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The QT client won't allow sending to an invalid address. Others probably won't either. Perhaps they concatenated the address when it was copy/pasted.
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Additional protocol layers will be built on top of bitcoin which will provide stable currencies pegged to dollars, gold, oil, or anything else your heart desires. Think about how HTTP is built on top of TCP/IP. That is how we will build new, stable currencies on top of bitcoin.
Further more it would be doubly impossible to do this if BTC is still floating against the dollar because you would creating a triangle, lets assume you want to maintain a BTC/Gold peg you now have 3 exchange rates, BTC/Dollar, Gold/Dollar which float and BTC/Gold which is pegged. This immediately creates potential for an arbitrage if either of the floating rates shifts without a commensurate change in the other. Take the present massive rise in BTC/Dollar, Gold/Dollar hasn't shifted at all and if your BTC/Gold peg had been in balance before it is now totally out of which and a person can profit hugely by converting BTC->Dollar->Gold->BTC and they will have multiplied their wealth hugely while draining the wealth of the peg maintaining entity. This is why the original gold standard failed. This is finally the conversation I wanted to see here at bitcointalk. Help me figure this out: So what if you peg BTC to an index? Call it BTC/Sht, that is, pegged to the price of sh*t you can buy with it. You take the price of gold, the price of gold, food, gasoline, potatoes, dollars, yen, everything.. and take into account fluctuations, so that if one item starts varying, it has less influence on the index, to avoid manipulation. Then you make the process of entering data and participating in the calculation of this index a new way to mine (that way ASICs miners aren't the only ones who get to participate in the process of generation of new bitcoins) <snip... >I don't really see the need for a decentralized exchange if we have a Pricecoin that monitors price of Bitcoin (and possibly other fungible commodities) and algorithmically analyzes price fluctuations, then exchanges would be used for trading, but not leveraged speculation and HST. I think it would boost price confidence and utility of cryptocurrencies.
This additional protocol layer could serve this function. |
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How many Bitcoins will it take to buy a pizza tomorrow?
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This won't stop the complete collapse of the central bank system. Something will still have to replace it for transactions on the internet. Bitcoin will rise from the ashes.
I think the same, or bitcoin or another cryptocurrency. But anyway, this rally was totally irrational in my opinion. It will require exchanging gold for Bitcoin when home invasions and bank robberies liberate people's gold caches.  |
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This won't stop the complete collapse of the central bank system. Something will still have to replace it for transactions on the internet. Bitcoin will rise from the ashes.
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Mt Gox may end up with a huge suicide windfall of unclaimed accounts. Well played, Sirs!
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You ask for a decentralised currency with no central control and then want some central exchange to decide what is legitimate and what isn't. Classy.
Only half the transation is a decentralized currency. The other is highly regulated and must adhere to strict rules. If this was a barter exchange it would be another story. Allowing the exchange to run transactions with such a lag is irresponsible. |
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Mt Gox killed Bitcoin with their greed. Developers cashed out and quit their projects. Now we must wait two years or more for another generation to rebuild Bitcoin from scratch.
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I've noticed the lags and price drops every day about the same time. Perhaps it would be a good idea to go offline for an hour of maintenance every day to refresh and update everything.
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As I've posted previously, a correction occurs every day at about 10 AM ET along with a huge lag. You can see them in the charts. When the exchanges figure out how to eliminate the DDOS threat, then the 10 AM drops will go away and the market can correct without outside help.
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Mt Gox can't even handle the traffic for ONE currency.
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Here's another recent idea. The easiest way to create stability and growth is to slow the trading down. Take away the advantage given to HFT and bots and you'll see steady growth. I suggest that after wiring money to an exchange the only way to make a trade is to send a small bitcoin fee with the transaction encoded within. The exchanges can execute the orders after the fee is received even without verification.
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The easiest way to create stability and growth is to slow the trading down. Take away the advantage given to HFT and bots and you'll see steady growth. I suggest that after wiring money to an exchange the only way to make a trade is to send a small bitcoin fee with the transaction encoded within. The exchanges can execute the orders after the fee is received even without verification.
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Centralized exchanges are the Achilles heel of decentralized currencies. They will all fail unless decentralized exchanges can be created.
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I 50% agree with the OP. I think MtGox and other exchanges are fooling themselves to think that a few kids with PCs can compete with the big boys. There should be no day trading except through licensed brokers. In fact, the Bitcoin prices should only be reported by the brokers as well. Let them deal with the brunt of the public interface. Having a website that is open to the public is just a painted target for DDOS attackers. It would be better to have many brokers open to the public and a few exchanges only open to brokers.
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I've noticed that price goes up during the Asian and Euro time zones, then stagnates or drops during American time zones.
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One day large miners may offer subscriptions for access to their nodes. They will include the transaction for a fee and will stamp their brand on the block in which it is included. These miners (let's call them MasterPay and AliCharge) can offer these escrow services without being behind TOR.
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The entire market of Bitcoin isn't even on the radar of investment bankers, only a few of their assistants dabble in Bitcoin in their spare time. When hundreds of billions get pumped into MtGox, we can discuss a conspiracy like this. Bitcoin has been pumped and dumped ad nauseum for the last few years. Veteran Bitcoin traders see these moves and compensate by mitigating the dump. It's not likely we will see a huge drop in price for a long while.
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I've tried to explain Bitcoin to bankers, MBAs, middle managers, and small business owners. Very few really understand Bitcoin. Perhaps there needs to be a scientific brain study to determine what part of the brain it is. Someone needs to invent a pill that turns on the Bitcoin part of the brain. Until then, just enjoy the good fortune that allows you to grok Bitcoin.
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Relax, buy more while the price is low and be happy.
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