Let's say 2 persons wish to trade LTC and BTC without central authority or middle man. Also, they don't trust each other.
If this has already been talked somewhere then sorry for bringing it up here but otherwise here's my idea:
Create some functionality or a program that sends out BTC/LTC only after it has received a certain amount from a specified address. For example sending 1 BTC in hope of receiving 170 LTC is a too high risk. Instead the BTC guy sends only 0.01 BTC and waits for the other party to send back 1.7 LTC. The LTC guy uses the same automation and sends back 1.7 LTC every time it receives 0.01 BTC. They repeat the procedure until the value has been exchanged.
The automation would be configurable so that as the percentage of exchanged value increases the amount of each transaction also would increase to speed up the procedure. If at any point one party tries to cheat and stop sending the value back the other party only loses a microscopic amount.
What do you think? Would that system be useful? Or maybe in the future?
That might be useful, but it still relies on a middle man (or program in this case, but you still have to trust the programmer and operator). |
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bitcoinvideos. hah, that linux thing can't work for me ubuntu@ubuntu:~$ sudo wget http://makomk.com/~aidan/wallet-recover--2012-11-29 16:34:39-- http://makomk.com/~aidan/wallet-recoverResolving makomk.com... 193.33.179.169 Connecting to makomk.com|193.33.179.169|:80... connected. HTTP request sent, awaiting response... 200 OK Length: 2460131 (2,3M) [text/plain] Saving to: `wallet-recover' 100%[======================================>] 2.460.131 157K/s in 15s 2012-11-29 16:34:55 (156 KB/s) - `wallet-recover' saved [2460131/2460131] ubuntu@ubuntu:~$ chmod +x wallet-recover chmod: changing permissions of `wallet-recover': Operation not permitted ubuntu@ubuntu:~$ sudo chmod +x wallet-recover ubuntu@ubuntu:~$ sudo ./wallet_recover recovered-wallet.dat sudo: ./wallet_recover: command not found ubuntu@ubuntu:~$ dir Desktop Képek Nyilvános Videók Zenék Dokumentumok Letöltések Sablonok wallet-recover ubuntu@ubuntu:~$ sudo ./wallet_recover recovered-wallet.dat sudo: ./wallet_recover: command not found ubuntu@ubuntu:~$ sudo ./wallet-recover recovered-wallet.dat sudo: unable to execute ./wallet-recover: No such file or directory Your viewpoint is great! But in my country I can do 11$ / 10 hour work so I think I should give another few shot for this  That blog post isn't quite right.... sudo rm wallet-recover wget http://makomk.com/~aidan/wallet-recoverchmod +x wallet-recover sudo ./wallet-recover <device> recovered-wallet.dat where <device> is your hard disk (likely /dev/sda if you only have one drive) |
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i don't think bitcoin will ever fade away. I think it has solidified itself as THE cryptocurrency. All of the altcoins wouldn't be worth anything if they didn't exchange for bitcoin.
So this comment in another thread got me thinking... why go through the hassle of the conversion from alt->bit to extract value vs just using bitcoin? What would make an altcoin more valuable to a miner than just working the hashes on the bitcoin blockchain? Outside of idealism and wanting to support a new idea/implementation in one of the alt's, why would someone bother? Not trying to talk smack - genuinely trying to figure out if switching my hashpower to something new would be worthwhile.... and if so, why. For example litecoins cant be mined with fpga or asics which means gpus are the last best thing to mine. So now many miner will switch to litecoin because they still can make profit there. Plus, the last months it was the case that gpu-mining litecoins was more profitable than mining bitcoins with the same gpu. On top of it litecoins have a genuine feature. One block is created every 2.5minutes instead 10minutes like with bitcoins. Which brings faster transactions. And yes, you cant buy much with litecoins yet. You are mostly bound to direct trades with other humans. For example selling a service. But bitcoin wasnt another thing for many months after it started. No one knew about bitcoins and the userbase and shopping places had to grow first. That is not a significant feature. With litecoin it takes 24 blocks to get the same security on your transaction as bitcoin does in 6 blocks. There is no way to speed up time. |
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Introduction of ASIC miners should cut this down significantly, right?
