real bank ATM. That is you register for a wallet and only get one wallet address. You can deposit and withdraw from that wallet, but can't send to any other address unless it is in your wallet. Additional paper wallets could be issued from a deterministic wallet, but would not be transferable to another wallet within that ATM system. If funds were to be moved, they would be treated like cash and no longer the responsibility of the money transmitter. Basically it would be like a smartphone app with local currencies loaded. This seems like it would be fully compliant with how current ATMs work with full accountability.
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I will have my blockchain gold-plated and wear it on my bronzed bare chest.
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