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421  Alternate cryptocurrencies / Altcoin Discussion / Re: I've come back to war... on: January 07, 2014, 10:04:49 AM
healthy competition, you don't see that in the fiat markets

You can hardly class a coin called 'Coinye West' as a serious competitor. You would not even call them a competitor more of a sick joke.

I have no issue with serious alts, LTC, PPC, ANC etc but there has to be a point when coin creation stops.
422  Economy / Trading Discussion / Re: Ebay buyer blacklist on: January 07, 2014, 09:58:03 AM
@Cryptopher I agree it would be better if there was a better platform for this kind of thing but at least this is a start and although I wish I could do more I wouldn't have time or money to make a dedicated portal for this

@jonanon I agree to an extent with some of that but you have to consider the amount of fees ebay sellers have to pay, between ebay and paypal I pay approx 20 percent of everything I sell if not more to them so you have to take that into account, you also have to take into account scammers and losing money from that and you need to take that into consideration too. I consider ebay a premium service to get alt currency quickly and easily, with websites out there like localbitcoin and locallitecoin I dont know why anyone would buy those coins on ebay but for every other coin it's a quick and easy way of buying these currencies rather than going through the whole thing of buying bitcoin at a premium and then trading it. Part of that premium price is for us sellers taking on that hassle for the buyer and getting the alt currencies in the first place

Yeah can see where you're coming from. I think we need quick and easy ways to buy BTC close to market price. Just as I can exchange USD for EUR - I want the same for BTC  Smiley
423  Alternate cryptocurrencies / Altcoin Discussion / Re: I've come back to war... on: January 07, 2014, 09:54:40 AM
Couldn't agree more.

I very much dislike all these new coins created purely for profit, more should be done to promote Bitcoin and some of the serious alts.

If this continues I can unfortunately see it having a detrimental affect on the future of BTC.
424  Bitcoin / Bitcoin Discussion / Re: Physical Coin Creation - Private Key Issue on: January 07, 2014, 09:02:08 AM
You print on the coin: "abc". You tell the buyer: the coin code is "abc", to what address should I send the funds? (or you can even deliver the coin as-is without loaded funds, as the buyer could do that himself as well)

Buyer 1 makes up a secret password for himself "xyz". Combining these two, he gets "abcxyz" which (interpreted as a brain wallet) results in private key 5KfLXufK7YsQ52Nyp5KFmsBmF2m6khGMBY5wX892pJPhocojCRc and address 1BCuqJmin1G7AJfu2iv66ZyYLe2eNU29b9. He tells you the address, you load the funds and deliver the coin.

Now buyer 1 sells the coin to buyer 2. He tells buyer 2: the coin code is "abc", to what address should I send the funds?

Buyer 2 makes up a secret password for himself "pqr". Combining these two, he gets "abcpqr which (interpreted as a brain wallet) results in private key 5K5LkDxWXfMKGz5trtx1YP4Xv7CBDqow8vgcSeLBQbA6Bi8cGQH and address 19ZhmygXPaLuEHBTyD4yNPsYdUWc8WYjRE. Buyer 2 tells buyer 1 the address, buyer 1 transfers the funds and delivers the coin.

Obviously, in real practice you'd use longer passwords than "abc" and "xyz" Smiley

OK got it, thanks for clearing it up  Smiley

However I want to avoid the need to transfer funds between addresses and I want to avoid the coin owner having another copy of the private key apart from the one in the coin.

I am looking for a way to basically do as Casascius/Titan/Lealana do - the only way to redeem the coin is to 'destroy' it. The only difference being that I, not that I would, would not be able to redeem the coin by saving a copy of the private key, (I may have the key but not a password to redeem). The coin buyer knowing a password would be fine - as long as they didn't know the private key as well (without redeeming). If they sold the coin they would simply tell the buyer the password.

Hope this makes sense  Wink
425  Other / Beginners & Help / Re: MtGox and SEPA transfers lately? on: January 07, 2014, 08:27:54 AM
I wouldn't even consider Gox - a huge nightmare and definitely not worth the time you have to wait for withdrawals!
426  Bitcoin / Bitcoin Discussion / Re: Physical Coin Creation - Private Key Issue on: January 07, 2014, 07:55:56 AM
Thanks for the clarification.

Say I create a brain wallet - hide the private key behind a hologram on the coin and engrave the password on the side of the coin how would the buyer be able to add a second password to the wallet? And future buyers adding another password etc all without the buyer knowing the private key?

Sorry I'm not an expert on things like this I may be missing something  Smiley
427  Bitcoin / Bitcoin Discussion / Re: Physical Coin Creation - Private Key Issue on: January 07, 2014, 07:35:45 AM
BIP-38 would be a possibility, the buyer sends you an address + a password protected private key in advance. This way the private key doesn't even have to be protected by a hologram, it's already protected by the password (which only the buyer/owner knows). Although the hologram does offer an extra security, i.e. knowledge the address has never been accessed (except maybe by the owner himself because he must know the actual private key in advance).