No. When more hashing power is brought online the difficulty adjusts up to keep the block rate at 1/10 minutes. |
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Silver is really pulling away from Gold the last few weeks...
Anyone think its possible that Gold goes under $1500 while Silver makes new all time highs above $50?
Yes. Gold:Silver is way high. |
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No code, no interest. Open source isn't just a buzzword you can throw out.
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Inflation by definition is the increase of money supply
Indeed, but bitcoin is a complete other currency and a completely different type of money supply. It's more like gold than cash, so the bitcoin supply increasing by 13% pa is a very different (and less malicious) scenario from a central bank printing up 13% more money every year. why's it different? because we're expending money to make that bitcoin? [like gold mining] Bitcoin can't be printed at a whim and given to the well connected like every other fiat currency. The inflation rate is known long term and fairly stable short term. |
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... and if I win I'm buying millions of dollars worth of BTC....  |
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i don't think bitcoin will ever fade away. I think it has solidified itself as THE cryptocurrency. All of the altcoins wouldn't be worth anything if they didn't exchange for bitcoin.
So this comment in another thread got me thinking... why go through the hassle of the conversion from alt->bit to extract value vs just using bitcoin? What would make an altcoin more valuable to a miner than just working the hashes on the bitcoin blockchain? Outside of idealism and wanting to support a new idea/implementation in one of the alt's, why would someone bother? Not trying to talk smack - genuinely trying to figure out if switching my hashpower to something new would be worthwhile.... and if so, why. Mining altcoins extracts money from people who speculate in altcoins. If too many people switch to an altcoin and they only care about btc, it will drive the price down and then you may as well switch back to btc. |
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Do you have anything for Straighttalk? I know they are owned by Tracfone but want to confirm for sure compatibility.
We do NOT carry StraightTalk and Tracfone PINS will NOT work. I have asked our distributor in the past and I am surprised they haven't added them given ST growing popularity. I will send another inquiry about adding ST to the lineup. Probably some lockin deal with walmart. |
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There is a tool (at least one) that will scan a formated hard drive for bitcoins, it is not guaranteed either. I used it and recovered most of my public and some private keys, unfortunately not the ones holding the bitcoin :| I used a linux tool, but I'm sure there's a windows one, if not, make a linux boot thumbdrive and D/l it. I am quite sure this was the one I used: http://www.btcnn.com/2011/09/recovering-lost-due-to-format-bitcoin.htmlHope that helps. There is a good chance the data is still there, but the metadata (filename, timestamps, etc) is certainly gone. The above tool will help, but you should shut everything down and boot up a linux cd or thumbdrive. Do not write to your disk at all or you risk overwriting your keys. The address is only the public portion of the key. It is the private part that you need to recover to be able to spend the bitcoins. |
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One thing that strikes me every time i see the testing stuff is: Why the hell is there "Tonal" (still) in it?
Honestly.. there must be like 4 or 5 people - world wide - who use that. Possible that a large percentage of those use Bitcoin, but why keep that stuff?
The world becomes more and more metric - take a look at sciences - and why should something like bitcoin be that resilient to give up on such useless stuff as tonal?
Other than that: Nice testing... syncing is as fast/slow as expected..
Because OP is obsessed with tonal. |
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I treat bitcoin like a ponzi. I will admit it.
I think bitcoin will start declining in a few years and fade away.
Something else will replace it that will cause people to shift to it.
Internet folks are very fickle. So I will take as much as I can take and give nothing back.
See them apples? you like them.
Once upon a time I worked for a startup that was purchased for 250M USD in cash. This was around 1999. We just had to park our *sses at the parent company for a year or two waiting for our options to mature and pay out of escrow. One individual was sitting on 1M USD but he chose to LEAVE that money and become the first engineering hire in a new startup. The company was a *SURE* thing... until the market imploded. 5 years later I (and many of the same engineers) were working for another startup and it turned out the company he went to was trying to re-purpose their product to compete in our space. They failed, we were sold for 100+M. You may think BTC will fade away, but I hope you have the foresight to save at least 10%-25% just for your own mental stability a few years from now... It is thinking like this that is definitely causing me to cash out every few days. Too speculative for my taste. When you hear talk like this, like hearing an elevator operator in 1929 discussing wall st, you head for the hills. I'll never leave the hills. Fuck cities with their crazy flatlanders. |
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It seems to be working fine today.
If the grinder is the USD, not so much; it's gone negative today! Silver is almost back to even, gold is doing its usual grind up after a knock-down... That's just like Bitcoin's price behavior. Speaking of - Happy Great Halving! I was referring to the smack down in gold since cyperdoc said it was a gold grinder. |
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See bold.
Besides, most people see "selling" bitcoins for goods as trading. It's a terminology difference, and has nothing to do with my understanding of money.
trading for good and services is increases the money velocity and that increase the price inflation, you are better off using fiat since the monetary mas is better established Right, use fiat and wait 4 days for the damn transfer to clear. You have a point with cash, but digital transactions with fiat are way too fucking slow. |
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I can't vote. I fall in the category of I know what Cyber Monday is, don't hate it, but I had nothing I needed to buy.
Oh no! I thought I covered all bases. I'll add that option  |
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cypher's new gold meme: "I will grind you down".
Your grinder is broken. It seems to be working fine today. |
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Selling BTC for fiat is far from the only action you can take with it. If you see that as the only option, you are treating BTC like a ponzi.
Lots of people do. SADLY. Thankfully, notme, me, and alot of other people don't
Bold PredictionWalls evaporate, Pressure builds, New highs set!But what else? Buing overpriced weed on SR? So stupid. I use it to horde some savings (anual taxes, XD). But I can't buy anything exept for VPS and some overpriced electronics. Burgers and beer in Berlin and alpaka socks? I belive in Bitcoin, I want Bitcoin in the future. I need more than Wordpress to accept BTC, to talk so naive about money. I also like lol cats and stoned penguins. Lets see.... mobile payments, international payments, and anonymous payments are the big three. Try sending $50,000 to your supplier in China with the traditional banking system and see how much it costs you in both time and fees. Now try the same thing with bitcoin. |
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Selling BTC for fiat is far from the only action you can take with it. If you see that as the only option, you are treating BTC like a ponzi.
i see it on the same way i see AUD EUR USD CHF GBP JPY and few other currency, money will give only 2 options buy or sell nothing more nothing less, even if there are a average of 18 000 products and services available to trade, on the market there are the same 2 options buy or sell and if you already did buy the only left option is to sell your line show the little you understand about money and how the money works See bold. Besides, most people see "selling" bitcoins for goods as trading. It's a terminology difference, and has nothing to do with my understanding of money. But thanks for letting me know you don't hold yourself to a high level of discourse and aren't afraid to use ad hominem attacks. |
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bitcoind signmessage 1BqcwhKevdBKeos72b8E32Swjrp4iDVnjP "This guy isn't dumping, infact, I'm almost done buying another 10k."
INvmoMFnuf8cFdnsWkfxPnajvI2+rVN0lgqGDRMEz7eqSZrxMnOghoKP3/gW6xGPpuBaLKzofnmcSB6udvIHG94=
 Yep, this is an authentic message. https://blockexplorer.com/address/1BqcwhKevdBKeos72b8E32Swjrp4iDVnjPAmount: 40000 /impressive Ente /fcked up linux system language, want english back i know someone who is going to buy 10k also to put this is another point of view he is a 40k seller he is not longer a bull when the only thing he can do is sell, the sentiment can be bullish but the only action he have is sell and if the price dont go up like expected guess what ..... bull that are already in the market= bears, few ppl get this B.S. Selling BTC for fiat is far from the only action you can take with it. If you see that as the only option, you are treating BTC like a ponzi. |
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