Another possibility would be a 'split brainwallet'. Instead of a private key, you print a pseudorandom (partial) password on the coin, let's say 20 alphanumeric characters. The buyer/owner can add whatever additional password he wants, and obtain the private key (+address) as a brainwallet of the two passwords combined. This way the coin can even be safely sold and reused: he can mention the code on the coin to the next buyer. Next buyer adds a random password of his own, which results in a different brainwallet (new privkey+address). He tells you the new address where to send the coin's funds. The coin and its code is now only usable for the new owner.

Thanks for those 2 different options I'll look in to both of them.

BIP-38 seems to be an option although the buyer would also have another copy of the private key and password aswell as the one on the coin - I think this would diminish the coin as a collectible. If there was a way of me knowing the private key and the buyer knowing the password but never both together this would be ideal.

Will do some more research in to the brain wallet as not come across that before.

 Smiley
428  Other / Beginners & Help / Re: BTC -> USD -> bank on: January 07, 2014, 07:19:30 AM
Your better off finding someone locally to sell your BTC to, I would not trust any exchange to hold my money....?
429  Economy / Speculation / Re: What happens if China economy fails? on: January 07, 2014, 07:13:28 AM
There are loads of economies that have more chance of failing than China - it is not likely going to happen so not worth speculating on.....
430  Other / Off-topic / Re: Thinking about naming my baby girl Bitcoin.. (due in 3 weeks) on: January 07, 2014, 06:54:19 AM
Personally I think it would be detrimental to her and is not a good idea at all.
431  Bitcoin / Bitcoin Discussion / Re: Physical Coin Creation - Private Key Issue on: January 07, 2014, 06:49:19 AM
To add to this.

I know how to make sure the buyer doesn't know the private key - but I would so this is no good.

I have also thought how the buyer could know the private key and I wouldn't but this is also no good due to resale etc.

I just can't think of how to combine the two.
432  Bitcoin / Bitcoin Discussion / Physical Coin Creation - Private Key Issue on: January 07, 2014, 06:46:42 AM
I have pondered on the idea of having some physical coins made - a short run initially to see if there is demand. I'm not US based so don't have to be concerned about the recent US issues.

My main concern is private key security.

Is there an easy way for me to produce the coins, load them and ship them WITHOUT me having any access or ability to redeem the coins and without the buyer knowing the private key without peeling off the hologram?

I want people to be able to buy a coin knowing that they don't have to rely on trust alone.

I also want people to be able to sell their coins and their buyers knowing that both the coin producer and the initial owner have no access to the actual BTC without tampering with the coin.

Is this possible?

 Huh
433  Bitcoin / Bitcoin Discussion / Re: diversity is near impossible for BTC bulls on: January 07, 2014, 06:30:21 AM
I think what you're doing is definitely the right thing and if your turning a profit by selling high and buying back in lower then I would continue this path  Smiley
434  Bitcoin / Bitcoin Discussion / Re: Name the 0.0001 BTC unit - 1st POLL on: January 07, 2014, 06:25:31 AM
I don't think the name should have the syllable “bit” in any way, considering that it will be confused with “bitcoin” itself.

I agree, I would have voted for these, if they were in the poll:
- Yorozu
- Myriad
- Genesis

and "Yorozu" and "Myriad" both actually mean "ten thousand"
(I doubt the OP actually looked them up before discarding them)

I would have thought the 3 above should at least be better than "minicoin/pbit/sbit"??

Too bad... but this poll is only for fun anyway...



I think these names are a tad confusing - the name should definitely include 'bit' but there are no serious contenders in this poll - most borderline on idiotic  Smiley
435  Bitcoin / Bitcoin Discussion / Re: India back in the game! on: January 07, 2014, 05:51:08 AM
Good! BTC has huge potential in countries where millions of people don't have a bank account.

This is true however I would bet more people lacked internet access than had bank accounts?
436  Economy / Trading Discussion / Re: what is the best place to convert bitcoin to paypal money?? on: January 07, 2014, 05:37:20 AM
The best place to answer your question would be virwox.com - just beware if the fees  Smiley
437  Economy / Trading Discussion / Re: BitCoin and Alts Personal Target on: January 07, 2014, 04:51:41 AM
That's a great way to go about things. Best of luck hitting your targets!

I too have set targets by trading on Cryptsy and am moving in the right direction.

Good luck  Smiley
438  Economy / Trading Discussion / Re: Ebay buyer blacklist on: January 07, 2014, 04:47:05 AM
In a way I think people who sell crypto on eBay with disgusting markups deserve to lose money - I would love to buy crypto on eBay and would never scam anyone but I don't want to pay loads more than its worth. 5% maybe but not 50%+ it's just shocking and I hope eBay sellers practicing this don't make a profit!!!  Angry
439  Other / Beginners & Help / Re: What are the best bitcoin exchange sites on: January 07, 2014, 04:42:26 AM
For alt cryptos I'd say Cryptsy.

For usd to BTC I'd stay away from all of them although bit stamp is ok.
440  Other / Beginners & Help / Re: Wtb 28 btc instantly on: January 07, 2014, 04:18:00 AM
If you can find someone in your area who is looking to sell then it is possible - otherwise no, there is still no good and quick way to get BTC unfortunately  Sad
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